Ethena-Scale Revenue Projections

To demonstrate the scalability of BOUND Protocol's revenue model, we analyzed potential performance under Ethena Protocol's current trading volumes. Ethena processes approximately $52 million in daily DEX volume, representing mature adoption in the stable yield sector.

Hypothetical Performance at Ethena Scale:

• Daily Trading Volume: $52,000,000

• Projected Annual APY: 312%

• Year-End DFY+ Price: 4.15 DFY

• Accumulated Protocol Revenue: $564 million

• Revenue Per DFY+ Holder: Proportional distribution of surplus value

All values are expressed in thousands (’000), excluding the DFY+ price. This scenario demonstrates the exponential scaling potential of APSS revenue generation. Unlike yield strategies with capacity constraints, arbitrage capture scales linearly with transaction volume, creating unlimited growth potential as adoption increases.

Important Context: These projections utilize only Ethena's DEX trading volume ($52M daily) rather than their total reported volume ($204M across all platforms according to CoinMarketCap).

This conservative approach ensures projections remain grounded in achievable metrics while highlighting the substantial upside potential available through expanded adoption.

Market Position Validation

The 13.83% projected APY for 2026 positions BOUND Protocol competitively within the stable yield market while providing substantial upside potential through volume scaling. Unlike single-strategy protocols limited by capacity constraints, the multi-revenue approach creates sustainable growth that adapts to market conditions and scales with adoption.

The conservative base-case scenario ensures achievable returns for participants, while the Ethena volume analysis demonstrates the transformative potential of widespread adoption. This balanced approach provides both reliability for risk-conscious investors and exponential upside for protocols achieving market-leading adoption rates.