Ethena says it has paid out over $800M in USDe ecosystem rewards

The milestone comes as the protocol ends ENA token incentives and leans on a revenue-funded buyback model instead Ethena says it has distributed more than $800 million in rewards across its USDe ecosystem since launch. That is a lot of money handed back to users of a dollar-pegged token that only arrived in early 2024. The timing is interesting. The milestone lands just as Ethena has stopped paying users in its own ENA token and started betting that real revenue, not emissions, can keep the lights on.