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

Odaily reported that Stacy Muur posted on platform X, 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 about $362 million. In terms of protocol revenue, Sky stood at roughly $240 million, while Ethena reported 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 is derived 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 has decreased by 16%, while Sky's TVL has grown by 0.5%.