Ethena Fees Milestone: $1.06B Lifetime, But Monthly Fees Have Slowed

Ethena's lifetime fees stand at $1.061 billion on DefiLlama, and a BSCN post on X presented that as a fresh milestone on October 11. The daily data tells a different story about timing. Adding up DefiLlama's own daily rows shows the total passed $1 billion on July 2, 2026, more than three months ago. The Ethena fees milestone is real, but the pace behind it has changed a lot.

How the Ethena fees milestone got built

Each $250 million block took longer to fill than the one before it. The first $250 million was done by February 29, 2024, which is the fourth month of data. The second block closed on January 2, 2025, about ten months later. The third arrived on September 11, 2025, and the fourth block ended on July 2, 2026.

That works out to about nine to ten months for each of the last two blocks, against four for the first. Every Ethena fees block since has taken longer than the one before. Calendar years show the same slope in Ethena fees. Add up the daily rows and 2024 comes to roughly $413 million, with 2025 close behind at about $385 million. The 2026 total through October 10 is near $178 million.

What DefiLlama counts as fees

DefiLlama's methodology for Ethena covers staking rewards, yield distribution, mint fees and extra fees. Revenue is a smaller figure, defined as mint fees plus the share of staking rewards that goes to the reserve fund. The page lists cumulative revenue at $332.96 million.

The DefiLlama fees page for Ethena USDe shows $17.86 million over 30 days, $4.4 million over seven days and $1.061 billion cumulative.

The recent run rate of Ethena fees

The busiest month in the data is February 2024, at about $123.7 million. A later high came in August 2025 at $54.7 million, and September 2025 added $53.3 million. This year's months have been far smaller. March brought in $17.8 million, August $15.9 million and September $20.1 million.

Thirty days to October 10 add up to about $19.5 million, which fits the $17.86 million that DefiLlama's dashboard shows for its own 30-day window. The first ten days of October sit near $7.9 million.

Supply is a separate question. We covered the slide in USDe supply earlier this week, and that piece is the place to look for how the stablecoin itself has moved.

The headline number deserves some care. A cumulative total only ever goes up, which is why it makes a poor guide to current activity.

The $1.061 billion is real and checkable on the DefiLlama page. So are the monthly numbers behind it, which anyone can export as a CSV from the same screen.

Readers who want to test the July 2 date can add up the daily column from the start and watch the running total cross $1 billion. The recent months are the better measure of what the protocol earns today. DefiLlama can revise its data, so figures here reflect the dashboard on October 12, 2026. This is a data summary and not investment advice.