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Ethena overtakes PancakeSwap and Jupiter with $3.28m daily revenue

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Ethena’s daily revenue has surpassed PancakeSwap and Jupiter, trailing only behind Tether and Circle. Following this achievement, ENA rose 4%.

According to data from DeFi Llama, Ethena (ENA) rose through the ranks to become the third largest protocol by daily fees. In the past 24 hours, the Ethereum (ETH) -based decentralized stablecoin protocol has accumulated around $3.28 million. These fees were generated from the stablecoin USDE (USDE).

According to data from crypto.news, USDE’s market cap stands at $5.4 billion. Meanwhile, its 24-hour trading volume has increased 23.6% from the previous day, reaching $63 million. The stablecoin has a circulating supply of 5.4 billion USDE.

However, the Ethereum-based protocol is still behind fellow stablecoin issuers Tether (USDT) and Circle (USDC) in terms of daily revenue. At press time, Circle has collected $6.12 million in fees, while Tether maintains a commanding lead with $18.31 million.

Ethena overtakes PancakeSwap and Jupiter with $3.28m daily revenue - 1
Ethena rises to the third spot by daily revenue, March 14, 2025 | Source: DeFi Llama

Ethena’s daily revenue surpasses that of major protocols such as PancakeSwap (CAKE), Jupiter (JUP), Meteora, Uniswap (UNI) and Tron (TRX). In the past 24 hours, PancakeSwap has gained $2.54 million in daily revenue, while Jupiter has accumulated $1.99 million. Trailing not too far behind Jupiter is Meteora with $1.89 million and Uniswap with $1.73 million.

Shortly after Ethena’s rise in the ranks, the protocol’s native token, ENA, gained more than 4%. The token has reached a market cap of nearly $2 billion and a 24 hour trading volume of $282 million.

Just a day prior, Ethena allocated $200 million to BlackRock’s tokenized U.S. Treasury fund, BUIDL. Last December, the protocol launched its second stablecoin, USDtb. Backed by BUIDL, USDtb has seen a rapid increased in supply. Unlike the conventional stablecoins, USDtb produces yield which makes it an attractive investment option for investors looking to gain passive income.



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Pump.fun testing AMM potentially to replace Raydium

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Pump.fun, the popular Solana-based memecoin launchpad, is reportedly testing its automated market maker which could replace Raydium as the default decentralized exchange for graduated tokens. 

The development was first spotted by X news aggregator platform Aggr News, which took notice of amm.pump.fun, a new liquidity pool under internal testing. If implemented, Pump.fun’s in-house AMM would allow the platform to capture more fees, potentially impacting trading fees on Raydium (RAY)

The shift comes as memecoins continue to command huge volumes in the DEX market. Pump.fun has already generated over $500 million in total swap fees, according to DeFiLlama. Currently, about 1.4% of tokens launched on the platform migrate to Raydium, meaning an in-house AMM could help keep more liquidity within the ecosystem.

The X community is speculating that this development could also pave the way for additional features like memecoin perpetuals and lending. Raydium could see a 30-50% drop in trading volume if Pump.fun moves forward with the transition. This would greatly impact Raydium’s market position. Raydium’s token, RAY, is already down 20% in the last 24 hours in reaction to the news, according to CoinGecko

Beyond its liquidity shift, Pump.fun has been in the news for stopping a hacker connected to the recent $1.4 billion Bybit hack from laundering funds on the platform. Pump.fun blocked the attacker’s ability to transfer assets via Pump.fun’s infrastructure and stopped them from laundering stolen money through a memecoin launch.

Through a coin called “QinShihuang (500000),” the hacker had already pushed over $26 million in trade volume before being banned. According to blockchain data, the attacker moved 60 SOL to a different wallet before launching the token on Pump.fun, perhaps to mix and hide the stolen assets. 



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Lightning Companies Are Raising Again: This Is Good for Bitcoin

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Recently, Flashnet announced that it had raised a $4.5m seed round, led by Abstract Ventures with participation from UTXO Management and others.

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Flashnet is a Bitcoin native DEX based on Spark (a Bitcoin L2 designed between the Flashnet team and LightSpark). It’s designed to rival the performance of a (Centralized Exchange) CEX with none of the custody.

Spark enables instant and unlimited self-custodial transactions of Bitcoin and tokens while also enabling users to send and receive natively via Lightning. It’s open-sourced and secured by Bitcoin. Spark was built to address Bitcoin and Lightning’s remaining challenges, focusing on scaling self-custody wallets and enabling stablecoins on Bitcoin.

I’m personally a fan of recent L2 proposals like Ark or Spark trying to complement LN instead of trying to replace it. Having this burgeoning scaling ecosystem opens up the design space for something great — obsoleting Uniswap and bringing all the fees to Bitcoin. This is why I’m so adamant about the utility of Bitcoin Finance (BTCfi) for Bitcoin.

Of course, the question remains, are we really talking about a “Decentralized” exchange here?

From the documentation available, here’s how Flashnet would work:

  • When a user places a limit or market order, they send funds to an MPC (Multi-Party Computation) wallet, where the user, the exchange, and a set of validators act as signers. Funds in the MPC wallet are not claimed until a match is made, similar to how approvals work in Ethereum. For market makers and high-volume actors, there’s an option to keep funds in the MPC wallet to avoid the need for a Spark transaction for each order, in which case they become validators, incurring a bit more trust.
  • The MPC wallet receives signed maker/taker orders to settle trades and initiate fund dispersals. All validators must agree on the user’s intent to match with the counterparty order, ensuring that a limit order for 100 BTC is only valid if the counterparty order matches or exceeds 100 BTC. This intent is known because of the user-signed orders submitted at order placement.
  • All trades are settled instantly and atomically on Spark through its native atomic swap mechanism. Trust is only required during the brief interval between matching and settlement, which lasts only a few milliseconds. Additionally, users can unilaterally exit the MPC at any time using Spark’s unilateral exit feature, providing an extra layer of security.RFQ offers are also available for wallets, mining pools, and platforms, enabling users to request quotes from market makers for seamless BTCToken swaps.

This development not only complements Lightning but also pushes Bitcoin’s ecosystem towards greater adoption and utility, showcasing why the resurgence of investment in Lightning-adjacent technologies is a positive sign for Bitcoin’s future.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

Guillaume’s articles in particular may discuss topics or companies that are part of his firm’s investment portfolio (UTXO Management). The views expressed are solely his own and do not represent the opinions of his employer or its affiliates. He’s receiving no financial compensation for these Takes. Readers should not consider this content as financial advice or an endorsement of any particular company or investment. Always do your own research before making financial decisions. 



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Trump Coin Frenzy Drives Stablecoin Supply Over $10B, Record DEX Volumes

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Solana (SOL), the layer-1 blockchain designed for high-speed and low-cost transactions, has been at the center of a trading frenzy with Donald Trump’s memecoin driving stablecoin supply on the network to a fresh record-high.

The total stablecoin supply on Solana has surged to $10.5 billion, doubling since the start of January, according to data source Artemis. Circle’s USDC led the increase surpassing $8 billion in total circulation on Solana, adding more than $4 billion this month, while Tether’s USDT grew to $2 billion from $917 million, per Artemis. Stablecoins are a key piece of infrastructure in the crypto economy, serving as a popular source of liquidity for crypto trading.

Stablecoin supply on Solana (Artemis)

Stablecoin supply on Solana (Artemis)

Solana and its ecosystem of in-built protocols built have become a bustling hub for trading and launching tokens in red-hot, fast-growing crypto sectors such as memecoins and crypto AI agents.

The network’s stablecoin liquidity growth was steady over the past months as digital asset markets rejuvenated with crypto-friendly Trump’s election victory, but it skyrocketed with the launch of TRUMP coin Jan. 17, the “official” memecoin tied to the U.S. President. Released on Solana, the token garnered massive trading volume across decentralized exchanges, driving transaction activity and liquidity inflows to the network.

Before the token got listed on popular centralized exchanges like Binance and Coinbase, trading with the TRUMP coin was first available on decentralized exchange (DEX) Meteora paired against the USDC stablecoin, David Duong and David Han from Coinbase Institutional Research, noted in a Friday report. That said, fast-moving traders first needed to first acquire USDC to buy the coin, driving USDC inflows to the network.

Along with stablecoin growth, trading volume on Solana-based decentralized exchanges (DEX) also soared to record highs of more than $25 billion daily, executing 74% of overall DEX trading volume on all blockchains, the report noted.

“Staggering numbers,” Sean Farrell, head of digital asset research at Fundstrat, said in an X post.

The increased activity was reflected in Solana’s native token (SOL) price, posting the largest gain through this week with 20% among the broad-market CoinDesk 20 Index members, vastly outperforming bitcoin’s (BTC) 2% advance.

Read more: Solana Bull Bets Big on SOL Rallying to $400

While USDC and Tether’s USDT dominate the stablecoin market on Solana — as they do in the broader crypto landscape — there’s a growing number of up-and-coming issuers that recently expanded to the blockchain, noted Tom Wan, head of data at Entropy Advisors.

Last week, Hong Kong-based First Digital added native support on Solana for its $1.8 billion FDUSD fiat-backed stablecoin. DeFi lending behemoth Sky, formerly MakerDAO, also brought its yield-generating USDS stablecoin to the network in November.





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