What could affect the price of ENA?

Ethena’s price is currently influenced by a balance between new protocol features and market uncertainties.

1. Fee Switch Activation – A plan to share revenue with stakers is close to approval, which could increase demand.
2. Buybacks & Large Holders – A $260 million buyback program and growing institutional investments are reducing the available supply.
3. Stablecoin Stability – USDe’s recovery after a price drop highlights ongoing risks and the importance of trust in the system.

In-Depth Analysis

1. Protocol Revenue Sharing (Positive Outlook)

What’s Happening:
Ethena is preparing to activate a “fee switch,” a system that would share some of the protocol’s revenue—like fees from minting the USDe stablecoin—with holders who stake their sENA tokens. This move is pending a community vote after hitting key milestones: a USDe supply of $12.4 billion and over $480 million in total revenue. If approved, 20-30% of these fees could go to stakers (Blockworks).

Why It Matters:
This could significantly increase rewards for stakers, encouraging more people to hold their tokens long-term and reducing the pressure to sell. Similar revenue-sharing models in other projects, like MKR, have led to price increases of 25-50% after implementation.

2. Supply Changes and Market Impact (Mixed Effects)

What’s Happening:

• Buybacks: Ethena’s foundation is buying back tokens worth $260 million, roughly 5 million ENA daily, aiming to reduce the circulating supply by about 8% by late 2025 (CoinMarketCap).
• Large Holders: Addresses holding between 100,000 and 1 million ENA control half of the total supply. Since July, institutional investors like MEXC Ventures and StablecoinX have put in about $530 million (The Defiant).

Why It Matters:
While large holders can cause price swings if they sell, the ongoing buyback program may help stabilize the market. The 200-day exponential moving average (EMA) at $0.458 is currently acting as a key support level.

3. Stablecoin Stability and Risks (Potential Concerns)

What’s Happening:
On October 13, USDe briefly dropped to $0.65 on Binance during a market crash due to liquidity issues, although it remained stable at $1 on other platforms. Ethena handled $2 billion in redemptions smoothly, but the system’s reliance on derivatives markets remains a potential weak point (CoinDesk).

Why It Matters:
USDe’s supply has grown to $12.4 billion, supporting ENA’s usefulness. However, if funding rates fall for a long time or a major exchange fails, it could lead to forced selling and price drops.

Summary

ENA’s price outlook depends largely on the success of the fee switch and disciplined buyback efforts. At the same time, broader risks like stablecoin vulnerabilities and Bitcoin’s market dominance (currently 58.26%) remain important factors. Token holders should watch the sENA staking rate after the governance vote—if more than 30% of the supply is staked, it would show strong confidence. The big question is whether ENA can perform well independently if USDe becomes a key reserve asset in decentralized finance (DeFi).

What are people saying about ENA?

Ethena’s community is divided between optimistic growth expectations and cautious resistance levels. Here’s what’s currently trending:

1. Technical indicators suggest a breakout – analysts expect Ethena (ENA) to surpass $1 if it stays above $0.60
2. Strong fundamentals drive excitement – rising revenue and increased use of the USDe stablecoin are key topics
3. Potential setbacks ahead – $0.70 remains a critical resistance point that could determine the next move

In-Depth Analysis

1. @Kingpincrypto12: Weekly double bottom + bullish retest – positive outlook

"Double bottom pattern combined with the 200-day EMA support – building long positions here. Fundamentals: strong Ethena buying pressure and growing USDe adoption."
– @Kingpincrypto12 (X followers · 8.3M impressions · 2025-10-05 08:30 UTC)
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What this means: This is a positive sign for ENA. The double bottom pattern is often seen as a signal that prices may reverse upward, especially when supported by strong fundamentals like increasing use of the USDe stablecoin. Holding above $0.60 could encourage more buying.

2. @CryptoStreamHub: $ENA fundamentals “too good to ignore” – optimistic

"$53 million in weekly revenue (double that of Hyperliquid), USDe supply increased 4.6 times to $12.4 billion, and Converge blockchain’s potential for institutional real-world assets."
– @CryptoStreamHub (X followers · 5.1M impressions · 2025-09-02 08:15 UTC)
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What this means: This is encouraging for ENA because growing revenue and expanding USDe adoption show the ecosystem is gaining value. Upcoming features like the fee switch could further link revenue growth to the token’s usefulness.

3. @CMCTraderAlert: $0.70 resistance faces bearish rejection – cautious outlook

"ENA struggles to break past $0.70 – sellers are strong here. Falling below $0.55 could lead to a 15% drop to $0.48 support."
– @CMCTraderAlert (1.2M impressions · 2025-08-01 11:25 UTC)
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What this means: This is a warning sign for ENA. Repeated failures to move above $0.70 suggest traders are taking profits and doubt near-term gains. If ENA falls below $0.55, it could trigger further selling and a price drop.

Conclusion

The outlook for ENA is mixed. Supporters highlight its innovative role in decentralized finance (DeFi), while skeptics point to technical challenges. The rise of USDe to the #3 stablecoin spot (according to DefiLlama) confirms strong fundamentals, but traders are closely watching the $0.70 resistance level. A successful breakout could spark a buying frenzy, while failure might lead to continued price stability. Keep an eye on the 4-hour Relative Strength Index (RSI), currently at 64, for signs of the token being overbought.

What is the latest news about ENA?

Ethena is navigating a $20 billion market crash and new regulations – here’s the latest update:

1. Binance Pays $283M After USDe Stablecoin Loses Peg (October 13, 2025) – Technical problems during a major market crash caused Ethena’s stablecoin, USDe, to lose its $1 value temporarily on Binance.
2. USDe Becomes Third-Largest Stablecoin (October 13, 2025) – Despite the crash, USDe’s supply grew to $12 billion, showing strong interest from institutional investors.
3. ENA Price Rises 14% After Technical Reset (October 14, 2025) – Reduced risky trading and big investors buying suggest the price is stabilizing.

In-Depth Look

1. Binance Pays $283M After USDe Stablecoin Loses Peg (October 13, 2025)

What happened:
On October 10, 2025, a massive $19 billion liquidation event caused USDe, Ethena’s stablecoin, to drop to $0.65 on Binance. This happened because Binance’s system used faulty data (an oracle failure) and relied on its limited orderbook instead of broader market prices. Meanwhile, USDe stayed at $1 on decentralized platforms like Curve. Binance’s system couldn’t handle the heavy trading, which stopped traders from fixing the price difference and led to more forced sales.

Why it matters:
This showed that centralized exchanges like Binance can have weaknesses during extreme market stress, but USDe remained stable on decentralized platforms. Binance’s $283 million payout (source) helps protect its reputation. However, Ethena’s dependence on exchange infrastructure is still a risk.

2. USDe Becomes Third-Largest Stablecoin (October 13, 2025)

What happened:
USDe’s total supply jumped 75% in September to $12 billion, surpassing FDUSD to become the third-largest stablecoin. This growth continued even during the market crash. Ethena’s Total Value Locked (TVL) reached $14.5 billion, and daily redemptions of $2 billion were processed smoothly.

Why it matters:
Strong demand from institutions for stablecoins that earn interest (USDe offers about 9% annual yield) is helping USDe grow despite risks tied to exchanges. New U.S. regulations like the GENIUS Act and partnerships such as Anchorage Digital’s USDtb launch are supporting further adoption.

3. ENA Price Rises 14% After Technical Reset (October 14, 2025)

What happened:
ENA’s price bounced back from $0.42 to $0.475, a 14% increase, after the crash. At the same time, risky leveraged trading dropped by 27% as traders closed positions. Large holders (whales) owning between 100,000 and 1 million ENA now control 48% of the supply, indicating they are buying more, according to Nansen data.

Why it matters:
This reset is reducing speculative trading, but ENA’s price has still fallen 37% over the past 30 days, showing some caution remains. If ENA breaks above $0.70, it could reach $0.88. However, if it falls below $0.55, it might test its June lows again.

Conclusion

Ethena’s USDe stablecoin showed strength during extreme market swings, but its reliance on exchange infrastructure and broader economic challenges remain concerns. With stablecoin use growing and ENA’s technical reset underway, the project’s success will depend on scaling USDe’s yield model while managing risks tied to collateral. The big question is whether ENA can separate itself from overall market ups and downs as more institutional investors get involved.

What is expected in the development of ENA?

Ethena is moving forward with key updates:

1. Generalized Restaking (June 26, 2025) – Strengthening cross-chain transfers using Symbiotic and LayerZero technology.
2. HyperEVM Integration (September 25, 2025) – Launching fixed-yield sUSDe pools with Pendle to boost earning opportunities.
3. Ethena Chain Launch (Q4 2025) – Creating a blockchain for decentralized finance (DeFi) apps, using USDe as the transaction fee currency.
4. Fee Switch Activation (Pending Governance) – Introducing revenue sharing for ENA holders from protocol fees.

In-Depth Look

1. Generalized Restaking (June 26, 2025)

What’s Happening:
Ethena now allows users to “restake” their $ENA and $sUSDe tokens through Symbiotic to help secure cross-chain transfers of USDe, using LayerZero’s decentralized verification system. Participants earn rewards including 30 times the usual Ethena tokens, Symbiotic/Mellow points, and possible LayerZero airdrops (Ethena Labs).

Why It Matters:

• Positive: This increases the usefulness of $ENA as a security token, which could lead to more people locking up their tokens (currently about 450 million ENA are staked).
• Considerations: Success depends on how widely LayerZero is adopted and if validators stay active over time.

2. HyperEVM Integration (September 25, 2025)

What’s Happening:
Pendle has launched fixed-yield pools for sUSDe on the HyperEVM platform, with a $100 million cap, strengthening Ethena’s earning ecosystem (Pendle).

Why It Matters:

• Positive: This opens up more opportunities for users to earn yield, attracting investment and potentially increasing $ENA’s value through protocol fees.
• Considerations: The initial pool size is limited, which might slow early growth.

3. Ethena Chain Launch (Q4 2025)

What’s Happening:
Ethena is building its own blockchain designed for DeFi applications like undercollateralized loans and perpetual decentralized exchanges (DEXs). USDe will be used to pay transaction fees (“gas”), and restaked $ENA will help secure key infrastructure such as oracles and sequencers (Ethena Docs).

Why It Matters:

• Positive: This positions $ENA as a central token for governance and security in a fast, specialized financial network.
• Considerations: Building a new blockchain is complex and faces competition from existing Layer 1 and Layer 2 solutions.

4. Fee Switch Activation (Pending Governance)

What’s Happening:
Ethena’s Risk Committee has set the parameters to activate a “fee switch” that will share protocol revenue—currently over $76 million monthly from USDe fees—with ENA stakers. This change requires approval through governance voting (Binance News).

Why It Matters:

• Positive: This creates a baseline income for $ENA holders, encouraging long-term investment.
• Considerations: The process could be delayed by governance decisions or regulatory concerns about revenue sharing.

Summary

Ethena’s roadmap aims to increase $ENA’s usefulness by enabling restaking, expanding its ecosystem, and sharing revenue with holders. Near-term developments like the HyperEVM integration and fee switch could boost demand, but the long-term outlook depends on how well the Ethena Chain is adopted. The key question remains: will USDe’s growth support $ENA’s role as both a governance and yield-generating asset?

What updates are there in the ENA code base?

Ethena is making important updates to improve how its token, ENA, is used, secured, and governed.

1. Generalized Restaking Launch (June 26, 2025) – Partnered with Symbiotic and LayerZero to boost security across different blockchains.
2. Vesting Lock Enforcement (June 17, 2025) – Requires users to lock 50% of their newly vested ENA tokens to encourage long-term holding.
3. Restaked ENA Modules (One Month Ago) – Expanded technology to support new financial services on the Ethena blockchain.

In-Depth Look

1. Generalized Restaking Launch (June 26, 2025)

What Happened: Ethena introduced a new way to “restake” ENA and sUSDe tokens using Symbiotic and LayerZero technologies. This helps secure the transfer of Ethena’s stablecoin, USDe, across different blockchains.
By staking ENA, users help protect the network and earn rewards, including a 30x multiplier on Ethena rewards, Symbiotic points, and chances for future airdrops.
Why It Matters: This update makes ENA more valuable because it connects the token directly to the security of the network and encourages holders to keep their tokens longer. It also expands how USDe can be used safely across blockchains. (Source)

2. Vesting Lock Enforcement (June 17, 2025)

What Happened: Ethena now requires users to lock up at least 50% of their newly vested ENA tokens by staking them or using specific pools like Pendle’s PT-ENA or Symbiotic.
This rule helps prevent “mercenary capital,” meaning investors who quickly sell tokens without supporting the project long-term. Tokens from users who don’t comply are redistributed to those who do.
Why It Matters: This change may reduce short-term selling pressure but adds some complexity for users. Overall, it strengthens the community by encouraging commitment and better governance participation. (Source)

3. Restaked ENA Modules (One Month Ago)

What Happened: Ethena updated its roadmap to include new modules that use restaked ENA tokens to support decentralized finance (DeFi) features like loans without full collateral and perpetual decentralized exchanges (DEXs).
These restaked tokens will also help secure important parts of the network, like data providers (oracles) and transaction processors (sequencers), while enabling special rewards (airdrops) for users.
Why It Matters: This positions ENA as a key part of Ethena’s future ecosystem, linking its value to both network security and innovative financial services. (Source)

Conclusion

Ethena’s recent updates focus on making ENA more useful, improving governance by encouraging long-term holding, and expanding the network’s capabilities. These changes aim to make ENA more than just a governance token—it’s becoming a versatile asset within the Ethena ecosystem. The big question remains: will the increased demand for staking balance out any potential token supply increases from unlocking?

Why did the price of ENA go up?

Ethena (ENA) increased by 13.84% in the last 24 hours, bouncing back after a recent market downturn. Although it’s still down 23.54% for the week, today’s rise matches a wider recovery across the cryptocurrency market. The main factors behind this include:

1. Market-wide rebound following a $19 billion liquidation event from October 10–13
2. Binance’s $283 million compensation plan helping to restore confidence
3. Technical support around the $0.48-$0.50 price range based on Fibonacci analysis

Deep Dive

1. Market Recovery After the Crash (Positive Impact)

Overview:
The crypto market bounced back strongly on October 13–14 after a massive $19 billion liquidation event triggered by concerns over tariffs between the U.S. and China. Bitcoin rose about 3%, Ethereum gained 9%, and altcoins like Ethena (ENA) followed suit.

What this means:

• Coins like ENA, which tend to be more volatile, often experience bigger price swings. The crypto fear/greed index moved from “Extreme Fear” to “Neutral” in 24 hours.
• ENA’s 13.84% gain outpaced Bitcoin and Ethereum, indicating some specific buying interest in this coin.

What to watch: Keep an eye on Bitcoin’s market dominance (currently 58.29%) and the total open interest in crypto derivatives ($975 billion, down 6.78% in 24 hours).

2. Binance Compensation and System Improvements (Mixed Impact)

Overview:
Binance announced a $283 million compensation plan after technical problems during the crash caused Ethena’s USDe stablecoin to briefly lose its peg, dropping to $0.65 on Binance’s platform.

What this means:

• This helped restore trust in Ethena’s ecosystem, with USDe stablecoin supply remaining steady at $6 billion after the crash.
• Binance also updated its pricing oracles and added new safety measures to reduce future risks.

What to watch: Monitor USDe redemption volumes—$2 billion was processed during the crash without any protocol failures (CoinDesk).

3. Technical Support Levels (Neutral to Positive)

Overview:
Ethena found price support near the 50% Fibonacci retracement level at about $0.48, close to its pivot point at $0.45.

What this means:

• The Relative Strength Index (RSI) at 41.08 suggests there’s room for the price to rise before becoming overbought.
• The MACD indicator is still bearish, so a clear trend reversal is needed to confirm a sustained uptrend.
• Key resistance to watch is around $0.635, the 23.6% Fibonacci retracement level.

Conclusion

Ethena’s recent price rebound reflects a broader market recovery and shows resilience in its protocol, though technical indicators remain cautious. The $0.48-$0.50 price range is now a critical test for buyers’ confidence.

Key watch: Will ENA stay above its 200-day exponential moving average (EMA) at $0.458 over the weekend, especially with ongoing global trade tensions?