What is expected in the development of ENA?

Ethena is moving forward with some key updates:

1. Generalized Restaking Expansion (June 26, 2025) – This will increase the usefulness of $ENA by offering new staking rewards and integrating with LayerZero technology.
2. Ethena Chain Launch (Q4 2025) – A new blockchain designed for decentralized finance (DeFi) apps, using $USDe as the transaction fee token, supported by restaked $ENA.
3. Fee Switch Activation (Q4 2025) – If approved by governance, a portion of Ethena’s revenue will be shared with $ENA holders.

In-Depth Look

1. Generalized Restaking Expansion (June 26, 2025)

What’s happening:
Ethena is launching restaking pools for $ENA and $sUSDe through Symbiotic. This offers up to 30 times daily rewards, special Mellow points, and chances to participate in LayerZero’s Request for Proposals (RFP). The goal is to secure cross-chain transfers of $USDe and expand $ENA’s role in protecting important network services like oracles (which provide external data) and sequencers (which order transactions) (Ethena Labs).

Why it matters:

• Positive: This increases demand for $ENA by linking it to revenue-generating DeFi infrastructure.
• Consideration: Success depends on how well LayerZero and Actively Validated Services (AVS) grow and are adopted.

2. Ethena Chain Launch (Q4 2025)

What’s happening:
Ethena will launch its own blockchain focused on decentralized exchanges, lending, and structured financial products. This chain will use $USDe as the gas fee token, and restaked $ENA will help secure key infrastructure like cross-chain bridges and shared sequencers (Ethena Labs).

Why it matters:

• Positive: This positions $ENA as a key player in governing and securing a fast, efficient DeFi ecosystem.
• Consideration: Building and launching a new blockchain is complex, and Ethena will face competition from established Ethereum Layer 2 solutions like Arbitrum and Base.

3. Fee Switch Activation (Q4 2025)

What’s happening:
If the community approves, Ethena will activate a fee switch that directs part of the protocol’s revenue (estimated at $54.5 million in July 2025) to $ENA stakers. This is similar to how Uniswap rewards its token holders (CoinMarketCap).

Why it matters:

• Positive: This adds a way for $ENA holders to earn income, encouraging long-term holding.
• Neutral: Past examples like Uniswap show that prices can be volatile right after such changes.

Conclusion

Ethena’s plan is focused on making $ENA more useful through restaking options, launching its own blockchain, and sharing revenue with token holders. The success of these efforts depends on how well the Ethena Chain is adopted and how smoothly the fee switch is implemented. Keep an eye on governance decisions and the growth of the LayerZero ecosystem—these could be key factors in helping $ENA move past its $0.70 price resistance.

What updates are there in the ENA code base?

Ethena’s latest updates focus on improving how its token, $ENA, is used and secured, especially through new restaking features.

1. Generalized Restaking Launch (June 26, 2025) – $ENA staking now helps secure cross-chain USDe transfers using LayerZero technology.
2. Vesting Lock Enforcement (June 17, 2025) – Users claiming unvested ENA must lock up 50% of their tokens to encourage long-term holding.
3. Fee Switch Activation (September 15, 2025) – Plans to share protocol revenue with ENA stakers are set, pending a governance vote.

Deep Dive

1. Generalized Restaking Launch (June 26, 2025)

What happened: Ethena integrated a system from Symbiotic that allows $ENA holders to “restake” their tokens. This means staking $ENA not just for Ethena but also to help secure USDe transfers across different blockchains via LayerZero’s network.

Why it matters: By staking $ENA this way, holders help protect important transactions and earn rewards from Symbiotic, Mellow, and possibly LayerZero. This makes $ENA a key security asset for decentralized finance (DeFi) services like lending without full collateral and decentralized exchanges.

Bottom line: This is good news for $ENA holders because it increases the token’s importance and creates new ways to earn rewards. (Source)

2. Vesting Lock Enforcement (June 17, 2025)

What happened: Ethena updated its smart contracts to require that when users claim unvested $ENA tokens (for example, from airdrops), they must lock up at least 50% of those tokens by staking or restaking them.

Why it matters: This rule encourages holders to stay invested long-term rather than quickly selling their tokens. It also redistributes tokens from inactive users to those actively participating in the network. Currently, over 450 million $ENA (worth about $289 million) are locked in various staking pools.

Bottom line: This change is neutral in the short term but positive in the long run because it reduces quick sell-offs and strengthens community commitment. (Source)

3. Fee Switch Activation (September 15, 2025)

What happened: Ethena’s Risk Committee approved conditions to start sharing protocol fees with $ENA stakers. This comes after the protocol’s revenue exceeded $250 million and the USDe supply passed $6 billion.

Why it matters: Once approved by governance, $ENA stakers will receive a portion of the fees generated by Ethena’s $12.6 billion total value locked (TVL). The system includes protections like monitoring yields and maintaining reserves to keep payouts stable.

Bottom line: This is positive for $ENA because it links the token’s value directly to the success of the Ethena platform, offering a way to earn income while potentially reducing token supply over time. (Source)

Conclusion

Ethena’s recent updates expand $ENA’s role from just governance to becoming a key part of ecosystem security and revenue sharing. With a market cap of $4.4 billion, $ENA is evolving as restaking demand grows and fee-sharing approaches. The big question for Q4 is whether the protocol’s revenue growth will outpace the unlocking of tokens, potentially impacting $ENA’s value.

What could affect the price of ENA?

Ethena’s price is currently caught between two forces: rapid growth in its ecosystem and the risks from unlocking more tokens into the market.

1. Fee Switch Activation – A governance vote could redirect some of the protocol’s revenue to ENA token holders who stake, increasing demand for ENA.
2. Stablecoin Competition – USDe is growing but still trails behind giants like Tether (USDT) and USDC, while regulators are watching closely.
3. Token Unlocks – Over half of ENA’s total supply is still locked up, and releasing these tokens could lower the price if demand doesn’t keep up.

Deep Dive

1. Protocol Revenue Sharing Vote (Positive Outlook)

What’s happening:
Ethena is considering a “fee switch” proposal where 20–30% of the protocol’s revenue—expected to exceed $500 million annually—would be shared with ENA stakers. This comes after USDe, Ethena’s stablecoin, reached a $14.8 billion market cap and generated $61 million in revenue in August 2025.

Why it matters:
If approved, staking ENA could become more rewarding, encouraging holders to lock up their tokens. This would reduce the available supply and potentially push the price up by 30–50%, similar to how Ethereum’s fee-burning mechanism supports its price. However, if the fee switch is delayed or the rewards are lower than expected, price gains might be limited (Blockworks).

2. Stablecoin Market Dynamics (Mixed Outlook)

What’s happening:
USDe grew its supply by 42% in August 2025, making it the third-largest stablecoin. Still, Tether (USDT) and Circle’s USDC control 82% of the $300 billion stablecoin market. Regulators are focusing on yield-generating stablecoins like USDe, which could face challenges under new rules.

Why it matters:
Ethena’s collaboration with BlackRock-backed USDi on the Sui blockchain combines traditional finance credibility with crypto-native yield strategies. This could attract big institutional investors. But if regulators crack down on synthetic assets like USDe, it could threaten this growth (Cointelegraph).

3. Token Supply Overhang (Potential Risk)

What’s happening:
Only 46% of ENA’s total 15 billion tokens are currently in circulation. The rest are held by core team members and investors, with $126 million worth of tokens scheduled to unlock monthly through 2026.

Why it matters:
Historically, ENA’s price tends to drop 8–12% around these unlock events due to increased selling pressure. However, a $260 million buyback program by Mega Matrix, which buys about 5 million ENA tokens daily, has helped stabilize the price since July 2025. Keep an eye on large token movements, like the recent transfer of 5 million ENA to Binance on September 5 (CoincoonNews).

Conclusion

ENA’s future depends on balancing exciting innovations like the fee switch and Sui blockchain partnerships against risks from token unlocks and regulatory pressures on stablecoins. The token has gained 137% since July, showing strong optimism. But for this growth to last, USDe’s adoption needs to outpace the dilution caused by unlocking tokens. Will Ethena’s revenue-sharing model attract enough stakers to offset selling pressure from token unlocks? Watch the fee switch vote results and weekly exchange flows closely.

What are people saying about ENA?

Ethena’s community is divided between excitement over a potential price breakout and caution about market stability. Here’s what’s trending:

1. $0.70 resistance is a key hurdle – Traders are watching closely for a possible breakout above this level.
2. Big investors are making moves – Arthur Hayes’ recent purchases and $530 million in institutional support have sparked rallies.
3. USDe stablecoin is growing fast – Its total value locked (TVL) and attractive yields are driving positive sentiment.

Deep Dive

1. @johnmorganFL: “ENA’s 160% monthly surge” bullish

“3 Reasons Why the Ethena (ENA) Price Has Soared by 160% in the Past Month”
– @johnmorganFL (23.8k followers · 1.2M impressions · July 31, 2025, 12:44 PM UTC)
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What this means: Positive sentiment is driven by Ethena’s innovative stablecoin features and momentum from Bitcoin’s price movements. However, some traders are taking profits near the $0.70 mark, which could slow gains.

2. @ali_charts: 80M ENA sent to exchanges signals caution

“80 million Ethena $ENA sent to crypto exchanges in the past 2 weeks!”
– @ali_charts (418k followers · 3.7M impressions · September 2, 2025, 3:32 PM UTC)
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What this means: Large transfers of ENA to exchanges may indicate selling pressure from big holders (“whales”), which could push prices down. On the other hand, some see this as preparation for big institutional buyers, which could support the price.

3. CoinMarketCap Community: “$1.50 possible with adoption” mixed outlook

“If adoption grows, $1.50 isn’t crazy, with dips near $0.75 likely getting bought.”
– CoinMarketCap Community post (August 4, 2025, 1:59 PM UTC)
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What this means: The long-term outlook is cautiously optimistic. If the USDe stablecoin gains wider use and ENA maintains support between $0.60 and $0.75, higher prices could follow.

Conclusion

The overall view on Ethena is mixed, balancing the chance of a technical breakout against volatility caused by large holders. Traders are focused on the $0.70 resistance level, which has been tested and rejected four times since August. Meanwhile, USDe’s rapid growth has made it the third-largest stablecoin by market cap at $12.4 billion. Keep an eye on the upcoming StablecoinX Nasdaq listing in Q4 2025, which could bring more institutional interest.

What is the latest news about ENA?

Ethena is making big moves in decentralized finance (DeFi) by expanding its stablecoin offerings and forming key partnerships. Here’s what’s new:

1. Partnership with Sui & New Stablecoins Launched (October 2, 2025) – Ethena teamed up with Sui and BlackRock to introduce new stablecoins that generate yield.
2. MEXC Ventures Increases ENA Investment (October 3, 2025) – MEXC boosted its stake in Ethena’s ecosystem to $66 million.
3. Fee Switch Activation Coming Soon (September 15, 2025) – ENA token holders may soon start earning a share of the protocol’s revenue, pending a vote.

In-Depth Look

1. Partnership with Sui & New Stablecoins Launched (October 2, 2025)

What Happened:
Ethena Labs joined forces with SUI Group and the Sui Foundation to launch two new stablecoins on the Sui blockchain: suiUSDe (a synthetic dollar) and USDi (a stablecoin backed by BlackRock’s BUIDL project). suiUSDe uses Ethena’s delta-hedging strategy to manage risk, while USDi is backed 1:1 by short-term U.S. Treasury bonds. Both stablecoins aim to support the SUI token by using protocol revenue to buy back SUI tokens.

Why It Matters:
This partnership strengthens Ethena’s position in the stablecoin market, with USDe’s supply already at $14.8 billion. It also ties demand for ENA tokens to the growth of the Sui blockchain. However, new regulations under the GENIUS Act could pose challenges to synthetic stablecoins like suiUSDe.
(Source: Cryptotimes)

2. MEXC Ventures Increases ENA Investment (October 3, 2025)

What Happened:
At the TOKEN2049 conference, MEXC Ventures raised its ENA holdings to $30 million, bringing its total investment in Ethena-related projects to $66 million.

Why It Matters:
This shows strong institutional confidence in Ethena’s ecosystem, which can improve liquidity and credibility for ENA tokens. However, having a large portion of tokens held by one exchange could lead to price swings if the market changes suddenly.
(Source: Bitcoinist)

3. Fee Switch Activation Coming Soon (September 15, 2025)

What Happened:
Ethena’s Risk Committee has finalized the conditions to activate a fee switch. This feature would allow ENA token holders who stake their tokens to earn a share of the protocol’s revenue, which is projected to be about $665 million annually. The activation depends on a governance vote by the community.

Why It Matters:
If approved, this could increase the usefulness of ENA tokens and encourage holders to keep their tokens longer. However, the rewards depend heavily on the growth of USDe stablecoins, which currently have a supply of $12.4 billion, so the success of this feature is tied to stablecoin adoption.
(Source: Blockworks)

Conclusion

Ethena is positioning itself as a leader in DeFi by focusing on synthetic stablecoins and building strong institutional partnerships. While these moves offer growth opportunities, regulatory clarity will be crucial. With its integration on the Sui blockchain and upcoming fee-sharing features, Ethena faces the challenge of balancing expansion with compliance in a rapidly evolving stablecoin market.

Why did the price of ENA go up?

Ethena (ENA) increased by 1.33% in the last 24 hours, slightly below the overall crypto market’s 1.47% gain, but continuing a strong weekly rise of 6.76%. The main factors behind this growth include:

1. MEXC Ventures investing $30 million in ENA, raising their total exposure to $66 million, boosting investor confidence.
2. A new partnership with the Sui blockchain to launch native stablecoins (suiUSDe and USDi), expanding Ethena’s ecosystem.
3. Positive technical indicators showing price momentum above key averages, though some resistance remains.

In-Depth Analysis

1. Strategic Investment and Ecosystem Expansion (Positive Outlook)

Summary:
On October 2, MEXC Ventures announced a $30 million investment in Ethena (ENA), increasing their total commitment to $66 million within Ethena’s ecosystem (MEXC Ventures). This comes alongside the launch of two stablecoins, suiUSDe and USDi, on the Sui blockchain, supported by BlackRock’s BUIDL fund. This positions Ethena as a leader in multi-chain stablecoins.

Why it matters:
This significant capital investment shows strong institutional trust in Ethena’s synthetic dollar system and its governance token, ENA. The partnership with Sui adds new use cases for Ethena, potentially increasing demand for ENA tokens through buybacks funded by revenue from suiUSDe.

What to watch:
Keep an eye on how widely suiUSDe and USDi are adopted, and progress on Ethena’s “fee switch” proposal, which aims to share protocol revenue with ENA token holders.

2. Technical Analysis: Mixed Signals (Neutral Outlook)

Summary:
ENA is currently trading at $0.613, above its 7-day simple moving average ($0.587) but slightly below its 30-day exponential moving average ($0.641). The Relative Strength Index (RSI) is between 49 and 57, indicating neutral momentum, while the MACD histogram at -0.003 suggests some short-term downward pressure.

What this means:
The price is stabilizing between a support level at $0.607 and resistance at $0.701. If ENA breaks above $0.70 and holds, it could aim for $0.88. However, if it falls below $0.60, it might drop further to around $0.54.

3. Stablecoin Growth and Regulatory Support (Positive Outlook)

Summary:
Ethena’s USDe stablecoin supply grew to $14.8 billion in September, making it the third-largest stablecoin by supply. Regulatory clarity from the U.S. GENIUS Act, which favors fully backed stablecoins, indirectly benefits Ethena’s compliant USDtb stablecoin variant.

Why it matters:
The growth of USDe supports Ethena’s delta-neutral stablecoin model, while USDtb appeals to traditional finance investors seeking safety. This dual approach could attract more capital looking for both yield (USDe) and security (USDtb), increasing the usefulness of ENA tokens.

Conclusion

ENA’s recent price increase reflects strong strategic partnerships, growing stablecoin adoption, and steady technical momentum. While the outlook is mostly positive, investors should watch for resistance levels and broader market uncertainties, as indicated by a neutral crypto Fear & Greed Index.

Key question: Will ENA close above $0.70 this week, or will profit-taking and market volatility push prices down?