Breaking Crypto News – Ethena USDe Market Cap: The New Leader in Revenue Generation
Breaking Crypto News – The synthetic dollar stablecoin USDe from Ethena Labs has gained a lot of traction among users and is currently the fourth-largest stablecoin in terms of market capitalization. This accomplishment comes at a significant time, as in the last week, the stablecoin generated more revenue than the entire Solana blockchain combined.
Four months after its public launch in February, the USDe stablecoin’s supply has reportedly exceeded $3 billion, according to data from CryptoSlate. With its astounding growth rate, USDe is now the fastest-growing USD-pegged cryptocurrency in history. Its market capitalization presently lags behind MakerDAO’s DAI and surpasses Binance’s preferred FDUSD stablecoin.
USDe Holds 2% of the Overall Stablecoin Market Share
The market capitalization of USDe is higher than the sum of the values of all stablecoins on the Solana blockchain. According to data from DeFillama, the USDe is now expanding at a rate of about 2% of the stablecoin market share overall. The focus will be on whether USDe can maintain this growth, build deep liquidity, and further integrate into the DeFi ecosystem, according to DeFi analyst Patrick Scott, who spoke about this milestone.
Due to its high return rate of more than 30% and acceptance by significant cryptocurrency projects like MakerDAO and the Bybit exchange, USDe has experienced exponential growth. Some market analysts, however, have expressed worries about possible contagion risk for the larger market and have criticized USDe for using Bitcoin as a backing asset for their synthetic dollar.
FAQ
How does a Coin Increase Market Cap?
A crypto’s value is determined by several variables. The supply-and-demand chain is the most significant one. When there is high demand and limited supply for a cryptocurrency, the price will rise. The market capitalization will rise in tandem with the price increase.
What Does Contagion Risk Mean?
A phenomenon known as “crypto contagion” occurs when a bad incident in the cryptocurrency market sets off a series of events that ultimately lead to a fall in the entire market.
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