{"id":403169,"date":"2024-03-08T16:28:24","date_gmt":"2024-03-08T16:28:24","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=403169"},"modified":"2024-03-08T16:28:24","modified_gmt":"2024-03-08T16:28:24","slug":"bitmex-co-founder-believes-this-stablecoin-could-flip-tether-one-day","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitmex-co-founder-believes-this-stablecoin-could-flip-tether-one-day\/","title":{"rendered":"BitMEX co-founder believes this stablecoin could flip Tether one day"},"content":{"rendered":"<p>Ethena, the protocol powering the <a href=\"https:\/\/cryptoslate.com\/coins\/ethena-usde\/\">USDe<\/a> synthetic dollar, raked in $6.53 million in fees over the last 24 hours, cementing its position as the top fee-generating decentralized application (dApp) in the crypto space, according to <a href=\"https:\/\/defillama.com\/fees\/simple\">data<\/a> from DeFillama.<\/p>\n<p>Seraphim Czecker, Ethena Labs' Head of Growth, shared insights from Token Terminal, affirming the project's remarkable milestone. Czecker's <a href=\"https:\/\/x.com\/MacroMate8\/status\/1766035968270709040?s=20\">data<\/a> indicates that Ethena amassed approximately $6.8 million in fees over the past week, outpacing competitors like <a href=\"https:\/\/cryptoslate.com\/products\/makerdao\/\">MakerDAO<\/a> and <a href=\"https:\/\/cryptoslate.com\/coins\/arbitrum\/\">Arbitrum<\/a>.<\/p>\n<p>Yet, compared to leading blockchain networks, its revenue pales in comparison. <a href=\"https:\/\/cryptoslate.com\/coins\/tron\/\">Tron<\/a> and <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a>, for instance, boasted revenues of $38.6 million and $182.5 million, respectively.<\/p>\n<h2>What exactly is USDe?<\/h2>\n<p>USDe is a token pegged to the dollar's value, offering lucrative yields. Though often labeled as a <a href=\"http:\/\/cryptoslate.com\/cryptos\/stablecoin\">stablecoin<\/a>, the team eschews this term, instead favoring &#8220;synthetic dollar.&#8221;<\/p>\n<p>Ethena Labs launched the synthetic dollar on the public mainnet on Feb. 19 to widespread investor interest. At the time, the project debuted with a staggering 27.6% annual percentage yield (APY), surpassing the <a href=\"https:\/\/cryptoslate.com\/terras-anchor-protocol-users-vote-to-halt-earning-and-borrowing\/\">20% yield offered<\/a> by Anchor Protocol on the TerraUSD (<a href=\"https:\/\/cryptoslate.com\/coins\/terrausd\/\">UST<\/a>) algorithmic stablecoin before its <a href=\"https:\/\/cryptoslate.com\/how-the-ust-crash-changed-the-stablecoin-landscape\/\">collapse<\/a> in May 2022.<\/p>\n<p>USDe's unique model <a href=\"https:\/\/twitter.com\/leptokurtic_\/status\/1759546368467849577\">attracted<\/a> $14 million in investments from prominent players such as <a href=\"https:\/\/cryptoslate.com\/people\/arthur-hayes\/\">Arthur Hayes<\/a>, Brevan Howard, <a href=\"https:\/\/cryptoslate.com\/companies\/franklin-templeton\/\">Franklin Templeton<\/a>, <a href=\"https:\/\/cryptoslate.com\/companies\/galaxy-digital\/\">Galaxy Digital<\/a>, and <a href=\"https:\/\/cryptoslate.com\/companies\/binance\/\">Binance Labs<\/a>.<\/p>\n<p>In a recent <a href=\"https:\/\/cryptohayes.substack.com\/p\/dust-on-crust-part-deux\">update<\/a>, Hayes, the co-founder of the BitMEX exchange, predicted that the project could flip <a href=\"https:\/\/cryptoslate.com\/companies\/tether\/\">Tether's<\/a> <a href=\"https:\/\/cryptoslate.com\/coins\/tether\/\">USDT<\/a> dominance in the industry.<\/p>\n<p>Hayes said:<\/p>\n<blockquote><p>&#8220;I believe that Ethena can eclipse Tether as the largest stablecoin. [However,] it will take many years for this prophecy to manifest itself.&#8221;<\/p><\/blockquote>\n<h2>Rapid growth<\/h2>\n<p>Since its mainnet launch, USDe has experienced exponential growth, witnessing a staggering 44% surge in total value locked over the past week and an impressive 409% surge over the last month, reaching $838 million, according to DeFillama <a href=\"https:\/\/defillama.com\/stablecoin\/ethena-usde\">data<\/a>.<\/p>\n<p>This rapid growth has contributed to USDe's development into one of the top 10 stablecoins by market capitalization, achieving this milestone in less than three weeks.<\/p>\n<p>Market analysts have attributed this remarkable growth to the project's enticing staking yield. Ethena, as stated on its website, offers a substantial 67.2% yield on its USDe synthetic dollar.<\/p>\n<p>Furthermore, USDe now commands a significant portion of the global ether perpetual futures open interest, comprising nearly 8.69%. Notably, its average funding rate stands at an impressive 58.35%, as per data available on its <a href=\"https:\/\/app.ethena.fi\/dashboards\/hedging\">website<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethena, the protocol powering the USDe synthetic dollar, raked in $6.53 million in fees over the last 24 hours, cementing its position as the top fee-generating decentralized application (dApp) in the crypto space, according to data from DeFillama. Seraphim Czecker, Ethena Labs&#8217; Head of Growth, shared insights from Token Terminal, affirming the project&#8217;s remarkable milestone. [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":403214,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46940,77968,32631],"tags":[79342,72190,79343],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BitMEX co-founder believes this stablecoin could flip Tether one day<\/title>\n<meta name=\"description\" content=\"Ethena&#039;s USDe synthetic dollar becomes top fee-generating dApp, drawing rapid growth from its high yield rate.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitmex-co-founder-believes-this-stablecoin-could-flip-tether-one-day\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BitMEX co-founder believes this stablecoin could flip Tether one day\" \/>\n<meta property=\"og:description\" content=\"Ethena&#039;s USDe synthetic dollar becomes top fee-generating dApp, drawing rapid growth from its high yield rate.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitmex-co-founder-believes-this-stablecoin-could-flip-tether-one-day\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-08T16:28:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/03\/coin-flip.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1792\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitmex-co-founder-believes-this-stablecoin-could-flip-tether-one-day\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitmex-co-founder-believes-this-stablecoin-could-flip-tether-one-day\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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