What is expected in the development of ENA?
Ethena is moving forward with key developments:
- Fee Switch Activation (Q4 2025) – A vote by ENA token holders to share protocol revenue with them.
- Ethena Chain Launch (2026) – A new blockchain focused on decentralized finance (DeFi) apps, using USDe as the transaction fee token.
- BTC Backing Expansion (2026) – Increasing USDe’s capacity by adding Bitcoin as collateral.
In-Depth Look
1. Fee Switch Activation (Q4 2025)
What’s happening:
In September 2025, Ethena’s Risk Committee set the rules for a “fee switch” that would send part of the protocol’s earnings—$54.5 million in July 2025 alone—to ENA token holders. Before this can happen, ENA holders must approve it through a governance vote (Foresight News).
Why it matters:
This change could increase the value of ENA tokens by linking them directly to the protocol’s revenue. However, similar moves in other projects like UNI have caused short-term price swings, especially if expectations don’t match reality right away.
2. Ethena Chain Launch (2026)
What’s happening:
Ethena plans to launch its own blockchain designed specifically for financial apps such as loans without full collateral and decentralized exchanges that operate continuously. This new chain will use USDe as the native token for paying transaction fees and will be secured by ENA tokens that are “restaked” (Mirror).
Why it matters:
If successful, this could make Ethena a key player in DeFi infrastructure. However, the project’s success depends on attracting developers and users, and there could be delays or technical challenges along the way.
3. BTC Backing Expansion (2026)
What’s happening:
Ethena is working on the “Sats Campaign” to allow Bitcoin to be used as collateral for USDe, aiming to increase USDe’s total supply beyond $10 billion. This effort started in 2024 but faces challenges in scaling (Mirror).
Why it matters:
Adding Bitcoin as collateral could boost adoption and reduce reliance on Ethereum-based assets. However, Bitcoin’s price swings require careful risk management to keep USDe stable. Mistakes could threaten USDe’s value peg.
Conclusion
Ethena’s roadmap combines immediate benefits like the fee switch with longer-term projects such as launching its own blockchain and expanding collateral options. These moves could strengthen ENA’s position in DeFi, but challenges in execution and market reactions remain uncertain. The key question is how Ethena will balance fast growth with maintaining stability as USDe grows.
What updates are there in the ENA code base?
Ethena is making important updates focused on activating governance features and connecting with other blockchain networks.
- Fee Switch Activation (September 15, 2025) – A new system to share revenue with ENA token holders is almost ready to launch, pending final approval.
- HyperEVM Integration (August 7, 2025) – Ethena teamed up with Pendle to offer fixed-yield investment options with leverage for ETH stakers.
Deep Dive
1. Fee Switch Activation (September 15, 2025)
Overview:
The Ethena Foundation has set the rules for distributing protocol fees to ENA token holders, but the final go-ahead depends on governance approval.
This update means that people who stake ENA tokens can earn a portion of the platform’s revenue, such as fees from USDe transactions. This aligns the interests of users and the growth of the Ethena ecosystem. The fee switch system has been thoroughly tested for security and scalability, with independent audits confirming its safety.
What this means:
This is positive news for ENA holders because it links the platform’s success directly to rewards for token holders, which could encourage more staking. However, if the activation is delayed or if there are disagreements in governance, it might slow down enthusiasm temporarily. (Source)
2. HyperEVM Integration (August 7, 2025)
Overview:
Ethena introduced sUSDe yield pools on Hyperliquid’s HyperEVM platform, allowing ETH stakers to access fixed-yield strategies with up to 30 times leverage.
This integration required changes to the protocol to support collateral across different blockchains and to improve how yields are calculated. The initial limit for sUSDe investments is $100 million, with plans to increase this based on demand.
What this means:
This update is neutral for ENA in the short term. It broadens the ways users can engage with the platform but adds some complexity. The success of this feature depends on how many users adopt it and how stable the yields remain during market changes. (Source)
Conclusion
Ethena’s recent updates focus on sharing revenue with token holders and expanding access across multiple blockchain networks. A key question remains: will these fee distributions help balance out the selling pressure from token unlocks?
What could affect the price of ENA?
Ethena’s price is currently caught between supply challenges and growth in its ecosystem.
- Token Unlocks & Whale Activity – Over $60 million worth of tokens will unlock in November 2025, increasing selling pressure. At the same time, large holders (whales) have reduced their stakes by 34% (Crypto.news).
- USDe Stability Concerns – After losing its peg, USDe’s market value dropped 45% to $8.95 billion, shaking confidence in Ethena’s main product (Binance).
- Fee-Switch Proposal – A pending vote could redirect protocol fees to ENA token stakers, potentially boosting demand if approved (Ethena Docs).
Deep Dive
1. Token Unlocks & Vesting Changes (Bearish Factors)
Overview:
On November 5, 2025, Ethena unlocked about 171.88 million ENA tokens (roughly $54.88 million). Early investors still hold 70% of the total supply. Recently, whales have cut their holdings by 34% in just one week, indicating they are taking profits. New rules require users to lock up 50% of their claimed ENA tokens to avoid losing them, encouraging long-term holding but possibly causing some to sell if they don’t comply.
What this means:
The increase in tokens available for trading (now 7.42 billion ENA) could keep downward pressure on the price, especially if the overall market sentiment remains weak. However, the lock-up rules might gradually reduce the number of tokens available for sale by early 2026.
2. USDe Stability & Adoption (Mixed Outlook)
Overview:
In October, USDe lost its peg and dropped to $0.65, triggering a $19 billion liquidation event and shrinking its market cap by 45%. Despite this, Ethena’s recent partnership with Robinhood and its position as the third-highest fee-generating protocol show that users are still actively using the platform (CoinMarketCap).
What this means:
USDe’s future depends on regaining trust, possibly through audits or adding more types of collateral. If successful, this could strengthen ENA’s role. But if USDe loses its peg again, it could cause serious fear and uncertainty around Ethena.
3. Fee-Switch Activation (Bullish Potential)
Overview:
There’s a proposal to activate a “fee-switch” that would send 20-30% of Ethena’s protocol revenue (about $105 million in Q3 2025) to ENA token stakers. This can only happen if USDe’s supply stays above $6 billion and regulatory approval is secured (Ethena Roadmap).
What this means:
If approved, staking rewards could exceed 30% annual percentage yield (APY), attracting more investors. If delayed or rejected, ENA’s price will rely mostly on speculative interest.
Conclusion
ENA’s price outlook depends on balancing short-term supply risks with the long-term strength of the protocol. Keep an eye on the November 15 governance vote about the fee-switch and USDe’s collateral status. The key question: Can Ethena turn its decentralized finance (DeFi) activity into steady demand for ENA tokens, or will token unlocks and stablecoin instability limit its growth?
What are people saying about ENA?
Ethena’s community is divided between optimism for a price breakout and concerns about a potential drop. Here’s what’s trending right now:
- Fee switch excitement – Some expect it to boost buying, while others worry about risks from token unlocks
- $0.55 price level battle – Buyers are trying to hold support here, while sellers are targeting $0.49
- Big whale moves – 80 million ENA tokens have been transferred to exchanges in the past two weeks
In-Depth Look
1. @CryptoStreamHub: Fee Switch Could Boost ENA — Positive Outlook
“If USDe reaches $15 billion, the fee switch could generate over $100 million in annual buy pressure for ENA. Stakers might earn yields around 34%.”
– @CryptoStreamHub (72.7K followers · 12.4K impressions · 2025-09-02 08:15 UTC)
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What this means: This is good news for ENA. The fee switch allows the protocol to use fees to buy back tokens, which can create steady demand. Right now, only 14% of ENA tokens are staked, so there’s room for growth.
2. @MisterSpread: $0.51 Resistance Level — Negative Outlook
“I’m bearish until the price closes above $0.65 daily. The $0.51 level, which used to be support, has now turned into resistance on weekly charts.”
– @MisterSpread (67.1K followers · 8.9K impressions · 2025-10-22 13:41 UTC)
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What this means: This suggests short-term weakness. When a previous support level becomes resistance, it often leads to selling pressure. If the $0.55 support breaks, the next target for sellers could be $0.49.
3. @ali_charts: Large Token Transfers to Exchanges — Neutral
“80 million ENA tokens moved to exchanges in two weeks. Watch to see if these are absorbed by buyers or sold off.”
– @ali_charts (162K followers · 24.7K impressions · 2025-09-02 15:32 UTC)
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What this means: This is neutral for now. Big transfers to exchanges can mean either large investors are preparing to buy more (bullish) or getting ready to sell (bearish).
Summary
The outlook for ENA is mixed. Positive factors like the fee switch and growth in USDe suggest long-term value, but technical challenges like key support levels and upcoming token unlocks create uncertainty. Staking rewards and buyback features add value over time, but the immediate question is whether large holders will defend the $0.55 price or give in to selling pressure from November’s $54 million token unlocks. Keep an eye on the 30-day exchange netflow—if tokens keep moving off exchanges, it signals buying interest, while increasing exchange balances might mean more selling ahead.
What is the latest news about ENA?
Ethena is seeing strong fee growth even as its stablecoin faces challenges. Here are the key updates:
- Fee Leaderboard Jump (November 7, 2025) – Ethena ranks #3 in daily protocol fees, showing heavy use in decentralized finance (DeFi).
- USDe Stablecoin Drop (November 7, 2025) – Ethena’s stablecoin lost $7 billion in value after a price drop in October.
- Robinhood Listing (November 6, 2025) – ENA tokens became available to more retail investors, despite some selling pressure from large holders.
In-Depth Look
1. Fee Leaderboard Jump (November 7, 2025)
What happened:
On November 7, Ethena Protocol became the third-largest blockchain in terms of daily fees collected, behind only Hyperliquid and edgeX. This shows strong demand for its synthetic dollar, USDe, and related yield products. The total fees collected by the protocol have now passed $475 million.
Why it matters:
High fees usually mean the platform is growing and creating value for token holders. This is a positive sign for Ethena (ENA). However, to keep this momentum, Ethena will need to keep innovating since competitors like Aave and Uniswap are also competing for users and fees. (CoinMarketCap)
2. USDe Stablecoin Drop (November 7, 2025)
What happened:
USDe’s market value dropped 45% to $8.95 billion after losing its peg in October, falling to $0.65. This was caused by $19 billion in forced liquidations. Although it has recovered somewhat, the stablecoin’s reputation has been damaged, with critics pointing to risky leveraged yield strategies.
Why it matters:
This is a negative sign for ENA because USDe’s stability is crucial for the Ethena ecosystem. If people lose confidence in USDe’s backing, it could scare off big investors and reduce the usefulness of ENA as a governance token. (Binance)
3. Robinhood Listing (November 6, 2025)
What happened:
ENA tokens were listed on Robinhood amid a period of high volatility. Over $60 million worth of tokens were unlocked in early November. This listing makes it easier for everyday investors to buy ENA, but large holders have been selling off, reducing their holdings by 34% since October 31.
Why it matters:
This is a mixed signal for ENA. While being on Robinhood increases liquidity and access, the ongoing unlocking of tokens (with 70% still locked) could lead to price dilution. However, Arthur Hayes, a notable investor, has been buying more ENA (7.76 million tokens), which helps balance out some selling pressure. (CoinMarketCap)
Conclusion
Ethena is at a critical point. The protocol is seeing record activity, but USDe’s instability and token unlocks are challenging investor confidence. The big question is whether USDe’s reserves and yield strategies can restore trust or if ongoing stablecoin issues will lead to further declines for ENA.
Why did the price of ENA fall?
Ethena (ENA) dropped 4.88% in the last 24 hours, extending its 30-day loss to 44.67%. The main reasons are:
- Token Unlock Sell-Off – $54.8 million worth of ENA tokens were released this week, causing concern among traders.
- USDe Stablecoin Issues – A drop in USDe’s value in October hurt confidence in Ethena’s system.
- Technical Weakness – ENA is testing lows from September 2024, with a “death cross” pattern forming, which often signals further declines.
In-Depth Analysis
1. Token Unlock Flood (Negative Impact)
What happened: On November 5, 171.88 million ENA tokens (valued at $54.88 million) became available for trading, following an earlier unlock of $15.7 million. Since early investors still hold about 70% of all ENA tokens, there’s concern that more tokens will be sold, increasing supply.
Why it matters: When large amounts of tokens enter the market but demand is weak, it creates selling pressure. Big holders (whales) reduced their ENA holdings by 34% in one week (Nansen), which caused smaller investors to panic and sell.
What to watch: The next token unlock is scheduled for November 10, releasing $12.1 million worth of ENA. If selling continues, ENA’s price could fall to the $0.197 support level.
2. USDe Stablecoin Contagion (Mixed Impact)
What happened: In October, Ethena’s USDe stablecoin briefly lost its peg, dropping to $0.65 during a market crash that caused $19 billion in liquidations. This raised doubts about Ethena’s strategy to keep USDe stable. Since then, USDe’s market value has dropped 45% to $8.95 billion (DefiLlama).
Why it matters: Although USDe has mostly recovered, this event exposed risks in Ethena’s system, making traders cautious about the platform’s ability to handle market volatility.
3. Technical Downtrend Accelerates (Negative Impact)
What happened: ENA’s price has been falling since September, moving within a downward channel. The Relative Strength Index (RSI) is near 30.49, indicating the token is close to being oversold. The 50-day moving average ($0.437) is about to cross below the 200-day moving average ($0.520), a pattern known as a “death cross.”
Why it matters: This technical signal often predicts further price drops. Traders see limited support until $0.197, the low from September 2024. If ENA falls below $0.285, automated selling could accelerate the decline.
Conclusion
ENA’s recent price drop is driven by increased token supply from unlocks, ongoing concerns about USDe’s stability, and bearish technical signals. With Bitcoin gaining dominance (+59.8%) and overall crypto market fear at high levels (fear index: 21), altcoins like ENA face tougher challenges.
What to watch: Will ENA hold above $0.285, or will November’s token unlocks push it below $0.20 again?