Sky's protocol revenue over the past year was approximately $240 million, about 19 times that of Ethena

Odaily reported that Stacy Muur posted on platform X, stating that over the past year, Sky and Ethena generated similar fee revenues, with Sky at approximately $413 million and Ethena at around $362 million. In terms of protocol revenue, Sky earned about $240 million, while Ethena brought in roughly $12.4 million. Sky's revenue comes from borrower fees and returns on stablecoin collateral, with most of the income retained at the protocol level. Ethena's revenue derives from hedging collateral, including funding fees and basis trades, with the majority flowing to sUSDe holders as yield. Over the past month, Ethena's TVL decreased by 16%, while Sky's TVL grew by 0.5%.