Woofun AI reports that Sky's protocol revenue reached approximately $240 million over the past 12 months, roughly 19 times Ethena's $12.4 million. Although both protocols generated similar fee revenues—$413 million for Sky and $362 million for Ethena—their distribution models differ significantly. Sky derives income from borrower fees and stablecoin collateral returns, retaining most earnings within the protocol. Conversely, Ethena’s revenue stems from hedging collateral activities, with the majority distributed as yield to sUSDe holders. In terms of total value locked, Sky saw a 0.5% increase last month, while Ethena experienced a 16% decline.