Sky and Ethena Report Nearly Equal Fee Revenue Over Past Year

Stacy Muur said on X that Sky and Ethena generated nearly equal fee revenue over the past year, with Sky at about $413 million and Ethena at about $362 million. According to Odaily, Sky reported about $240 million in protocol revenue, while Ethena reported about $12.4 million. Sky's revenue came from borrower fees and stablecoin collateral yield, with most of it retained at the protocol level. Ethena's revenue came from hedged collateral, including funding fees and basis trading, with most of it distributed to sUSDe holders as yield. Over the past month, Ethena's TVL fell 16%, while Sky's TVL rose 0.5%.