# DefiLlama protocol revenue — X 热门讨论 (2026-09-21 14:07 UTC)

## @BUNT10 (BUNT) · 09-21 06:01 · ♥27 ↻9 💬13 Ethena Added Roughly $0.76B in 30 Days @ethena

As per @tokenterminal ,USDe grew 18.7% over the last 30. As per DefiLlama, USDe circulating supply now stands at $4.88B, ahead of USD1 at $4.3B.

Once the 14-day average USDe supply crosses $7.5B, 95% of the revenue routed through the switch buys ENA on the open market.

Today USDe stands at $4.88B, which means supply needs to grow about 54% to reach the threshold. We could assume it crosses within the next few quarters, driven by future catalysts.

Equity perps: uncorrelated with crypto market conditions.

Crypto perps: funding recovered from negative territory and is trending toward the +8% levels.

Ethena Pay: launched Sep 1, with 30-day card volume of $615,560 (+296%) and daily active addresses moving from 28-60 before launch to 120-165 since.

The supply chart shows why this is a recovery call. As per DefiLlama, USDe peaked at 14.82B in Oct 2025 and is about 67% below that level today.

Reaching $7.5B in 3 months needs about 15% monthly compounding, slightly below what USDe just delivered. Reaching it in six months needs about 7.5% a month.

The trigger is a 14-day average, so it lags spot supply and the crossing shows up a couple of weeks after the spot number does.

Ethena Pay, 30 Days In 👇

As per , Ethena Pay processed $615,560 in 30-day volume, up 296% on the prior 30 days, and $261,811 in the last 7 days, up 35.5%.

That is the highest 7-day growth among the five card programs shown. Lifetime volume stands at $777,796, so about 79% of everything Ethena Pay has processed happened in the last 30 days.

Daily active addresses moved between roughly 28 and 60 from Aug 16 to Aug 31, They have held between roughly 120 and 165 since, with the Sep 14 at 165.

Bunt's POV

The 18.7% month is a real reversal, and the fee switch gives supply growth a direct link to ENA demand once the $7.5B line is crossed.

That said, the protocol thesis and the token thesis are separate here. Until the 14-day average reaches $7.5B, the switch does not buy ENA, so supply is the gate. Supply in turn depends on funding rates, which is why the equity perps book and the recovery in crypto perps funding carry most of the weight.

Ethena Pay is the smallest near-term contributor. Card volume is about 0.01% of USDe supply, so it supports the case through usage and distribution while the funding catalysts do the supply work. https://x.com/BUNT10/status/2101914695036719107