USD supply surged by 42%, protocol revenue hit a new high, and the Ethena fee switch is about to be activated.

[Blockchain Pulse] On September 2, the supply of USDe surged by 42% over the past month, reaching a historic high of $12.43 billion. Protocol revenue also reached its highest level since the beginning of the year, surpassing $61 million in August. USDe currently ranks as the third-largest US dollar stablecoin, behind USDT and USDC, while Ethena has become the fifth-largest DeFi protocol by deposit size. The current market focus is on Ethena's fee conversion plan, where holders of Ethena's ENA governance token will soon have the opportunity to be the first to receive a portion of the protocol's profits.

Ethena Labs previously set three milestones that need to be reached before the protocol can activate the fee switch:

The circulating supply of USDe needs to exceed 6 billion USD. The cumulative revenue of the protocol needs to reach 250 million USD. USDe token must be integrated into four of the top five centralized exchanges by derivatives trading volume.

The first two indicators have been achieved, and now only the integration of centralized trading platforms remains.