Ethena USDe circulation exceeds $12 billion, and Fee Switch activation becomes a priority

The protocol generated over $61 million in revenue in August, meeting two of the three requirements for Fee Switch activation. The remaining USDe must be listed on four major centralized exchanges. Ethena ENA holders are expected to receive their first share of the protocol's profits. USDe currently has an annualized yield of 9%, higher than USDC's 4.2% on Aave. Regarding risks, Chaos Labs and S&P Global have previously warned of potential liquidity and risk exposure issues with USDe.