Analyst: In the past year, Sky and Ethena had similar expenses, with Sky's protocol revenue being about 19 times higher than Ethena's

Cryptocurrency analyst Stacy Muur stated on X platform that in the past year, Sky and Ethena generated almost the same fee income, with Sky generating about $413 million and Ethena about $362 million, but Sky protocol revenue was about $240 million and Ethena only about $12.4 million. The differences in business models lead to different income distributions. Sky profits from borrower fees and stablecoin collateral income, with most of the income remaining at the agreement level; Ethena profits from hedging collateral, with the majority flowing to sUSDe holders. Ethena is more susceptible to a decrease in funding rates, with Ethena TVL decreasing by 16% and Sky TVL increasing by 0.5% over the past month.