Key Takeaways:
- Ethena generates $4.62 million in daily protocol fees
- Coinbase Ventures bought ENA tokens on the open market
- Partnership brings USDe to Coinbase's 100 million-plus users
Back
Ethena generates $4.62M in daily fees as Coinbase Ventures buys ENA
Ethena generated $4.62 million in daily protocol fees as Coinbase Ventures acquired ENA tokens on the open market, sending the token up 15%.
"Ethena is a critical player in on-chain finance," Coinbase Ventures said in a statement, announcing its first open market investment in the protocol's governance token.
ENA traded at 96 cents as of 09:00 UTC, up 15% in 24 hours, CoinGecko data shows. The partnership makes Coinbase Ethena's primary custodian, wallet provider and perpetuals venue, supporting security and operations across more than $5 billion in assets. USDe, Ethena's synthetic dollar on Ethereum, will integrate into Base and the broader Coinbase ecosystem.
The collaboration opens on-chain savings products to Coinbase's verified user base exceeding 100 million accounts. Ethena founder Guy Young said the pending Clarity Act could create further tailwinds for on-chain native products like USDe, particularly around idle balances on exchanges. The first growth initiative is scheduled to launch next week.
Ethena operates a synthetic dollar protocol centered on USDe, a crypto-native stablecoin that generates yield through delta-neutral hedging strategies. Users stake into sUSDe to earn variable returns that have historically averaged double-digit APYs from perpetual funding rates, according to DefiLlama data.
The open-market purchase by Coinbase Ventures breaks from traditional venture models that rely on discounted private allocations. By acquiring ENA directly on the open market, the investment arm aligns its position with public holders on price discovery and circulating float.
The partnership deepens a relationship that began in 2024, when Coinbase Prime was selected to provide custody, USDC and self-custodial wallet services for Ethena. The expanded framework now positions USDe and sUSDe as accessible savings options inside the Coinbase app and wallet.
This article is for informational purposes only and does not constitute investment advice.
[1] Ethena generates $4.62M in daily fees as Coinbase Ventures scoops up ENA tokens[2] Ethereum Price Today: ETH Is Trading At $1,688[3] Coinbase Ventures Aligns with Public Holders via Landmark Open Market Token Purchase[4] Coinbase buys ENA stake as Ethena token jumps 15% on expanded partnership[5] Coinbase Announcement Fuels 10% Surge for Ethena (ENA) Price
