Sky Protocol Revenue Exceeds Ethena by Approximately 19 Times

Sky and Ethena generated similar fee revenues over the past year, with Sky at approximately $413 million and Ethena at around $362 million. However, the difference in protocol revenue is significant, with Sky earning about $240 million compared to Ethena's mere $12.4 million. This disparity arises from their business models; Sky profits from borrower fees and stablecoin collateral returns, keeping most of its revenue at the protocol level, while Ethena profits from hedging collateral, with most of its earnings flowing to sUSDe holders, making it more susceptible to impacts when funding rates decline. Over the past month, Ethena's TVL decreased by 16%, while Sky's TVL grew by 0.5%. Although both generated hundreds of millions in fees, Sky captured more protocol value.

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