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Ethena's at the top of Token Terminal's cost of revenue list with $355M over the last year. 4x the next protocol.
Cost of revenue tracks what a protocol pays out to third parties to actually run its business.
For Lido, it's what gets paid to node operators. For an L2 it's the gas fees paid to settle on Ethereum. For @ethena, it's the yield going out to sUSDe holders.
Here's how it works. Ethena holds spot ETH and BTC, then shorts the same amount in perp futures. When perp traders are net long, longs pay shorts a funding rate.
Ethena collects that funding. Add stETH staking yield and some T-bill returns on top. All of it gets paid out to people staking USDe.
So Ethena being #1 here doesn't mean inefficiency. It means a lot of people are earning yield through them.