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Ethena's revenue curve signals a protocol entering explosive scale
After crossing the $250M Fee Switch threshold, cumulative fees accelerated toward $614M+ by mid-December
Key takeaways:
+ Fee Switch activated strong sENA staking demand
+ USDE top 3 stablecoin MC on Defilama
+ Funding rate and basis yields fueled rapid monthly growth
+ USDe strengthened its position as a yield-bearing synthetic dollar
+ ENA captured expanding real revenue through sENA
+ The curve aligns @ethena_labs with the core flow of the 2025 derivatives market
A trajectory shaped for a billion-dollar cumulative revenue