Ethena vs Pons

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

$4.35B

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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Key Metrics Comparison

Ethena

TVL

$4.35B

24h Volume

N/A

24h Fees

$1.2M

24h Revenue

$1.5K

30d Fees

$16.5M

30d Revenue

$54.9K

7d TVL Change

-21.34%

Dominance

1.82%

Pons

TVL

N/A

24h Volume

N/A

24h Fees

$682.4K

24h Revenue

$178.3K

30d Fees

$4.18M

30d Revenue

$961.5K

7d TVL Change

Market dominance by TVL

Ethena

1.8%

Pons

0.0%