Stablecoin protocol Ethena’s revenue this week is negative $1.05 million, which is the first time this has happened
PANews reported on April 14 that according to DefiLlama data, stablecoin protocol Ethena’s revenue this week was negative $1.05 million, which was the first time this occurred. The negative revenue was mainly generated on April 11, with revenue of negative $1.38 million.
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Rising interest rates act as the "final blow"—portfolio companies face increasing costs on floating-rate loans, while potential buyers are unwilling to acquire assets due to high financing costs. $349 billion is trapped in zombie funds, and around $500 billion in funds face the risk of being overdue and unable to exit. Fundraising has fallen to its lowest level since 2020, with average returns at just 7%, the lowest in 14 years. A wave of software investment defaults is expected to erupt by 2028, with private credit valuations seeing a significant decline.
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