Ethena Labs, a stablecoin project, has made significant strides in the decentralized finance (DeFi) space, generating over $4 million for its treasury in just one week since its launch. The project, which is behind the USDe token, has seen its native yield integrations with Layer 2 solutions such as Manta ($2bil), Metis ($700m), Mode ($150m), and Injective ($2bil), collectively amassing a total value locked (TVL) of $4.85 billion. Ethena's performance has outpaced other DeFi products in terms of revenue, with a reported $6.8 million in weekly revenue, making it the highest-earning dapp in the industry. This achievement has been highlighted by various observers, noting that Ethena's fee generation has surpassed that of established players like Lido and Uniswap over the last 24 hours.