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      Ethena Achieves Over $1 Billion in Cumulative Protocol Fees

      Ethena, the issuer of the synthetic dollar USDe, has reported cumulative protocol fees of $1.061 billion since its launch in late 2023, according to a report by MSB Intel published on October 12, 2026. This figure reflects a period of approximately 34 months and highlights the platform's growth in the decentralized finance (DeFi) sector.

      USDe operates differently from traditional reserve-based stablecoins such as USDC and USDT, being supported by collateral and perpetual futures positions. The fees generated from issuance, redemption, and holding are distributed among stakers and governance token holders. As of mid-October 2026, USDe has a market capitalization of around $4.8 billion, while Ethena's total value locked (TVL) stands at approximately $5.2 billion.

      The governance token ENA has a market capitalization of about $3 billion. It is important to note that the reported fees represent revenue accrual and do not account for operating costs, which include maintaining perpetual positions and collateral management. DefiLlama's data indicates that Ethena's TVL on the USDe page is around $4.758 billion, further underscoring the platform's significant presence in the DeFi landscape.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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