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2/ What is Ethena's Revenue and where is it spent? Ethena generates revenue mainly by capturing the funding rates from the perp market. 100% of the reward is distributed to USDe stakers and the reserve fund. In the past 3 months, Ethena has averaged $50M in monthly revenue.

5/ Parameter 1: 6B USDe Supply ❌ USDe is currently 9% away from the Fee Switch Target, a goal within reach since it hit an all-time high supply of 6.1B on February 2.