Ethena, the synthetic dollar protocol that launched in February 2024, is now generating approximately $4.62 million in daily fees. That puts its annualized fee run rate at roughly $363 million, a figure that looks even more striking when you consider its market cap sits around $847 million.
To put that ratio in perspective: Ethena is producing fees equivalent to nearly 43% of its total market capitalization on an annualized basis.
Coinbase Ventures enters the picture
Coinbase Ventures executed an open-market purchase of ENA tokens in early June 2026, marking its first public investment in Ethena. The collaboration is aimed at integrating Ethena’s products into Coinbase’s platform, which services over 100 million users.
How Ethena actually makes money
