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Sky Protocol Captures 19x More Revenue Than Ethena Despite Similar Fees Over Past Year

Industry Reports

2026-07-17 07:52:11

SKY-4.35%

ENA-2.06%

According to analyst Stacy Muur via PANews on July 17, Sky and Ethena generated nearly identical fees over the past year—Sky approximately $413 million and Ethena roughly $362 million—yet Sky's protocol revenue reached $240 million compared to Ethena's $12.4 million. The difference stems from their business models: Sky captures most revenue from borrower fees and stablecoin collateral yields, keeping value at the protocol level; Ethena distributes most earnings from hedging collateral (funding fees and basis trading) to sUSDe holders. Over the past month, Ethena's TVL declined 16% while Sky's increased 0.5%.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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