Ethena vs Pons
Compare Ethena and Pons on TVL, fees, revenue and activity to understand how these projects stack up.
$4.869B
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
Ethena
TVL$4.869B
24h VolumeN/A
24h Fees$43
24h Revenue$37
30d Fees$16.44M
30d Revenue$14.2K
7d TVL Change+5.87%
Dominance1.71%
Pons
TVLN/A
24h VolumeN/A
24h FeesN/A
24h RevenueN/A
30d FeesN/A
30d RevenueN/A
7d TVL ChangeN/A
Dominance0.00%
Category Performance
Visual comparison across key categories. Ring fill represents relative strength or share between the two assets.
TVL Share
Share of combined TVL
Ethena
1.0%Pons
1.0%Volume Share
Share of combined 24h volume
Ethena
1.0%Pons
1.0%Fees Share
Share of combined 24h fees
Ethena
1.0%Pons
1.0%Revenue Share
Share of combined 24h revenue
Ethena
1.0%Pons
1.0%7d TVL Performance
TVL change over last 7 days
Ethena
5.87%Pons
N/ADominance
Market dominance by TVL
Ethena
1.7%Pons
0.0%