Many people didn’t notice that the Ethena fee switch activation conditions have been met. This is basically Ethena subtly telling everyone, 'I’m making a ton of money right now.' Since it’s earning so much, part of the protocol’s revenue will be distributed. According to TokenTerminal data, Ethena’s revenue in August was $54.6M, compared to just $20M in May. On the surface, that’s more than a 2x increase. The main driver behind this growth is the rise of USDe. I mentioned before that USDe has entered a rapid growth phase. After a period of accumulation, the ecosystem is now expanding quickly. Then came the good news that Binance supports USDe savings. As USDe continues to grow rapidly, Ethena’s monthly revenue won’t just stop at $54.6M. The stablecoin sector is definitely a money-making machine. No wonder everyone is scrambling to get in.