Ethena Labs reached $ 290.2 million In total protocol income On July 9, only Tether, Circle and Sky will follow under Stablecoin spending.
Token-terminal data show that the Stablecoin emittent reached $ 100 million in cumulative income 251 days after the launch, making it the second fastest protocol to cross this threshold.
Daily costs were on average $ 3.1 million in the past month, while traders continued to mure and cover the token of the synthetic dollar. Ethena’s path to nine digits of income lasted 251 days, faster than the 980-day sprint of Uniswap in 2020, but slower than Memecoin Launchpad Pump.Fun, which reached the goal at the end of last year.
Core revenues are generated by the transport of long and short eternal futures positions on multiple trade fairs, a Delta-neutral strategy that converts the financing speed into the protocol profits that are credited to strikers of the Yield Token Susde.
Back-end Treasury data show that 94% of the back assets remains at centralized locations, where the automated Ethena implementing system brings in real-time collateral and covers. The remaining collateral is held in liquid appearance of tokens to catch expansion rewards while retaining a neutral net exposure.
The protocol leads 20% of the gross fees to buy Ena on the Open Markt, a mechanism that has burned 58 million tokens since February, according to trackers on-chain.
Sec dialog about payment stablecoin status
The general lawyer of Ethena, Zach Rosenberg, and lawyers of Morrison Cohen met the Crypto Task Force of the US Securities and Exchange Commission (SEC) on 1 July to ask for clarity about ‘synthetic dollars’, as Usde.
A meeting memorandum released by the SEC shows that the team argued that Usde acts as a payment instrument instead of security because holders do not rely on the profit of the issue of the issue and because the trace of redemption rights that are based on reserves, not the balance of the pittent.
The entry quotes two hanging accounts, the Genius Act and the Stable Act, which would harden a federal license strip for payment stablecoin -mittenten. Ethena told the staff that Usde falls outside both concepts because token can fluctuate something around $ 1 and has no legal promise of par -repayment, so that it stays in regulatory limbo.
Representatives of the company insisted on the committee to treat synthetic dollars as a separate class and to coordinate with bank regulations such as the congress completes a payment blocker framework.
Ethena remains excluded from the American retail distribution pending formal guidelines, so new dollar inflow comes mainly from offshore funds and market agencies that cover their exposure to centralized exchanges.
The entry level of the protocol delayed in May when the average eternal financing spreads under an annual percentage of 8%. Nevertheless, at the beginning of July, fairy-intake recovered to $ 3.8 million a day, because renewed Lange Bias brought the basis back to a double digits.
Ethena’s request for formal sec feedback remains to be assessed, according to the meeting logbook.