# DefiLlama protocol revenue — X 热门讨论 (2026-09-27 12:29 UTC)
## @Tom_Degen68 (Tom ⛩) · 09-27 10:27 · ♥25 ↻2 💬7 The Ethena Foundation turned the fee switch on.
• 95% of the net revenue would go to buying back ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 • 5% would stay for growth
The most important thing is they generate real revenue: @DefiLlama shows gross revenue of about $65.1M in Q1 2026, $51.6M in Q2, and about $50M in Q3 to date.
Two balance-sheet details sit next to that:
@ethena Labs and the Foundation agreed, in principle, that protocol IP and economics sit with the Foundation / ecosystem, not Labs shareholders.
The Foundation has also been buying unvested tokens from seed investors who sold ENA, and the monthly investor drip is ending.
What is left is slated to hit in one release from 5 October. After that, Ethena puts locked / unvested supply at ~12% (team, ecosystem, foundation). StablecoinX has its own calendar.
USDe itself has cleared $30B+ of mint/redeem without losing backing, and sits on 100+ venues including Robinhood, Coinbase, Binance, and BlackRock Aladdin.
@EthenaPay is live on iOS in about 50 countries, and Ethena says every balance in the app creates demand for USDe.
So much higher. https://x.com/Tom_Degen68/status/2104155878370988038