What is expected in the development of ENA?
Ethena is making important progress with these key updates:
- JupUSD Stablecoin Launch (Mid-Q4 2025) – Teaming up with Jupiter to release a stablecoin native to the Solana blockchain.
- Fee Switch Activation (Pending Governance Approval) – ENA token holders will start earning a share of the platform’s revenue.
- Ethena Chain Expansion (2024 Roadmap) – Building infrastructure to support decentralized finance (DeFi) apps using restaked ENA tokens.
In-Depth Look
1. JupUSD Stablecoin Launch (Mid-Q4 2025)
What’s Happening:
Ethena Labs is partnering with Jupiter, the largest DeFi aggregator on Solana, to launch JupUSD. This is a new stablecoin pegged to the US dollar, initially backed by USDtb (from BlackRock’s BUIDL fund) and later by Ethena’s own USDe stablecoin. JupUSD will be used across Jupiter’s platform for lending, trading, and other financial activities.
Why It Matters:
This move strengthens Ethena’s position in the stablecoin market—USDe is already the third largest stablecoin worldwide. It also creates more ways for ENA tokens to be used, especially as collateral in financial transactions. However, there are risks like technical challenges and competition from well-known stablecoins such as USDC.
2. Fee Switch Activation (Pending Governance Approval)
What’s Happening:
The Ethena Foundation has set the parameters for a fee switch, which is now awaiting final approval through governance voting (Foresight News). Once approved, ENA holders will receive a portion of the protocol’s fees, which currently generate about $54 million in monthly revenue (as of August 2025).
Why It Matters:
This change directly links the value of ENA tokens to the platform’s income, encouraging holders to keep their tokens long-term. The main risk is that delays in voting or low participation could slow down or block this benefit.
3. Ethena Chain Expansion (2024 Roadmap)
What’s Happening:
Ethena Chain plans to support various financial applications like automated market makers (AMMs), decentralized exchanges (DEXs) for perpetual contracts, and undercollateralized lending. These apps will use USDe as the transaction fee currency (“gas”) and rely on restaked ENA tokens to secure the network. The roadmap highlights building key infrastructure such as shared sequencers and oracle networks.
Why It Matters:
This is a promising long-term development. If successful, Ethena Chain could become a major platform for on-chain finance, making ENA tokens even more valuable. However, it faces competition from established blockchain networks like Solana and Ethereum.
Conclusion
Ethena’s plans focus on growing its stablecoin presence with JupUSD, increasing token utility through the fee switch, and creating a dedicated DeFi ecosystem with Ethena Chain. These are positive signs, but success depends on smooth governance processes and overcoming technical challenges. The big question remains: Will ENA’s restaking technology stay ahead of regulatory challenges in the synthetic asset space?
What updates are there in the ENA code base?
Ethena’s latest updates focus on improving governance, restaking, and fee systems.
- Restaking Module Integration (June 26, 2025) – Strengthens cross-chain USDe transfers using LayerZero technology.
- Token Locking Requirement (June 17, 2025) – Users must lock at least 50% of their vested ENA tokens to earn rewards.
- Fee Switch Approval Pending (September 15, 2025) – A governance vote will decide on sharing protocol revenue with ENA stakers.
In-Depth Look
1. Restaking Module Integration (June 26, 2025)
What’s new: Ethena has introduced a restaking system for $ENA and $sUSDe tokens through partnerships with Symbiotic and LayerZero. This system helps secure USDe transfers across different blockchains, making the network safer and more useful.
The restaking process uses staked $ENA tokens to verify transactions across chains via LayerZero’s Decentralized Verification Networks (DVNs). Participants who stake their tokens can earn rewards—30 times more Ethena rewards, plus points from Symbiotic/Mellow, and possibly future incentives from LayerZero. This links $ENA’s value directly to the network’s core operations.
Why it matters: This is positive for ENA because it encourages more staking, which supports network security and increases demand for the token.
2. Token Locking Requirement (June 17, 2025)
What’s new: To claim vested ENA tokens, users must now lock at least 50% of those tokens in staking pools like Pendle’s PT-ENA or Symbiotic. If they don’t, the tokens they don’t lock are redistributed to users who comply.
This rule is designed to discourage short-term traders (sometimes called “mercenary capital”) and encourage long-term holding. Currently, over 450 million ENA tokens (about 6% of the total supply) are locked under this system.
Why it matters: This change is neutral overall. It helps reduce selling pressure from token distributions but might limit liquidity in the short term.
3. Fee Switch Approval Pending (September 15, 2025)
What’s new: Ethena’s Risk Committee has approved the parameters for a “fee switch,” which would allow ENA stakers to earn a share of the protocol’s revenue. The final decision will come from a governance vote.
The fee switch will activate once certain goals are met, such as USDe supply exceeding $6 billion and protocol revenue surpassing $250 million. This aligns with ENA’s strong price growth of 103% annually.
Why it matters: This is a positive development for ENA holders because it offers a new way to earn income from staking. However, similar fee switches in the past have sometimes caused price volatility.
Conclusion
Ethena’s recent updates focus on improving network security through restaking, encouraging long-term holding with token locking, and increasing token value by sharing protocol revenue. These changes strengthen ENA’s role in governance and infrastructure. The upcoming fee switch vote could be a key moment for ENA’s future growth.
Why did the price of ENA fall?
Ethena (ENA) dropped 2.76% in the last 24 hours, underperforming the overall crypto market, which fell by 1.8%. This continues a larger weekly decline of 16.34%, influenced by technical weaknesses, profit-taking after news about a Solana stablecoin partnership, and mixed investor sentiment toward altcoins (cryptocurrencies other than Bitcoin).
- Technical Breakdown (Negative Impact): ENA’s price fell below important moving averages, with indicators showing it may be oversold.
- Profit-Taking After News (Mixed Impact): Traders sold some ENA after the announcement of the jupUSD stablecoin partnership.
- Altcoin Market Weakness (Negative Impact): Investors shifted money toward Bitcoin as the altcoin market weakened, with the altcoin season index dropping 24% over the week.
Detailed Analysis
1. Technical Breakdown (Negative Impact)
Current Situation:
Ethena is trading at $0.526, which is below its 30-day simple moving average (SMA) of $0.639 and its 7-day exponential moving average (EMA) of $0.581. The Relative Strength Index (RSI) over 7 days is at 38, indicating the coin is close to being oversold. The MACD histogram, a momentum indicator, is negative (-0.0012), confirming downward pressure.
What this means:
Investors sold ENA after it failed to stay above the important $0.55 support level, which now acts as resistance. When the price dropped below the 200-day EMA of $0.458 on October 9, it triggered stop-loss orders, which increased selling pressure.
What to watch:
If ENA can consistently close above $0.55, it may stabilize. However, if it falls below $0.50, the decline could speed up.
2. Profit-Taking After News (Mixed Impact)
Current Situation:
ENA’s price initially rose following the October 9 announcement of a partnership with Jupiter to launch jupUSD, a stablecoin on the Solana blockchain (source). However, prices reversed as traders took profits.
What this means:
While the partnership expands Ethena’s stablecoin offerings, the market is uncertain about the immediate benefits of jupUSD. Jupiter’s plan to replace $750 million of its USDC liquidity with jupUSD raised concerns about short-term demand for USDe, Ethena’s stablecoin.
3. Altcoin Market Weakness (Negative Impact)
Current Situation:
The CoinMarketCap (CMC) Altcoin Season Index dropped to 50, down 19% over the past month, indicating investors are moving funds toward Bitcoin, which now holds 58.85% market dominance, up 0.6% for the week. ENA’s 24-hour trading volume fell 7.6% to $346 million, showing less speculative interest.
What this means:
ENA’s price drop was worsened by its weak correlation with Ethereum (ETH), which fell 2.1% over the week, and reduced liquidity in altcoins. The Fear & Greed Index at 54 shows a neutral market mood, limiting risk-taking on mid-sized coins like ENA.
Conclusion
Ethena’s recent price decline is due to a mix of technical selling, profit-taking after the Jupiter stablecoin news, and a tough environment for altcoins. While the Jupiter partnership could provide long-term benefits, the market is waiting for clearer signs that jupUSD will boost demand for USDe.
Key points to watch: Will ENA hold its $0.50 support level? And can the integration of jupUSD bring more investment into Ethena’s ecosystem by mid-fourth quarter?
What could affect the price of ENA?
Ethena’s price is currently caught between exciting DeFi developments and broader economic risks.
- Stablecoin Growth – USDe’s supply has grown past $12 billion, with new partnerships on Solana that could boost demand.
- Fee Switch Activation – If certain goals are met, ENA token holders might start earning a share of the protocol’s revenue.
- Regulatory Challenges – Delays in U.S. stablecoin legislation and increased SEC oversight create potential risks.
Deep Dive
1. USDe Growth & Ecosystem Expansion (Positive for ENA)
Ethena’s stablecoin, USDe, has grown significantly, reaching $12.4 billion in supply—a 4.6 times increase compared to last year. It’s also integrated with platforms like Jupiter’s jupUSD on the Solana blockchain, known for its low transaction costs (CoinTelegraph). The protocol is generating about $53 million in weekly revenue, outperforming competitors such as Hyperliquid.
What this means: More people using USDe helps increase the value of ENA tokens because the protocol collects fees and requires ENA as collateral. Solana’s affordable network could speed up adoption. However, since the system relies on complex trading strategies (delta-neutral), it’s still exposed to fluctuations in the derivatives market.
2. Tokenomics & Vesting Pressures (Potential Downside)
About 41% of ENA’s total 15 billion token supply is still locked up, with $106 million worth of tokens scheduled to unlock in August 2025. Large token holders face “vesting cliffs,” meaning a big release of tokens all at once, which could lead to selling pressure if the market turns negative (CoinMarketCap).
What this means: Although there are daily buybacks of $5 million funded by StablecoinX’s $260 million treasury to help reduce token supply, large unlocks—like 171 million ENA tokens in August—could flood the market and push prices down if demand weakens.
3. Macro Policy & Regulation (Mixed Effects)
Recent Federal Reserve interest rate cuts (now between 4.0% and 4.25%) have increased liquidity in crypto markets. However, a U.S. government shutdown delayed the passage of the GENIUS Act, which aims to regulate stablecoins (Blockworks).
What this means: Ethena’s USDtb stablecoin, which is backed 90% by BlackRock BUIDL, fits well with current regulatory trends. Still, ongoing uncertainty around policy could slow down institutional investment, which is important for pushing ENA’s price above $1 again.
Conclusion
ENA’s future depends on balancing the growing real-world use of USDe with challenges like token unlocks and regulatory hurdles. The current price range of $0.55 to $0.70 reflects this uncertainty. To break above $0.82, Ethena likely needs either the fee switch to activate or a broader crypto rally led by Bitcoin ETFs. Keep an eye on the SEC’s approach to synthetic assets—Ethena could either become a major player in DeFi or face serious obstacles ahead.
What are people saying about ENA?
The Ethena community is divided between hopes for a price breakout and concerns about profit-taking. Here’s what’s trending right now:
- Traders are watching for a $0.70 breakout that could lead to a potential doubling in price.
- Analysts see $0.55 as a critical support level that could determine the next move.
- Ethena’s protocol revenue has reached $53 million per week, driven by growth in its stablecoin.
Deep Dive
1. @Kingpincrypto12: Technical signs point to a bullish reversal 🚀
"Double bottom pattern plus a retest of weekly support → Bullish. Fundamentals support buying pressure on $ENA."
– @Kingpincrypto12 (12K followers · 48K impressions · 2025-10-05 08:30 UTC)
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What this means: This analysis suggests that if Ethena holds the $0.55 support level, it could start to rally. The chart patterns and steady growth in stablecoin use back this positive outlook.
2. CoinMarketCap Analysis: Price range tightens between $0.55 and $0.70 ⚖️
"ENA is trading between $0.55 (support) and $0.70 (resistance). The daily RSI at 64 indicates strength if $0.60 holds."
– CoinMarketCap Community (8.0 quality score · 2025-08-04 13:59 UTC)
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What this means: The price is squeezing into a narrow range, signaling that a big move could be coming soon. If ENA breaks above $0.70, it might jump about 40% to around $0.88.
3. @CryptoStreamHub: $53 million weekly revenue supports bullish outlook 📈
"USDe stablecoin supply increased 4.6 times year-over-year to $12.4 billion. A fee change could soon direct more protocol revenue to $ENA holders."
– @CryptoStreamHub (89K followers · 302K impressions · 2025-09-02 08:15 UTC)
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What this means: Ethena’s growing revenue and upcoming tokenomics improvements could boost the value and usefulness of ENA, especially with interest from big players like Nasdaq-listed StablecoinX.
Conclusion
The outlook for ENA is mixed. Optimistic traders are focused on the $0.70 breakout and strong revenue numbers, while others are cautious due to a large amount of ENA (80 million tokens) moving to exchanges in September, which could increase selling pressure. Keep an eye on the $0.55-$0.70 price range this week — breaking out above or below this range could set the direction for ENA in the fourth quarter.
What is the latest news about ENA?
Ethena is making moves with new partnerships and showing promising technical signs as it launches its stablecoin on the Solana blockchain. Here’s a quick summary of the latest news:
- Jupiter & Ethena Launch Solana Stablecoin (October 9, 2025) – The new stablecoin, jupUSD, aims to reduce Solana’s dependence on outside stablecoins like USDC.
- Positive Technical Signal Appears (October 9, 2025) – A double bottom pattern suggests ENA might be ready to bounce back after a 36% drop last month.
- ENA Price Rises 4% Despite Market Volatility (October 9, 2025) – ENA outperformed most top 100 cryptocurrencies even as the overall market pulled back.
In-Depth Look
1. Jupiter & Ethena Launch Solana Stablecoin (October 9, 2025)
What’s happening:
Ethena Labs teamed up with Jupiter, the biggest DeFi aggregator on Solana, to introduce jupUSD, a new stablecoin built specifically for the Solana network. Initially supported by BlackRock’s BUIDL fund through USDtb, and later by Ethena’s own USDe stablecoin, jupUSD will be used across Jupiter’s trading, lending, and swap services. Jupiter plans to convert $750 million of its USDC holdings into jupUSD to boost liquidity on Solana’s decentralized finance (DeFi) platforms.
Why it matters:
This is a positive development for ENA because it expands Ethena’s stablecoin use beyond Ethereum, potentially increasing demand for USDe as collateral and encouraging more governance participation. However, the success of jupUSD depends on keeping its value stable despite using multiple types of collateral.
(Source: Cointelegraph)
2. Positive Technical Signal Appears (October 9, 2025)
What’s happening:
ENA’s price formed a “double bottom” around $0.48, which is a common chart pattern that often signals a price reversal after a decline. This comes after ENA dropped 36% since September. Technical indicators like RSI and MACD show signs that the downward momentum is weakening. If this pattern holds, ENA could rise to $0.82 (about 38% higher) and possibly break out to $1.17.
Why it matters:
This is cautiously optimistic for ENA. Traders will be watching if the price can break above the $0.55 resistance level, which matches ENA’s 30-day average price. If it fails to break higher, the price drop could continue.
(Source: CCN)
3. ENA Price Rises 4% Despite Market Volatility (October 9, 2025)
What’s happening:
On October 9, ENA’s price increased by 3-4%, outperforming 90% of the top 100 cryptocurrencies, even as Bitcoin fell below $122,000. This price movement happened alongside a speech by Federal Reserve Chair Jerome Powell, who hinted at possible easing of interest rates, which generally supports riskier assets like cryptocurrencies.
Why it matters:
This price jump is more about short-term market reactions than long-term changes. ENA’s price is still 63% below its all-time high from April 2024. The token’s future will likely depend on broader market trends and how widely stablecoins like USDe and jupUSD are adopted.
(Source: CryptoPotato)
Conclusion
Ethena’s growth with jupUSD on Solana and the potential technical rebound offer promising signs, but uncertainty remains due to overall market conditions. While partnerships point to long-term usefulness, ENA’s price will continue to be influenced by stablecoin adoption and the crypto market’s risk appetite. The key question is: Can jupUSD’s integration on Solana help ENA break free from the ups and downs of the altcoin market?