Athena became the highest-grossing DApp in crypto
Athena has become the highest-grossing decentralized application (DApp) after breaking $6.8 million in daily gross revenue last week, according to a March 8 post by Athena Labs head of development Seraphim Chaker.
The only blockchains with more revenue than Athena are Tron with $38.6 million and Ethereum with $182.5 million in daily revenue over the past seven days.
Athena currently offers over 350,000 users a 67.2% yield in USDE, according to its homepage. Aetna's US dollar market value rose 43 percent last week and 409 percent last month to $840 million, according to Defilama data.
Athena Labs launched the USDe synthetic dollar on the public network on February 19. The launch sparked widespread concern among investors, as the Ethereum-based cryptocurrency launched with a 27.6% annual percentage yield (APY), much higher than I 20. % Yield of TerraUSD (UST) Algorithm Stable Coin provided by Anchor Protocol before May 2022 crash.
Initial concerns around USD production are a sign of a brewing industry recovering from the collapse of the Terra ecosystem, Etena Labs founder Guy Young told Cointelegraph in an exclusive interview on February 22.
“The immediate mention of Terra Luna had people knee-jerk for the product itself. […] It is right for people to react the way they do because we should try to find out whether we should react with suspicion or not. [protocols] If they are too big, they are weak at first rather than allowing them to grow.
Unlike the failed anchor protocol, the USD product is publicly verified, as it is achieved by recording and shorting Ether's perpetual futures contracts, Young told Cointelegraph.
Athena Labs received $14 million in funding for the project, the team announced on February 16. The round was backed by venture capital firm Dragonfly. The startup raised $6 million in its previous investment round in 2023, headlined by Binance Labs, Gemini, Bybit, Mirana Ventures, OKX Ventures and Deribit.
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