Ethena has officially reached $600M in total revenue
Q3 2025 was its strongest growth period so far, adding more than $150M in just one quarter
Today, @ethena_labs is showing a much more complete strategy
Its assets are no longer only used to generate yield for stablecoins → They are becoming trusted collateral across DeFi and liquidity for major perpDEXs like @reya_xyz, Based, and the newest one, Nunchi, a perpetuals platform on yield markets built on Hyperliquid HIP-3.
It’s clear that Hyperliquid and derivatives are the sectors Ethena is targeting next, especially as most of its new partnerships come from this ecosystem.
As $USDe and $USDtb get used in more platforms, reaching $1B+ revenue is simply a matter of time
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