Historical Examples

Ethena captures the only two large scale sustainable sources of revenue in crypto

It is important for us to consider how sustainable the generated protocol revenue really is. To do this, we can review the historic implied income that the protocol would have earned in various market conditions on an annualized basis. While the yields across DeFi are often self-referential and endogenous to the system, the protocol income is unique in that both components are exogenous to the protocol.

Data as of 31st December 2024

Implied sUSDe rewards during key past market events