Sky posts about $240 million in protocol revenue over the past year, roughly 19 times Ethena

Stacy Muur said in a post on X that Sky and Ethena generated similar fee revenue over the past year, but their protocol revenue diverged sharply. Sky recorded about $413 million in fee revenue versus $362 million for Ethena. On protocol revenue, Sky came in at about $240 million, while Ethena posted roughly $12.4 million, leaving Sky at around 19 times Ethena’s level. Muur said Sky’s revenue came from borrower fees and yield on stablecoin collateral, with most of that income retained at the protocol layer. Ethena’s revenue, by contrast, came from hedged collateral strategies, including funding fees and basis trades, with most of the income distributed to sUSDe holders as yield. Over the past month, Ethena’s total value locked fell 16%, while Sky’s TVL rose 0.5%.