Analyst: In the past year, Sky and Ethena had similar fees, but Sky's protocol revenue was approximately 19 times higher than Ethena's.

Crypto analyst Stacy Muur stated on X that over the past year, Sky and Ethena generated nearly identical fee revenues, with Sky around $413 million and Ethena around $362 million. However, Sky protocol income was about $240 million, while Ethena’s was only about $12.4 million. Differences in business models led to varying income distributions: Sky profits from borrower fees and stablecoin collateral yields, with most revenue staying at the protocol level; Ethena profits from hedging collateral, with most revenue flowing to sUSDe holders. Ethena is more susceptible when funding rates decline—over the past month, Ethena’s TVL dropped by 16% while Sky’s TVL grew by 0.5%.