Ethena Labs will become the highest revenue-generating cryptocurrency project on the market, according to José Maria Macedo, the CEO of Delphi Labs and the founding partner of crypto investment firm Delphi Ventures.

Ethena Labs is one of the highest conviction bets for Delphi Ventures during this bull cycle, according to an April 2 blog post by Delphi Labs’ Macedo, who wrote:

“sUSDe will offer the highest dollar yield in crypto at scale. USDe will become the largest stablecoin outside of USDC/USDT in 2024. Ethena will become the highest revenue-generating project in all of crypto.”

Ethena Labs became the highest-earning decentralized application (DApp) in crypto on March 8 when it offered a 67% annual percentage yield (APY) on USDe. Ethena launched its USDe synthetic dollar on the public mainnet on Feb. 19.

Ethena’s USDe synthetic dollar is currently offering a 35.4% APY to over 118,000 users, according to its homepage.

The CEO’s bullish predictions follow the launch of the Ethena Labs airdrop on April 2, which distributed $450 million worth of Ethena (ENA) tokens among eligible wallets.

The largest airdrop recipient received nearly $2 million worth of ENA tokens, as per Arkham Intelligence data.

Related: Ethena Labs founder clarifies USDe stability amid high yield worries

Can USDe synthetic dollar become the third-largest “stablecoin” in 2024?

The USDe synthetic dollar currently ranks as the seventh-largest asset among stablecoins, with a $1.9 billion market capitalization, according to CoinMarketCap data.

To flip the third-largest stablecoin, Dai (DAI), USDe’s market cap would need to increase by at least 178% to above $5.3 billion.

The market cap of USDe rose over 21% in the last 24 hours and 165% in the last month to $1.89 billion, according to DefiLlama data.

According to Delphi’s Macedo, the stablecoin market is a $100 billion industry to which Ethena introduced a competitive new tradeoff, which will pave its future growth:

“In my view, USDe is the most scalable fully collateralized stablecoin ever created. It’s not fully decentralized, nor can it ever be, but it nevertheless sits at a very interesting point on the tradeoff spectrum.”

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