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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
ENA-2.82%
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A flywheel is spinning inside Talus
More tools create more agents
More agents amplify demand for $US
@Talus_Labs is shaping an agent economy where developers and users expand the network together
Nexus turns automation into a marketplace: each Tool becomes a modular capability that other builders integrate, and each Agent becomes a callable service
Every execution streams $US to creators, transforming logic into continuous onchain income.
This fuels a powerful growth loop:
> New tools expand what agents can accomplish
> More agents increase workflow activity
> Rising activity strengthens $US u
US2.26%
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Across recent industry reports, two keywords appear repeatedly when discussing projects built to survive and lead the next cycle: service and revenue
@ethena_labs recognized this shift early and became a pioneer of yield-bearing services at the infrastructure layer
They possess deep liquidity, a proven funding-rate engine, and a model that is quickly becoming a structural trend
To capture this demand, Ethena built Ethena Whitelabel a Stablecoin-as-a-Service (SaaS) platform that enables any project to launch and operate its own stablecoin without rebuilding the entire stack of risk management,
ENA-2.82%
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Across recent industry reports, two keywords appear repeatedly when discussing projects built to survive and lead the next cycle: service and revenue
@ethena_labs recognized this shift early and became a pioneer of yield-bearing services at the infrastructure layer
They possess deep liquidity, a proven funding-rate engine, and a model that is quickly becoming a structural trend
To capture this demand, Ethena built Ethena Whitelabel a Stablecoin-as-a-Service (SaaS) platform that enables any project to launch and operate its own stablecoin without rebuilding the entire stack of risk management,
ENA-2.82%
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Aptos stablecoin market cap hit $1.833B new ATH
A curve fueled by structural inflows and rising real usage is now reshaping the ecosystem’s liquidity base
What’s driving the acceleration ↓
> Native USDT + USDC issuance creating trust premium and attracting institutional-grade liquidity
> Deepening DeFi liquidity across Thala, Hyperion, Panora, Tapp, where stablecoins rotate through swaps, LPs, routing layers
> Yield engines Aries, Echelon, Moar, Goblin, Amnis, Kofi pushing velocity through lending, restaking, leverage strategies
> RWA settlement from BUIDL, BENJI, USDY, UMA/BHMA, ACRED using s
APT-1.43%
BENJI3.49%
UMA-4.86%
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Ethena Blog is now live
I’ve been tracking @ethena_labs from the Whitelabel phase to its rise in PT dominance
This new hub brings every essential insight into one place
> Protocol integrations across Pendle, Fluid, Euler
> Macro analysis on stablecoin growth in both DeFi and CEX
> Deep dives into sUSDe / USDtb yield strategies
> Early signals on narrative shifts and partner expansion
> For builders, traders, and researchers around Ethena’s ecosystem → this is the playbook
A resource that highlights @Ethena_Eco, the next move before the charts reflect it
Bookmark it
ENA-2.82%
PENDLE-0.46%
FLUID-1.54%
EUL2.88%
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$ENA holders reached 83k a steady climb across 20 months
The catalyst behind the surge:
sENA liquid staking, launched in Sep 2025
Stake ENA → receive sENA that remains fully composable across DeFi (Pendle, Aave, Morpho, and more)
At the same time, sENA earns 15% of future token supply from ecosystem partners:
@etherealdex
@BasedOneX
@DeriveXYZ
@strata_fi
@Terminal_fi
@EchelonMarket
@hyenatrade
@ReyaFinance
@nunchi
Impact so far: >13% of the total ENA supply is staked
Across the last 3 months of 2025, the community grew by ~25k holders, fueled by a model that turns @ethena_labs and @Ethena_Eco
ENA-2.82%
PENDLE-0.46%
AAVE0.29%
MORPHO-1.96%
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Agents on @Talus_Labs walk an invisible pathway a lattice of tools and transitions only the DAG can interpret
Here’s the map behind the curtain
1) Request → Workflow
• A user submits a request
• Talus transforms that intent into a DAG workflow
• The workflow defines each step and the expected outputs
→ Intent becomes a structured execution path.
2) DAG Execution → Tools at work
Inside the DAG, each node is a Tool:
• One tool branches logic
• One processes initial inputs
• One refines and aggregates results
All branches run in parallel and converge at the terminal state (T).
→ A modular, parall
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Most earn platforms ask for trust
@moremarketsxyz asks for attention because everything is visible
> 34.6% of users prioritize full control
> 27.7% want clear insight into how strategies operate
MoreMarkets meets both expectations with precision
Audited on-chain strategies with step-by-step verifiability
Real-time portfolio visibility from capital flow to yield flow
Anytime withdrawal custody stays entirely with the user
The $37.5M AUM highlights a new direction: earning while holding your own keys is moving toward the retail default
If traditional vaults feel like closed rooms, MoreMarkets fe
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Institutional DeFi enters a new phase
Ethena × Anchorage unveil the first-ever federally regulated stablecoin, USDtb backed 100% by treasuries and RWAs, issued and custodied by Anchorage, the only OCC-chartered crypto bank
All reserves sit inside BlackRock’s BUIDL fund
USDe and USDtb holders gain direct yield on Anchorage with full liquidity, creating a stablecoin built for institutions: DeFi-level returns, U.S. bank-grade structure
Key breakthroughs:
+ First >$1B smart-contract system transitioned fully onshore
+ Regulatory leap beyond state-level issuance caps
+ A clear path for next-gen pro
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Zapier made automation easy
Talus makes it ownable
Zapier and n8n proved automation is a billion-dollar market on Web 2
At web 3, we have @Talus_Labs with Nexus SDK and Talus Vision taking it further: verifiable, decentralized, and built for ownership
Nexus turns workflows into on-chain digital assets:
> Each step is a verifiable tool
> DAG-based logic logs every execution immutably
> AI agents act, stake, and earn based on provable behavior
Talus delivers the full stack: execution engine, oracle layer, and $US incentives, enabling any developer to publish tools and earn from usage
Compared to
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