What could affect the price of ENA?
Ethena’s price is balancing between the growth of its platform and some market doubts.
- USDe Adoption Growth – USDe is now the third-largest stablecoin, which increases demand but also brings risks to its price stability.
- More Uses for the Token – New features like restaking and buybacks reduce the available supply, but upcoming token unlocks and large holder sales could add selling pressure.
- Regulatory Developments – The GENIUS Act supports USDe’s legitimacy, but regulators are still watching synthetic stablecoins closely.
Deep Dive
1. USDe Adoption Growth (Mixed Effects)
Overview:
Ethena’s USDe stablecoin has grown to a market cap of $12.26 billion, surpassing DAI to become the third-largest stablecoin. Its unique delta-hedging model and a 9% annual yield attract investors looking for steady returns. However, a brief loss of its peg in October 2025 showed some weaknesses.
What this means:
Positive: USDe’s growing popularity could increase demand for Ethena’s native token, ENA, through governance participation and staking rewards. Negative: If USDe loses its peg for a longer time or if competitors like JupUSD on Solana innovate faster, confidence in ENA could drop.
2. More Uses for the Token (Positive Impact)
Overview:
Recent upgrades include sENA, a liquid staking option, and Symbiotic restaking pools that offer 30 times the usual ENA rewards. These features encourage users to lock up their tokens. Additionally, StablecoinX, a Nasdaq-listed company, is running a $260 million buyback program that will remove about 8% of ENA from circulation by late 2025. However, a large token unlock of 171.88 million ENA on August 5 could increase supply.
What this means:
The reduced supply from buybacks and staking could balance out the increased supply from token unlocks. Still, large token holders moving significant amounts to exchanges (like 5 million ENA sent to Binance on October 22) suggest potential selling pressure.
3. Regulatory Developments (Mixed Effects)
Overview:
The GENIUS Act, passed in June 2025, officially recognized USDe as compliant, helping attract institutional investors. However, regulators continue to scrutinize synthetic stablecoins, which could lead to challenges for Ethena’s collateral system.
What this means:
Clearer regulations improve investor confidence, but any regulatory actions against delta-neutral strategies or real-world asset (RWA) integrations could threaten USDe’s stability, which would also impact ENA.
Conclusion
ENA’s future depends on how well USDe’s growth balances with market uncertainties and token supply changes. While buybacks and new staking options offer positive momentum, upcoming token unlocks and regulatory risks limit how high prices can go. Will ENA’s restaking rewards be enough to offset large token sales? Keep an eye on USDe’s price stability and activity in the Symbiotic staking pools.
What are people saying about ENA?
Ethena's community is divided between hopes for a price breakout and concerns about price holding steady. Here’s what’s trending:
- Price battle at the $0.70 resistance level
- Big institutional support with a $260 million buyback
- Stablecoin growth as USDe reaches $12 billion in circulation
Deep Dive
1. @MisterSpread: Key resistance flip could slow rally 🐻
"$0.51 area flipped from demand to supply – need daily closes above $0.65 for bullish reversal."
– @MisterSpread (89k followers · 412k impressions · 2025-10-22 13:41 UTC)
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What this means: In the short term, Ethena (ENA) faces strong selling pressure around $0.51 and $0.65. To turn positive, the price needs to stay above $0.65 on daily closes, otherwise the bearish outlook remains.
2. @Kingpincrypto12: Double bottom pattern points to upside 🐂
"Weekly double bottom + reclaimed range low = structural bullish setup targeting $0.88+"
– @Kingpincrypto12 (217k followers · 1.2M impressions · 2025-10-05 08:30 UTC)
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What this means: Technical indicators show a potential price floor forming, suggesting buyers are stepping in. Holding above $0.60 is key to confirming this positive trend.
3. @CryptoStreamHub: USDe stablecoin growth boosts confidence 🌐
"USDe supply up 4.6x YoY to $12.4B – fee switch could directly benefit ENA holders soon."
– @CryptoStreamHub (312k followers · 893k impressions · 2025-09-02 08:15 UTC)
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What this means: The USDe stablecoin has grown significantly, now totaling $12.4 billion. This growth, along with changes to fee structures, could increase revenue for Ethena holders, strengthening the project’s long-term value.
Conclusion
The outlook for Ethena is mixed. While technical resistance near $0.70 is a challenge, strong fundamentals like USDe’s expanding market and institutional buybacks provide solid support. Keep an eye on the $0.55–$0.70 range—a weekly close outside this zone could signal the next big move for ENA.
What is the latest news about ENA?
Ethena is benefiting from the growing popularity of stablecoins and expanding its ecosystem. Here are the key updates:
- USDe Becomes Third-Largest Stablecoin (October 24, 2025) – Ethena’s USDe stablecoin reached a market cap of $12.26 billion, moving up behind USDC and USDT.
- Ethereal DEX Mainnet Launch (October 22, 2025) – ENA’s price rose 4% as Ethena’s own decentralized exchange went live.
- Founder’s $25 Million ENA Buyback (October 22, 2025) – Ethena’s founder, Guy Young, bought $25 million worth of ENA tokens, boosting the altcoin’s performance.
In-Depth Look
1. USDe Becomes Third-Largest Stablecoin (October 24, 2025)
What happened:
Ethena’s synthetic stablecoin, USDe, surpassed a $12.26 billion market cap, making it the third-largest stablecoin after USDT and USDC. It grew quickly after passing DAI in late 2024. USDe uses a delta-neutral approach, combining crypto derivatives with real-world assets to keep its value stable. Although it briefly lost its peg during a flash crash in October, improved backing helped restore trust.
Why it matters:
This growth is positive for ENA because it shows USDe is gaining traction in the decentralized finance (DeFi) space. However, since USDe relies on synthetic assets rather than traditional fiat backing, it can be more vulnerable during extreme market swings. (Yahoo Finance)
2. Ethereal DEX Mainnet Launch (October 22, 2025)
What happened:
Ethereal, a decentralized exchange (DEX) approved by Ethena’s governance, launched its mainnet alpha version. The platform uses USDe for margin trading and settlements. ENA token holders are eligible to receive 15% of future Ethereal tokens.
Why it matters:
This launch increases the usefulness of ENA by connecting its value to Ethereal’s success. The 4% price increase after the launch shows positive market sentiment, but the platform’s success depends on users moving to Ethena’s appchain. (The Defiant)
3. Founder’s $25 Million ENA Buyback (October 22, 2025)
What happened:
Guy Young, Ethena’s founder, bought $25 million worth of ENA tokens. This buyback is part of a larger trend in 2025, where crypto projects repurchased $1.4 billion in tokens. The buyback reduced the number of tokens available on the market and showed confidence in ENA, briefly making it one of the top 100 performing altcoins.
Why it matters:
Buybacks can temporarily boost token prices, but long-term gains depend on ongoing demand. Despite the buyback, ENA’s price over the past 30 days is still down 20%, indicating some ongoing market pressure. (Bitget)
Conclusion
Ethena’s USDe stablecoin is growing quickly and expanding its ecosystem, positioning it as a challenger in the stablecoin market. Strategic buybacks aim to support ENA’s price. However, risks remain due to the synthetic nature of USDe and a general decline in crypto trading volume (down 45% year-over-year). The big question is: Can USDe’s growth continue despite increasing regulatory scrutiny on stablecoins that aren’t backed by traditional fiat currency?
What is expected in the development of ENA?
Ethena’s roadmap is focused on growing its usefulness, governance, and ecosystem partnerships. Key upcoming milestones include:
- Fee Switch Activation (Q4 2025) – ENA holders will start earning a share of protocol fees.
- Converge Blockchain Launch (2026) – A new blockchain designed for tokenizing real-world assets.
- Expanded Restaking Modules (2026) – Using ENA to help secure important cross-chain services.
Deep Dive
1. Fee Switch Activation (Q4 2025)
Overview:
The Ethena Foundation plans to turn on a fee switch after getting approval from its community. This will let ENA token holders earn part of the protocol’s fees, which currently total about $53 million per month from USDe transactions. This change rewards people who stake their ENA tokens long-term.
What this means:
This is good news for ENA holders because sharing revenue directly could make staking more attractive and increase demand. However, the exact timing depends on governance decisions and could be delayed if there are disagreements about risk settings.
2. Converge Blockchain Launch (2026)
Overview:
Ethena plans to launch Converge, a new blockchain built specifically for tokenizing real-world assets like property or commodities. ENA will be the native token used to pay transaction fees on this chain. This expands the role of USDe beyond just being a stablecoin.
What this means:
This development is potentially positive but comes with some uncertainty. It could make ENA a key infrastructure token, but success depends on clear regulations around real-world assets and competition from other blockchains like Polygon.
3. Expanded Restaking Modules (2026)
Overview:
Building on its existing Symbiotic integration, Ethena plans to allow ENA tokens to be “restaked” to help secure important decentralized finance (DeFi) infrastructure like oracle networks, shared sequencers, and cross-chain bridges.
What this means:
This is a positive step because it increases the ways ENA can be used as collateral, boosting its utility. However, the success of this depends on how much demand there is for restaking and the growth of LayerZero’s ecosystem.
Conclusion
Ethena’s roadmap aims to make ENA a versatile asset by introducing fee sharing, launching its own blockchain, and enhancing DeFi security. While there are promising opportunities, risks like governance delays and regulatory challenges around real-world assets should be watched closely.
Could ENA’s shift toward infrastructure give it an edge over stablecoin-focused projects like MakerDAO?
What updates are there in the ENA code base?
Ethena’s recent updates focus on improving how the protocol is governed and making the ecosystem more scalable.
- Fee Switch Activation (September 15, 2025) – ENA token holders who stake their tokens will start earning a share of the protocol’s revenue.
- HyperEVM Integration (August 7, 2025) – Expanded yield-earning opportunities for sUSDe tokens within Hyperliquid’s ecosystem.
- Team Growth for New Products (October 20, 2025) – Hiring engineers to build two new, undisclosed protocols.
Deep Dive
1. Fee Switch Activation (September 15, 2025)
What’s happening: Ethena Foundation set the rules to activate a fee-sharing system. This means people who stake ENA tokens can earn part of the fees generated by the protocol.
The Risk Committee decided that once the USDe supply exceeds $6 billion and the protocol revenue goes over $250 million, a vote will be held. If the community agrees, smart contracts will be updated to share a portion of transaction fees from USDe with ENA stakers.
Why it matters: This is good news for ENA holders because it links the token’s value to the protocol’s income, encouraging people to hold their tokens longer. However, this depends on community approval, so there’s some risk it might not happen. (Source)
2. HyperEVM Integration (August 7, 2025)
What’s happening: Ethena launched sUSDe, a synthetic dollar token that earns yield, on Hyperliquid’s HyperEVM platform. This allows users to earn fixed returns and connects Ethena’s assets with a larger decentralized finance (DeFi) ecosystem.
The update improved smart contracts to work across different blockchains, letting users earn yield on Ethena assets within Hyperliquid. The initial yield pools have a $100 million limit for sUSDe.
Why it matters: This expands how sUSDe can be used but faces competition from other platforms offering similar yield products. It could increase demand for USDe, which indirectly benefits the ENA ecosystem. (Source)
3. Team Growth for New Products (October 20, 2025)
What’s happening: Ethena Labs is hiring over 10 engineers to build two new products, aiming to replicate the success of USDe.
Though this isn’t a direct update to the code, it shows the team is growing to support future innovations. Job openings include backend developers and security experts, hinting at infrastructure improvements or new synthetic asset offerings.
Why it matters: This is positive for ENA because a bigger team can speed up development. However, new products might take time to launch, so the impact may be gradual. (Source)
Conclusion
Ethena’s latest updates focus on sharing revenue with token holders, improving cross-chain functionality, and expanding development efforts. The fee switch could change how ENA is valued, while the HyperEVM integration strengthens its position in DeFi. With new products in the works, it will be important to watch how Ethena balances innovation with regulatory challenges in the synthetic asset space.