Ethena Labs’ USDe, a synthetic dollar stablecoin, has garnered significant community adoption, propelling it to become the fourth-largest stablecoin by market capitalization.This achievement comes at a notable juncture, as the stablecoin surpassed the entire Solana blockchain in revenue generation within the past week.USDe supply crosses $3 billionAccording to data from CryptoSlate, the supply of the USDe stablecoin has surpassed $3 billion four months after its public launch in February. This remarkable growth rate makes USDe the fastest-growing USD-pegged asset in crypto history. Its market capitalization now exceeds the Binance-favored FDUSD stablecoin and trails behind MakerDAO’s DAI.Notably, USDe’s market cap has exceeded the combined value of all stablecoins on the Solana blockchain. Data from DeFillama indicates that the rapidly growing USDe currently accounts for approximately 2% of the overall stablecoin market share.Speaking on this milestone, DeFi analyst Patrick Scott said the focus would be on whether USDe can sustain this growth, develop deep liquidity, and further integrate into the DeFi ecosystem.USDe’s exponential growth can be attributed to its high yield rate of over 30% and adoption by major crypto projects like MakerDAO and the Bybit exchange. However, some market experts have criticized USDe’s incorporation of Bitcoin as a backing asset for its synthetic dollar, expressing concerns about potential contagion risk for the broader market.During the past week, Ethena’s USDe emerged as the highest-earning decentralized application (DApp), generating an impressive $7 million in revenue. This figure surpasses Solana’s $6.3 million revenue during the same period.Notably, the Token Terminal data shared by Ethena founder Guy Young on X showed that only Tron and Ethereum outperformed the DApp’s revenue generation.This remarkable achievement lends credence to the prediction made by Token Terminal that Ethena is on track to generate a staggering $222.5 million in revenue over the next 12 months.José Maria Macedo, the CEO of Delphi Labs, stated that Ethena Labs is poised to become the highest revenue-generating crypto project in the market. He said:“USDe will become the largest stablecoin outside of USDC/USDT in 2024. Ethena will become the highest revenue-generating project in all of crypto.”Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change. Essential crypto updates and analyses. Straight to your inbox, every day.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Solana’s established dominance tested by Base’s impressive user and transaction surge.Solana’s validators MEV earnings have outsripped that of the Ethereum blockchain.Launched just over a week ago on the Solana blockchain, the MOTHER token has already reached a market capitalization of $186 million.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
