Ethena vs WBTC
Compare Ethena and WBTC 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.
View Full Page$8.851B
Wrapped BTC (WBTC) is a Bitcoin‑backed ERC‑20 minted by BitGo under a multi‑sig controlled by merchants and custodians. Each token is 1:1 redeemable for BTC, with reserves published every 24 hours and verifiable on chain. WBTC accounts for more than 70 % of tokenised bitcoin on Ethereum and serves as core collateral for Aave, Maker and Compound.
View Full PageKey Metrics Comparison
Ethena
TVL$4.712B
24h VolumeN/A
24h Fees$155
24h Revenue$155
30d Fees$15.95M
30d Revenue$21.1K
7d TVL Change+3.80%
Dominance1.69%
WBTC
TVL$8.851B
24h VolumeN/A
24h Fees$0
24h Revenue$0
30d Fees$0
30d Revenue$0
7d TVL Change-2.01%
Dominance3.18%
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
34.7%WBTC
65.3%Volume Share
Share of combined 24h volume
Ethena
1.0%WBTC
1.0%Fees Share
Share of combined 24h fees
Ethena
100.0%WBTC
1.0%Revenue Share
Share of combined 24h revenue
Ethena
100.0%WBTC
1.0%7d TVL Performance
TVL change over last 7 days
Ethena
3.80%WBTC
-2.01%Dominance
Market dominance by TVL
Ethena
1.7%WBTC
3.2%TVL Comparison
Ethena
WBTC