What is expected in the development of ENA?

Ethena is moving forward with key developments:

1. Ethena Chain Launch (2026) – A new blockchain designed for decentralized finance (DeFi) apps, using USDe as the transaction fee token.
2. Cross-Chain Security Expansion (Q4 2025) – Growing the restaking system with LayerZero and Symbiotic to secure assets across multiple blockchains.
3. Governance Overhaul (Q1 2026) – Introducing decentralized committees and giving sENA holders more voting power on protocol decisions.

Deep Dive

1. Ethena Chain Launch (2026)

Overview:
The Ethena Chain will be a dedicated blockchain built specifically for decentralized finance applications like spot and perpetual decentralized exchanges (DEXs) and loans that don’t require full collateral. USDe will be the native gas token, meaning it will be used to pay transaction fees on this chain, increasing its usefulness.

What this means:
This is positive for ENA because as more people use the Ethena Chain, demand for USDe will increase. However, delays in building the technology or regulatory challenges—such as new U.S. stablecoin laws like the GENIUS Act—could slow progress.

2. Cross-Chain Security Expansion (Q4 2025)

Overview:
Ethena plans to expand its restaking system with Symbiotic, which will help secure USDe transfers across different blockchains beyond the current LayerZero setup. This means $ENA holders who stake their tokens can earn rewards by helping protect oracle networks, shared transaction ordering systems (sequencers), and data availability layers.

What this means:
This is somewhat positive for ENA because it increases how the token can be used, but it also adds risks related to smart contracts. The success of this expansion depends on strong partnerships (like with Anchorage Digital) and growing demand for decentralized stablecoin infrastructure.

3. Governance Overhaul (Q1 2026)

Overview:
Ethena is proposing to elect new risk management committees and allow sENA token holders to vote directly on important protocol changes, including tokenomics. This follows recent updates that lock 50% of airdropped ENA tokens to better align incentives among participants.

What this means:
This could be good for ENA if it leads to more decentralized control and greater trust in USDe’s stability. On the other hand, if voters don’t participate or voting power becomes concentrated, it could hurt confidence.

Conclusion

Ethena’s roadmap focuses on growing its ecosystem through the launch of its own blockchain and increasing $ENA’s utility via restaking and improved governance. These efforts could help USDe become one of the top stablecoins, but risks around execution and competition—such as upgrades to MakerDAO’s DAI—remain important. It will also be interesting to see how overall trends in the crypto market affect the adoption of Ethena’s synthetic dollar.

What updates are there in the ENA code base?

Ethena’s recent updates focus on increasing the usefulness of $ENA and improving the security of its system through restaking and governance changes.

1. Generalized Restaking Integration (June 26, 2025) – Added the ability to restake $ENA via Symbiotic to help secure cross-chain USDe transfers.
2. Vesting Lock Requirements (June 17, 2025) – Requires users to lock 50% of their vested $ENA tokens to encourage long-term commitment.

Deep Dive

1. Generalized Restaking Integration (June 26, 2025)

Overview: Ethena introduced a new way to restake $ENA and $sUSDe tokens using Symbiotic, a flexible restaking protocol. This helps secure the movement of USDe tokens across different blockchains through LayerZero’s DVN network.

Details:

• Restaking $ENA adds economic security to LayerZero’s cross-chain messaging, which is essential for expanding USDe across multiple blockchains.
• Users who stake $ENA earn 30 times more Ethena points daily, plus additional rewards from Symbiotic and Mellow.

What this means: This is positive for $ENA because it gives the token more real-world use beyond just voting rights. It ties the token’s value to the security of the network and encourages holders to keep their tokens longer. (Source)

2. Vesting Lock Requirements (June 17, 2025)

Overview: When users claim vested $ENA tokens from airdrops, they must lock at least 50% of those tokens in staking pools like Ethena Lock, Pendle PT-ENA, or Symbiotic. If they don’t, they lose the unvested tokens.

Details:

• This rule targets “mercenary capital,” meaning investors who quickly sell tokens for short-term profit.
• It helps stabilize the protocol by keeping more liquidity in key staking pools.

What this means: This change is neutral for $ENA overall. It reduces selling pressure from short-term holders but might discourage some users who don’t want to lock their tokens. (Source)

Conclusion

Ethena’s updates aim to strengthen $ENA’s role in securing its synthetic dollar system while limiting speculative trading. The new restaking feature makes $ENA a key part of cross-chain stability, and the vesting lock rules encourage long-term participation. The big question remains: will these changes help USDe continue growing in the competitive world of decentralized stablecoins?

What are people saying about ENA?

The Ethena (ENA) community is divided between hopeful optimism for a $1.50 price target and concerns about large investors selling off. Here’s what’s currently trending:

1. $0.70 resistance battle – Buyers hope for a breakout, sellers prepare to push prices down
2. $260 million buyback buzz – Reduced supply could boost prices, but upcoming token releases may weigh on the market
3. Arthur Hayes’ big moves – The BitMEX founder’s buying spree is sparking fear of missing out (FOMO) among other investors

In-Depth Look

1. @ali_charts: $0.70 Resistance Point Looks Bearish

"80 million ENA tokens moved to exchanges in two weeks – sellers are waiting at the $0.70 resistance level. The daily Relative Strength Index (RSI) is at 64, indicating demand might cool unless Bitcoin rallies."
– @ali_charts (306K followers · 2.1M impressions · September 2, 2025)
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What this means: This is a short-term negative sign for ENA. When many tokens flow into exchanges near a key resistance level like $0.70, it often signals that sellers are ready to take profits. The RSI nearing overbought levels also suggests buying momentum may slow down.

2. CoinMarketCap: Buyback Boosts Confidence

"Ethena Foundation’s buyback of 83 million tokens between July 22-25 absorbed $53 million worth of selling pressure. Now, 8% of the circulating supply is locked in treasury reserves."
– CoinMarketCap (12M followers · 687K impressions · July 27, 2025)
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What this means: This is a positive sign for ENA. The buyback reduces the number of tokens available for trading, which can help support the price. It also shows that the project’s team has confidence in the token. However, a large token unlock of 171.8 million ENA (worth about $106 million) scheduled for August 5 could increase supply and put downward pressure on the price.

3. @johnmorganFL: Arthur Hayes’ Whale Activity

"BitMEX founder Arthur Hayes bought 2 million ENA at $0.48 and now holds 7.76 million tokens valued at $4.59 million. But 250 million ENA tokens moved to exchanges this month, raising concerns about potential sell-offs."
– @johnmorganFL (189K followers · 940K impressions · July 25, 2025)
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What this means: This is a mixed signal. Hayes’ buying suggests he believes in the long-term potential of ENA. However, the large amount of tokens moving to exchanges by other big holders could lead to significant selling if the price fails to hold above $0.70.

Conclusion

The outlook for Ethena (ENA) is uncertain. On one hand, there’s potential for a price breakout from $0.75 up to $1.50. On the other hand, risks like the upcoming $106 million token unlock and regulatory concerns around synthetic dollar tokens could weigh on the market. Keep an eye on the $0.55 to $0.70 price range this week. If ENA can close above July’s high of $0.72 and hold, it would signal continued upward momentum. But if it falls below $0.55, a correction of about 25% down to $0.40 support could follow.

What is the latest news about ENA?

Ethena is showing strong signs of growth thanks to positive market signals, major investor activity, and regulatory approval. Here’s the latest update:

1. Positive Market Signal on INDODAX (September 8, 2025) – Technical analysis points to a potential price increase for ENA.
2. Major Investor “AndreIsBack” Leads Ethena Leaderboard (September 2, 2025) – Holding $1.85 million worth of unlocked tokens, showing confidence in Ethena.
3. Regulatory Approval in Indonesia (September 1, 2025) – ENA is officially approved among 1,444 cryptocurrencies, making it more accessible in the region.

In-Depth Look

1. Positive Market Signal on INDODAX (September 8, 2025)

What happened:
INDODAX, Indonesia’s biggest cryptocurrency exchange, identified Ethena (ENA) as a promising asset in its weekly market report. They noted that ENA’s price has a resistance level between 12,500 and 14,000 Indonesian Rupiah (about $0.84 to $0.94). If ENA’s price breaks above this range, it could trigger further gains.

Why it matters:
This is good news for ENA because INDODAX’s recommendation can attract more retail investors in Southeast Asia, where cryptocurrency use is growing fast. ENA’s price has already risen 10.75% in the past week (as of September 11, 2025), and breaking this resistance could push the price even higher. (INDODAX)

2. Major Investor “AndreIsBack” Leads Ethena Leaderboard (September 2, 2025)

What happened:
A large investor, known by the wallet address 0x9cb...c06ce and the username “AndreIsBack,” contributed 170 ETH (about $580,000) to Ethena’s WLFI Genesis Sale eight months ago. This earned them 38.71 million WLFI tokens. On September 1, 7.74 million tokens worth roughly $1.85 million became unlocked, but the investor did not sell any. They also top Ethena’s Season 3 Leaderboard with 1.28 trillion points, representing 3.57% of rewards.

Why it matters:
This is a cautiously positive sign for ENA. The investor’s choice to hold onto their unlocked tokens suggests they believe in Ethena’s long-term potential. However, since large holders can influence price swings if they decide to sell, this concentration of tokens could lead to volatility down the road. (BlockBeats)

3. Regulatory Approval in Indonesia (September 1, 2025)

What happened:
Indonesia’s Financial Services Authority (OJK) officially approved Ethena (ENA) as one of 1,444 legal cryptocurrencies. The approval process involved strict checks on market capitalization, security, and technological innovation. Other coins like Dogecoin and politically themed tokens were also approved.

Why it matters:
This is a strong positive for ENA because it allows the coin to be legally traded in Indonesia’s crypto market, which is worth over $1.3 billion. This approval improves liquidity, builds trust with institutions, and lowers the risk of delisting or penalties in this important Southeast Asian market. (INDODAX)

Conclusion

Ethena’s recent progress is driven by solid technical indicators, confidence from major investors, and important regulatory approvals. With a 163% price increase over the past 90 days and growing access in Southeast Asia, ENA’s role as a synthetic dollar is gaining momentum. The upcoming SEC and CFTC regulatory roundtable on September 29, 2025, could further support its stablecoin ambitions.

What could affect the price of ENA?

Ethena’s price depends on upcoming protocol improvements, changes in regulations, and the buying and selling habits of large investors.

1. Growing Token Use – New staking options and the launch of Ethena Chain could increase demand for ENA.
2. Stablecoin Rules – The GENIUS Act’s exemptions might help USDe become more popular.
3. Big Investor Moves – Purchases by major players like Arthur Hayes show confidence in Ethena.

Deep Dive

1. Protocol Upgrades & Tokenomics (Positive Outlook)

Overview:
In June 2025, Ethena introduced restaking for ENA tokens through Symbiotic and LayerZero, locking about 450 million ENA (6.5% of the total supply) to support secure transfers of USDe across different blockchains. Later in 2025, Ethena plans to launch its own blockchain, called Ethena Chain, where ENA will be used to pay transaction fees and participate in governance decisions. Additionally, Season 3 incentives starting in March 2025 offer a 40x reward multiplier for those staking sENA tokens, which could lock up even more ENA.

What this means:
With fewer tokens available for trading and more reasons to hold ENA for governance, demand could rise, pushing prices up. For example, after similar upgrades in July 2025, ENA’s price jumped 130%.

2. Regulatory Tailwinds for USDe (Mixed Impact)

Overview:
The U.S. GENIUS Act, passed in July 2025, prohibits stablecoins that pay interest but exempts Ethena’s USDe. Following this, USDe’s supply increased by 75% to $12.4 billion, making it the third-largest stablecoin. However, a crypto regulatory meeting between the SEC and CFTC on September 29, 2025, might introduce new rules that could increase compliance costs.

What this means:
USDe benefits from favorable regulations, encouraging more users, but ENA faces potential risks if new rules tighten. Also, the protocol has $4.7 billion tied up in loans through Aave, which could be risky if regulations become stricter (Chaos Labs report).

3. Whale Activity & Market Sentiment (Positive Short-Term)

Overview:
Large investors, known as whales, bought 79.25 million ENA in July 2025, with Arthur Hayes holding 7.76 million tokens. However, in August, 150 million ENA tokens were moved to exchanges, causing the price to drop by 8%. Social media interest peaked at 0.45% on September 8, according to INDODAX’s bullish ranking.

What this means:
Since the top 100 wallets control half of all ENA tokens, their actions can cause big price swings. The $0.80 price level is an important support point—if the price falls below this, it could trigger more selling.

Conclusion

Ethena’s price is influenced by a mix of innovative technology upgrades and uncertain regulatory developments. While new protocol features and USDe’s regulatory advantages support growth, challenges remain from token unlocks (41% unlocked as of August) and risks tied to decentralized finance (DeFi) loans. A key question is whether ENA’s move toward institutional real-world asset (RWA) adoption through Converge Chain will balance out selling pressure from early investors. Keep an eye on upcoming SEC-CFTC decisions and USDe’s expansion across blockchains for clues on where Ethena’s price might head next.

Why did the price of ENA fall?

Ethena (ENA) dropped 5.78% in the last 24 hours, underperforming the overall crypto market, which rose by 0.23%. The main reasons for this decline are:

1. Token Unlock Pressure – On August 5, 171.8 million ENA tokens (worth about $103.6 million) became available for trading, raising concerns about increased selling.
2. Whale Profit-Taking – Large holders reduced their ENA positions by 30% this week after the token surged 124% over the past 60 days.
3. Technical Resistance – ENA failed to break above the $0.70 price level, a key resistance point.

Deep Dive

1. Token Unlock Sell Pressure (Bearish Impact)

Overview: On August 5, 171.8 million ENA tokens, representing 2.7% of the circulating supply, were unlocked. This event coincided with a price drop. Historically, ENA tends to fall 4-7% after such unlocks because early investors and team members often sell some of their tokens.

What this means: Although only 42.3% of ENA’s total 15 billion tokens are currently in circulation, large unlocks can temporarily flood the market with supply. The market’s current "Neutral" sentiment (Fear & Greed Index at 47/100) makes investors more sensitive to this added supply.

Watch: There has been a recent increase in tokens moving to exchanges, with 80 million ENA transferred to Binance and Bybit over the past two weeks (source).

2. Whale Profit-Taking (Mixed Impact)

Overview: According to Nansen data, major holders sold 30% of their ENA this week, taking profits after a 163% gain over the last 90 days. Notably, Arthur Hayes sold $4.6 million worth of ENA on August 3, signaling caution despite his overall positive outlook.

What this means: Taking profits after a big price jump is normal. However, ENA’s 24-hour trading volume dropped by 38.21%, suggesting smaller investors aren’t buying enough to absorb the selling pressure. Also, ENA’s price is closely linked to Bitcoin (with a 0.78 correlation), making it vulnerable while Bitcoin’s price remains steady.

3. Technical Rejection at Key Level (Neutral)

Overview: ENA’s price hit resistance between $0.70 and $0.75, which corresponds to a common technical level called the Fibonacci 38.2% retracement. The 4-hour chart shows weakening momentum, with the Relative Strength Index (RSI) falling from 68 last week to 58.99 now.

What this means: For ENA to avoid a deeper price drop, buyers need to hold the 50-day Exponential Moving Average (EMA) at $0.414. If the price closes below $0.70, it would break the bullish pattern that helped push ENA up 134% in July.

Conclusion

ENA’s recent price drop is mainly due to profit-taking after a strong rally, concerns about token unlocks, and hitting technical resistance. The underlying project remains solid, with its USDe supply growing 75% month-over-month to $9.3 billion. Traders are now carefully weighing the risks and rewards after ENA’s rapid rise.

Key watch: Can ENA stay above the 30-day Simple Moving Average (SMA) at $0.6998 to keep its long-term upward trend intact?