Ethena Labs' ENA token has generated $4.85 million in fees over a 24-hour period, placing it third on the leaderboard typically led by stablecoin giants like Tether and Circle. This significant fee generation has seen Ethena surpass other major protocols such as Pump, Lido, and Hyperliquid. The surge in fees is attributed to increased trading activity, token distribution events, or potential changes in fee structures. However, the crypto community remains divided on whether this reflects genuine adoption or is merely a temporary anomaly.