What is expected in the development of ENA?
Ethena’s roadmap is focused on growing its usefulness and expanding its ecosystem through three main projects:
- Fee Switch Activation (Q4 2025) – ENA holders will start earning a share of the platform’s revenue.
- Converge Blockchain Launch (2025) – A new blockchain aimed at tokenizing real-world assets, backed by institutional partners.
- Ethena Chain Development (2024 Roadmap) – Building financial tools using Ethena’s synthetic dollar, USDe.
In-Depth Look
1. Fee Switch Activation (Q4 2025)
What’s Happening?
Ethena plans to introduce a system where ENA token holders receive a portion of the fees generated by its synthetic dollar (USDe) and related products. So far, the platform has earned over $500 million in total revenue (Ethena Labs).
Why It Matters
This is good news for ENA holders because it links the token’s value directly to the platform’s success, encouraging people to hold onto their tokens longer. However, the rollout has been delayed from mid-2025 to late 2025, which adds some uncertainty.
2. Converge Blockchain Launch (2025)
What’s Happening?
Ethena is teaming up with Securitize, a platform supported by BlackRock, to launch Converge—a blockchain designed to handle real-world asset tokenization. ENA will be the main token used to pay transaction fees on this chain (NullTX).
Why It Matters
This move has potential but depends heavily on whether big institutions adopt the platform. It also faces competition from established players like Polygon and Chainlink.
3. Ethena Chain Development (2024 Roadmap)
What’s Happening?
Ethena is developing its own blockchain focused on decentralized finance (DeFi) applications such as perpetual contracts and undercollateralized loans, using USDe as the main collateral. This was planned for 2024 but is now expected to launch in stages through 2025 (Mirror).
Why It Matters
If successful, this could make ENA a key player in the DeFi space. However, the project is complex and faces competition from existing platforms like dYdX and GMX.
Conclusion
Ethena’s roadmap aims to evolve ENA from just a governance token into a core part of its ecosystem by introducing revenue sharing, launching new blockchains, and integrating real-world assets. These efforts could boost demand for ENA, but delays and competition mean it’s important to watch how things unfold.
What key milestone could turn ENA from a speculative token into a foundational infrastructure asset?
What updates are there in the ENA code base?
Ethena’s recent updates focus on improving governance, staking, and cross-chain technology.
- Fee Switch Activation (September 2, 2025) – Lets ENA holders earn a share of the protocol’s revenue.
- Restaking Integration (June 26, 2024) – Enhances security for cross-chain transfers using Symbiotic and LayerZero.
- Vesting Lock Requirements (June 17, 2024) – Requires holders to lock 50% of their unvested ENA tokens.
In-Depth Look
1. Fee Switch Activation (September 2, 2025)
What happened: Ethena turned on its fee switch, which means holders of the ENA token now receive part of the revenue generated by the USDe stablecoin. This is a big step toward sharing profits with the community.
A portion of fees from minting and redeeming USDe, along with earnings from its investment strategy, now go to ENA stakers. In August 2025 alone, the protocol earned $61 million, directly linking the success of USDe to the value of ENA.
Why it matters: This is good news for ENA holders because it connects the token’s value to the protocol’s performance, encouraging people to hold their tokens longer. However, similar changes in other projects have caused short-term price swings as the market adjusts. (Source)
2. Generalized Restaking (June 26, 2024)
What happened: Ethena introduced a new restaking feature for ENA and sUSDe tokens using Symbiotic and LayerZero technologies. This helps secure transfers of assets across different blockchains.
By staking ENA, users help protect USDe’s cross-chain messaging system. In return, they earn rewards like Ethena points, Symbiotic/Mellow points, and possibly LayerZero airdrops. This reduces dependence on Ethereum’s security model.
Why it matters: This is a positive development for ENA because it increases the token’s usefulness beyond just governance. However, locking tokens for staking might temporarily reduce how easily holders can trade them. (Source)
3. Vesting Lock Enforcement (June 17, 2024)
What happened: Ethena now requires users to lock up 50% of their newly vested ENA tokens (such as those from airdrops) by staking them or using Pendle’s PT-ENA or Symbiotic platforms. This is necessary to keep their unvested tokens.
This rule targets short-term traders who might quickly sell their tokens. Non-compliant tokens are redistributed to users who follow the rules. Currently, over 450 million ENA tokens are locked under these conditions.
Why it matters: This change helps reduce selling pressure from airdrop recipients, which can stabilize the token price. However, it adds some complexity for casual holders. (Source)
Conclusion
Ethena’s updates aim to better align token holder incentives with the growth of the protocol through revenue sharing, enhanced staking options, and stricter vesting rules. The fee switch and cross-chain security improvements position ENA as a key part of Ethena’s expanding ecosystem.
The big question remains: Will these infrastructure upgrades help USDe maintain its leading position in the $284 billion stablecoin market?
What could affect the price of ENA?
Ethena’s price is balancing between exciting new technology developments and challenges in the market.
- Growing the Ecosystem – Launching the Ethena Chain and a new stablecoin project on Hyperliquid could boost growth (positive sign)
- Changes in Token Economics – Adjustments to staking rewards and token release schedules may limit supply but have mixed effects
- Regulatory Challenges – New U.S. rules on stablecoins could limit earnings, adding downward pressure
In-Depth Look
1. Protocol Upgrades & Ethena Chain (Positive Outlook)
What’s happening:
Ethena plans to launch its own blockchain by late 2025. This new chain will use USDe as the transaction fee currency and support lending and automated market makers (AMMs) with less collateral needed. ENA tokens that are restaked will help secure cross-chain transfers through LayerZero technology. Plus, special Symbiotic pools will offer rewards up to 30 times higher than usual.
Why it matters:
Using ENA tokens to secure the network could reduce the number of tokens available for trading, which often supports price. It may also attract investors looking for higher returns. For example, when Ethena integrated with Pendle in early 2025, the total value locked (TVL) in the system increased by 47% (Ethena Docs).
2. Hyperliquid USDH Stablecoin Bid (Mixed Outlook)
What’s happening:
Ethena is competing to issue USDH, a stablecoin backed by BlackRock, on the Hyperliquid platform. The proposal includes $150 million in incentives and promises to share 95% of revenue with validators. The voting ends on September 14.
Why it matters:
If Ethena wins, it could become part of one of the top five decentralized finance (DeFi) ecosystems, which would be a big boost. However, if the bid loses to Native Markets, which currently leads with 30.78% of votes, Ethena might be seen as less integrated or “non-native” infrastructure (X data).
3. Market Conditions & Stablecoin Regulations (Negative Outlook)
What’s happening:
The U.S. GENIUS Act limits interest payments on stablecoins, which challenges Ethena’s sUSDe stablecoin model. At the same time, the overall cryptocurrency market value dropped by 9.13% last week.
Why it matters:
Lower yields could slow down the adoption of USDe, which currently has $12.4 billion in supply. Also, ENA’s price tends to move closely with Ethereum (ETH), with a 30-day correlation of 0.87, meaning it’s vulnerable to broader market downturns (CoinMarketCap).
Conclusion
Ethena’s future depends on successfully launching its new blockchain and winning the Hyperliquid stablecoin bid before market challenges grow stronger. Positive developments could trigger price rebounds, but watch the $0.55 support level closely—if it breaks, the price might fall back to June’s low of $0.23.
Key thing to watch: The difference in yield between USDe and U.S. Treasury bills after Federal Reserve interest rate decisions.
What are people saying about ENA?
Ethena’s community is divided: some are optimistic about a $1 price target, while others see $0.55 as a critical support level. Here’s what’s making headlines:
- Large investors (whales) are buying, sparking talk of a $2 price surge 🚀
- Technical indicators suggest a possible breakout above $0.70 📈
- Partnership with StablecoinX is driving excitement among institutional investors 🏦
- Some warn that falling below key support could lead to a price drop 🚧
In-Depth Look
1. Whale Buying and $530M Institutional Support
@pinetwork_world reports:
“$ENA Set for $2 Surge? Whale Buys and $530M Backing Spark Rally”
Large investors accumulating Ethena and a $530 million backing signal strong confidence in the project. This could reduce the number of coins available on the market and strengthen the protocol’s fundamentals, which is a positive sign for ENA holders.
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2. Technical Analysis Points to Key Price Levels
According to the CoinMarketCap Community:
“ENA is consolidating between $0.55 and $0.70. A break above $0.70 could lead to a big move, but falling below $0.55 might cause trouble.”
The price is currently trading in a tight range, with technical indicators like Bollinger Bands widening. This suggests that ENA could see a significant price move—up or down—depending largely on the overall market trend, especially Bitcoin’s performance.
Read full analysis
3. Regulatory Developments Boost Confidence
@CobakOfficial shares:
“USDe becomes the #3 stablecoin after the GENIUS Act... $ENA price up 120% since compliance deal.”
Ethena’s synthetic dollar, USDe, has gained regulatory approval, making it a compliant alternative to popular stablecoins like USDC and USDT. This regulatory clarity is attracting institutional investors and is a strong positive for ENA’s future.
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4. Risk of Price Falling Below Support
CryptoFrontNews reports:
“ENA fell below the $0.55 support level. If this bearish trend continues, the next target could be $0.49.”
Analysts warn that dropping below this key support might trigger automated selling and liquidations, which could push the price down further. This is a warning sign for those holding ENA.
Read the report
Summary
The outlook for Ethena is mixed. On one hand, institutional interest driven by USDe’s growing market cap (over $12 billion) is a strong positive. On the other hand, technical resistance near $0.70 and potential breakdown below $0.55 create uncertainty. Keep an eye on the $0.70 level—breaking above it could confirm a bullish pattern, while failing to do so might lead to further losses. Also, watch how open interest ($997 million) in derivatives reacts, as this reflects the tug-of-war between traders betting on price moves and those accumulating ENA for the long term.
What is the latest news about ENA?
Ethena is making moves to grow its stablecoin offerings and buy back tokens during a challenging altcoin market. Here’s a quick summary:
- USDH Stablecoin Proposal (September 11, 2025) – Ethena aims to issue Hyperliquid’s USDH stablecoin, offering 95% of revenue to Hyperliquid.
- $260 Million Buyback Program (September 2, 2025) – The Ethena Foundation plans to buy back ENA tokens from the market to reduce supply.
- GENIUS Act Compliance (July 24, 2025) – Ethena teams up with Anchorage Digital to launch USDtb, a regulated stablecoin backed by BlackRock.
Deep Dive
1. USDH Stablecoin Proposal (September 11, 2025)
What’s happening:
Ethena wants to issue the USDH stablecoin, supported by BlackRock’s BUIDL fund through Anchorage Digital. They plan to offer between $75 million and $150 million in incentives to encourage users to switch from USDC to USDH. Validators will manage governance, including emergency decisions.
Why it matters:
This move could be good for Ethena (ENA) because it expands their role in decentralized finance (DeFi) and brings in big institutional partners like BlackRock. Sharing 95% of revenue with Hyperliquid may increase ENA’s usefulness, but relying on validators for governance adds some risk. (Bitrue)
2. $260 Million Buyback Program (September 2, 2025)
What’s happening:
Ethena is using $260 million from a recent $360 million funding round to buy back ENA tokens over six weeks, spending about $5 million daily. This is meant to reduce the number of tokens available and support investor confidence.
Why it matters:
The buyback could help by lowering selling pressure on ENA tokens. However, since the announcement, ENA’s price has dropped by 11.4% as of September 6, showing some doubt about lasting demand. Investors should watch if trading volume stays strong above $0.60 to see if the price can recover. (Yahoo Finance)
3. GENIUS Act Compliance (July 24, 2025)
What’s happening:
Ethena partnered with Anchorage Digital, a regulated financial firm, to launch USDtb—a stablecoin that follows U.S. regulations and is backed by BlackRock’s tokenized treasury fund.
Why it matters:
This positions Ethena as a compliant player in the DeFi space, which could attract more institutional users. USDtb has grown to a $12.6 billion supply, showing strong adoption. However, depending on BlackRock’s BUIDL fund carries some risk if that partner faces issues. (Crypto.news)
Conclusion
Ethena is focusing on regulatory compliance and expanding its stablecoin ecosystem, aiming to connect traditional finance with decentralized finance. Still, ENA’s recent 14.6% weekly price drop suggests caution, especially with the broader altcoin market struggling. It remains to be seen if the buyback program will counteract token unlock pressures or if regulatory progress will take longer to boost the price.
Why did the price of ENA go up?
Ethena (ENA) increased by 1.22% in the last 24 hours, breaking away from its recent downward trend over the past week (-13.72%) and month (-6.46%). This positive move is driven by strong technical signals, progress in its ecosystem partnerships, and large investors (whales) buying more ENA, which balances out the overall cautious market sentiment.
- Technical Rebound: Indicators show ENA was oversold and bounced off a key price level.
- Ecosystem Momentum: Progress in partnership with USDH stablecoin.
- Whale Activity: Big investors, including Arthur Hayes, are accumulating ENA.
Deep Dive
1. Technical Rebound (Positive Signal)
Overview: ENA’s Relative Strength Index (RSI), a tool that measures if an asset is oversold or overbought, bounced back from 32.36, indicating it was near oversold territory. Prices stayed above a key support level at $0.573. The 7-day Simple Moving Average (SMA) at $0.621 is now acting as resistance, while the MACD histogram suggests that the downward momentum is slowing.
What this means: Traders see the oversold RSI and a common retracement level ($0.745) as a buying opportunity after a dip. However, trading volume is relatively low (+11.49%) compared to a 44% surge in the broader market, indicating cautious buying.
Watch: If ENA closes above $0.62, it could move toward $0.67. But if it falls below $0.55, it might retest its September lows.
2. USDH Stablecoin Progress (Mixed Outlook)
Overview: Ethena is moving forward with plans to issue the USDH stablecoin from Hyperliquid (Decrypt). This partnership includes a promise to share 95% of revenue for buying back HYPE tokens and offers over $75 million in incentives.
What this means: Although the deal isn’t finalized, it could strengthen Ethena’s presence in decentralized finance (DeFi) and increase fee revenue. However, competition from other stablecoin projects like Paxos and Native Markets means there’s some risk in execution.
3. Whale & Institutional Accumulation (Bullish Sign)
Overview: Data from the blockchain shows that large holders (whales) increased their ENA holdings by 8% in late September, including purchases by Arthur Hayes, a well-known figure in crypto. The amount of ENA available on exchanges dropped to 42%, which reduces the pressure to sell.
What this means: These big investors seem to be preparing for upcoming events in Q4, such as the integration with the Converge blockchain and activation of new fee structures. However, about 80 million ENA tokens were moved to exchanges this month (Ali Charts), indicating potential selling pressure ahead.
Conclusion
ENA’s recent gain reflects smart buying at key technical levels and optimism about its growing stablecoin ecosystem. Still, broader market challenges like Bitcoin’s dominance at 58.1% and overall fear sentiment limit how high ENA can go right now. Key event to watch: The validator vote on whether Ethena will become the USDH issuer on Hyperliquid, expected within 48 hours. A positive outcome could lead to short sellers covering their positions, pushing the price higher.