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

Odaily Planet Daily reported that Stacy Muur posted on X platform, stating that over the past year, the fee revenue generated by Sky and Ethena was similar, with Sky at approximately $413 million and Ethena at approximately $362 million; in terms of protocol revenue, Sky was approximately $240 million and Ethena was approximately $12.4 million. Sky's revenue comes from borrower fees and stablecoin collateral yields, with most of the revenue remaining at the protocol level; Ethena's revenue comes from hedging collateral, including funding fees and basis trades, with most flowing to sUSDe holders as yield. Over the past month, Ethena's TVL has decreased by 16%, while Sky's TVL has increased by 0.5%.