Analyst: Over the past year, Sky’s fees are similar to Ethena’s, but Sky protocol revenue is about 19 times higher than Ethena’s

PANews July 17 report: Crypto analyst KOL Stacy Muur said on X that over the past year Sky and Ethena generated nearly the same fee income (Sky about $413 million, Ethena about $362 million), but the difference in protocol revenue was significant—Sky about $240 million, Ethena only about $12.4 million.

The gap comes from the business model: Sky profits from borrower fees and stablecoin collateral yield, with most revenue staying at the protocol level; Ethena profits from hedging collateral (funding fees and basis trades), with most of the proceeds going to sUSDe holders as rewards. This makes Ethena more vulnerable when funding rates fall. Over the past month, Ethena’s TVL fell 16%, while Sky’s TVL grew 0.5%. Both generated fee revenue in the hundreds of millions, but Sky captured more value for the protocol.