According to José Maria Macedo, the CEO of Delphi Labs and founding partner of crypto investment firm Delphi Ventures, Ethena Labs is set to become the highest revenue-generating cryptocurrency project on the market. Macedo expressed his confidence in Ethena Labs as one of Delphi Ventures’ top bets during this bull cycle in a blog post on April 2.
Ethena Labs achieved the status of the highest-earning decentralized application (DApp) in the crypto industry on March 8. This milestone was reached when it offered a 67% annual percentage yield (APY) on its USDe synthetic dollar. The USDe synthetic dollar was launched on the public mainnet on February 19.
Currently, Ethena’s USDe synthetic dollar offers a 35.4% APY to its user base of over 118,000 individuals, as stated on its homepage.
The optimistic predictions made by the CEO come shortly after the launch of the Ethena Labs airdrop on April 2. During this event, $450 million worth of Ethena (ENA) tokens were distributed among eligible wallets. According to data from Arkham Intelligence, the largest recipient of the airdrop received almost $2 million worth of ENA tokens.
As per CoinMarketCap data, the USDe synthetic dollar currently holds the seventh position in terms of market capitalization among stablecoins, with a total value of $1.9 billion. In order to surpass the third-largest stablecoin, Dai (DAI), the market cap of USDe would need to increase by at least 178% to reach over $5.3 billion.
The market cap of USDe has experienced significant growth, rising by over 21% in the last 24 hours and 165% in the last month to reach $1.89 billion, according to data from DefiLlama.
Macedo believes that Ethena has introduced a competitive new tradeoff to the stablecoin market, which is valued at $100 billion. This tradeoff is expected to drive the future growth of Ethena.
In conclusion, Ethena Labs is poised to become the leading revenue-generating cryptocurrency project in the market, according to José Maria Macedo. The success of Ethena’s USDe synthetic dollar and its recent airdrop have contributed to its strong position in the stablecoin market, with potential for further growth in the future.