Base App vs Ethena
Compare Base App and Ethena on TVL, fees, revenue and activity to understand how these projects stack up.
$5.402B
USDe is Ethena’s synthetic dollar backed by delta‑neutral ETH perpetual hedge positions rather than off‑chain treasuries. The collateral basket auto‑rebalances between spot ETH, LSTs and short perps so the net delta remains near zero, turning staking rewards and funding rates into protocol revenue. USDe launched on Ethereum in January 2024 and surpassed $2 billion supply within five months, with deep secondary liquidity on Curve and Bybit.
View Full PageKey Metrics Comparison
Base App
TVLN/A
24h VolumeN/A
24h Fees$11.9K
24h Revenue$11.9K
30d Fees$1.48M
30d Revenue$1.48M
7d TVL ChangeN/A
Dominance0.00%
Ethena
TVL$5.402B
24h VolumeN/A
24h Fees$4
24h Revenue$4
30d Fees$18.34M
30d Revenue$17.8K
7d TVL Change+0.14%
Dominance1.77%
Category Performance
Visual comparison across key categories. Ring fill represents relative strength or share between the two assets.
TVL Share
Share of combined TVL
Base App
1.0%Ethena
1.0%Volume Share
Share of combined 24h volume
Base App
1.0%Ethena
1.0%Fees Share
Share of combined 24h fees
Base App
100.0%Ethena
1.0%Revenue Share
Share of combined 24h revenue
Base App
100.0%Ethena
1.0%7d TVL Performance
TVL change over last 7 days
Base App
N/AEthena
0.14%Dominance
Market dominance by TVL
Base App
0.0%Ethena
1.8%