Ethena vs Gauntlet

Compare Ethena and Gauntlet on TVL, fees, revenue and activity to understand how these projects stack up.

$4.712B
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.
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$1.49B
Gauntlet provides institutional-grade risk modeling and optimization for DeFi protocols. Its platform powers vault strategies, levered RWA yields, and protocol risk parameters securing billions in on-chain assets.
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Key Metrics Comparison

Ethena
TVL
$4.712B
24h Volume
N/A
24h Fees
$130
24h Revenue
$130
30d Fees
$15.95M
30d Revenue
$21.1K
7d TVL Change
+3.24%
Dominance
1.69%
Gauntlet
TVL
$1.49B
24h Volume
N/A
24h Fees
$105.8K
24h Revenue
$1.1K
30d Fees
$3.24M
30d Revenue
$34.2K
7d TVL Change
-1.56%
Dominance
0.54%

Category Performance

Visual comparison across key categories. Ring fill represents relative strength or share between the two assets.

TVL Share

Share of combined TVL

TVL Share
Ethena
76.0%
Gauntlet
24.0%

Volume Share

Share of combined 24h volume

Volume Share
Ethena
1.0%
Gauntlet
1.0%

Fees Share

Share of combined 24h fees

Fees Share
Ethena
1.0%
Gauntlet
99.9%

Revenue Share

Share of combined 24h revenue

Revenue Share
Ethena
10.9%
Gauntlet
89.1%

7d TVL Performance

TVL change over last 7 days

7d TVL Performance
Ethena
3.24%
Gauntlet
-1.56%

Dominance

Market dominance by TVL

Dominance
Ethena
1.7%
Gauntlet
0.5%
TVL Comparison
Ethena
Gauntlet