Which Hyperliquid integration benefits ENA users?

Hyperliquid has teamed up with Nunchi to offer a new “yield market” perpetuals product for Ethena (ENA) users. This partnership also includes a revenue share that benefits the Ethena community, as detailed in a recent update on the Hyperliquid ecosystem partnership.

1. Part of the revenue from Nunchi’s product goes back to support Ethena’s users and ecosystem partnership.
2. Yield perpetuals let users take positions on real-world asset (RWA) rates, dividends, and ETH staking yields partnership.
3. Activity around ENA on Hyperliquid is increasing, with large investors (“whales”) buying ENA through the platform, which boosts liquidity and trading access altcoin rally update.

Deep Dive

1. Revenue Share

A portion of the total revenue generated by Nunchi’s yield-perpetual product is shared with the Ethena community. This means ENA users benefit directly as the ecosystem grows and earns revenue partnership.

This setup links the use of Nunchi’s product to the health of the Ethena ecosystem, creating a cycle where increased activity can lead to more rewards for ENA holders.

What this means: If more people use the product, ENA users could see indirect financial benefits through revenue flowing back into Ethena-related programs or pools.

2. Yield Perpetuals Utility

Nunchi’s new product offers “perpetual contracts” based on yield markets. This lets users take positions on things like real-world asset yields, dividends, and ETH staking returns. It’s a new way for users to hedge risks or speculate on interest rates and yields, fitting well with Ethena’s focus on yield generation partnership.

This expands what Ethena users can do, giving them more tools to manage financial risks or express opinions about broader market trends in crypto yields.

What this means: ENA users can now use more advanced financial instruments to protect themselves against rate changes or to bet on how yields will move, enhancing their ability to manage their investments.

3. Liquidity and Access

Recent reports show that large investors are depositing USDC into Hyperliquid specifically to buy ENA. This increased demand improves liquidity (how easily ENA can be bought or sold) and makes trading smoother within Hyperliquid’s platform altcoin rally update.

More activity on a deep derivatives platform usually means tighter price spreads and more stable pricing, especially when market interest is high.

What this means: Better liquidity and easier access on Hyperliquid make it simpler and more efficient for active traders to get exposure to ENA or hedge their positions.

Conclusion

The key takeaway for ENA users is the launch of Nunchi’s yield-perpetual product on Hyperliquid, combined with a revenue share that benefits the Ethena community. This partnership offers three main advantages: ecosystem growth through revenue sharing, more precise tools for yield-based hedging, and improved trading access thanks to increased activity from large investors. If the product gains popularity, ENA users could enjoy stronger financial tools and additional revenue flowing back into the Ethena ecosystem.

What could affect the price of ENA?

Ethena's price is caught between exciting new features and broader market challenges.

1. Growing Use Cases – Upgrades to staking and new cross-chain features could boost demand.
2. Token Unlock Risks – Over $50 million worth of tokens will become available through 2026, which might put downward pressure on price if demand doesn’t keep up.
3. Stablecoin Yield Changes – The USDe stablecoin’s yield has dropped to 4.77%, affecting how investors move their money.

Deep Dive

1. Growing Use Cases (Positive for Price)

What’s happening:
Ethena’s latest update (v3) introduces sENA, a liquid staking option that multiplies rewards by 40 times, and a new way to restake tokens across different blockchains using Symbiotic. The Ethena Chain will also start using USDe stablecoins to pay transaction fees, which should increase how much people use ENA tokens (Ethena Docs).

Why it matters:
Better staking rewards and new financial tools could make ENA tokens more valuable by reducing how many are available for trading. But this depends on more people actually staking their tokens—right now, only about 30% of ENA tokens are staked.

2. Token Unlock Risks (Potential Downside)

What’s happening:
On December 2, about 94 million ENA tokens (worth roughly $27 million) will become available for trading. Looking ahead, nearly 6 billion ENA tokens (about 40% of the total supply) are scheduled to unlock gradually through 2026 (Token Unlock Data).

Why it matters:
When large amounts of tokens unlock, it often leads to price drops of 10-15% because more tokens flood the market. The market will need to handle about $11.77 million worth of new tokens each week through early 2026, which is nearly half of ENA’s current daily trading volume.

3. Stablecoin Yield Changes (Mixed Effects)

What’s happening:
The yield on USDe stablecoins has fallen to 4.77% from a high of 15% earlier in 2024. This drop happened as Bitcoin funding rates turned negative, and Bybit stopped allowing USDe as collateral after a big $19 billion liquidation event in October (Blockworks).

Why it matters:
Lower yields make USDe less attractive compared to other stablecoins backed by U.S. Treasury bills. However, if the Federal Reserve cuts interest rates in 2026, demand for crypto-based yield products like USDe could increase again.

Conclusion

Ethena’s price will depend on how well it rolls out its new DeFi features while managing the pressure from a large number of tokens unlocking and changing investor interest in yields. The December 2 token unlock and whether USDe’s yield improves will be key moments to watch. The big question: can ENA’s staking system handle selling pressure and still generate over $50 million in monthly revenue for the protocol?

What are people saying about ENA?

The Ethena (ENA) community is divided between hopes of reaching $1 and fears of dropping to $0.55. Here’s what’s currently trending:

1. Technical traders see $0.70 as a key resistance level that could determine the next move
2. Large holders (“whales”) are split between buying more and selling on exchanges
3. Growing protocol revenue and regulatory progress support a positive outlook

Deep Dive

1. @Kingpincrypto12: “Double bottom + bullish retest” – optimistic

“ENA is gathering strength… breaking $0.70 could spark excitement”
– @Kingpincrypto12 (32K followers · 5845 posts · Oct 5, 2025, 08:30 UTC)
View original post
What this means: Technical analysts have spotted a bullish chart pattern called a “double bottom.” They see $0.70 as a critical price point. If ENA breaks above this, it could trigger buying momentum pushing the price toward $0.88 to $1.

2. @MisterSpread: “Bearish below $0.51” – cautious

“The first try at $0.51 failed… short-term outlook remains bearish”
– @MisterSpread (67K followers · 14K posts · Oct 22, 2025, 13:41 UTC)
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What this means: ENA’s price struggled to stay above $0.51, indicating selling pressure. Some traders believe ENA needs to consistently close above $0.65 to shift market sentiment to positive.

3. @CryptoStreamHub: “$53M weekly revenue” – positive

“USDe supply increased 4.6 times… fee-sharing update expected soon”
– @CryptoStreamHub (72K followers · 3K posts · Sep 2, 2025, 08:15 UTC)
View original post
What this means: Ethena’s growing revenue and upcoming changes to how fees are shared with token holders are seen as strong fundamentals supporting long-term growth.

4. @ali_charts: “80M ENA to exchanges” – cautious

“80 million ENA tokens moved to exchanges in two weeks”
– @ali_charts (163K followers · 7.9K posts · Sep 2, 2025, 15:32 UTC)
View original post
What this means: Large amounts of ENA being sent to exchanges could mean whales are preparing to sell, which may create short-term downward pressure.

Conclusion

The outlook for ENA is mixed. On one hand, strong protocol metrics like a total value locked (TVL) over $8 billion and growing USDe adoption support optimism. On the other hand, technical resistance at $0.70 and whale activity add uncertainty. Keep an eye on the $0.70 price level—breaking above it could confirm a bullish trend, while failing to do so might lead to continued sideways trading. Also, watch how the upcoming $530 million funding round in November affects ENA’s price and market dynamics in the fourth quarter.

What is the latest news about ENA?

Ethena (ENA) is facing challenges from broader market pressures and upcoming token releases as key price levels are tested. Here’s a quick summary of the latest updates:

1. Concerns Over BOJ Rate Hike (December 1, 2025) – ENA’s price dropped 16% due to unwinding of yen-based trades and a general crypto market selloff.
2. $50 Million Token Unlock (December 2, 2025) – About 94.19 million ENA tokens (1.27% of total supply) will become available, which could increase selling pressure.
3. Large Holder Buying (November 29, 2025) – Big investors added 1.1 million ENA tokens despite recent price swings.

In-Depth Analysis

1. Concerns Over BOJ Rate Hike (December 1, 2025)

What happened:
The Bank of Japan’s Governor, Kazuo Ueda, suggested a possible interest rate increase in December. This caused Japanese bond yields to rise to their highest levels since 2008. As a result, investors unwound yen-funded crypto trades, leading to $646 million in forced sell-offs. ENA’s price dropped 16% within a day, more than double Bitcoin’s 6% decline.

Why it matters:
This shows that ENA is sensitive to changes in global financial conditions, especially those affecting borrowing costs in Japan. When yen borrowing gets more expensive, crypto investors often reduce their leveraged positions, which can push prices down. However, ENA’s trading activity level (24-hour turnover ratio of 0.158) suggests there is enough liquidity to potentially limit further losses if fears ease. (Yahoo Finance)

2. $50 Million Token Unlock (December 2, 2025)

What happened:
On December 2, 94.19 million ENA tokens, valued at around $50.4 million, will be released into circulation as part of Ethena’s scheduled token vesting. This comes after a 50% reduction in USDe stablecoin supply since October and a slight drop in yields offered by USDe compared to USDC.

Why it matters:
When large amounts of tokens unlock, holders might sell, increasing downward pressure on price. However, recent buying by large investors (whales) who accumulated nearly 40 million ENA tokens in November could help balance this selling pressure. Watching how many tokens move to exchanges after the unlock and how stable USDe remains will be important to understand Ethena’s overall health. (AMBCrypto)

3. Large Holder Buying (November 29, 2025)

What happened:
The top 100 ENA wallets added about 50 million tokens (worth roughly $12 million) in late November, coinciding with a 21% price recovery. Technical charts show ENA is forming a symmetrical triangle pattern, and a price move above $0.28 could indicate a positive trend reversal.

Why it matters:
This buying activity suggests that big investors are positioning themselves for upcoming events, such as Ethena’s fee-switch feature and the integration of USDe with TON’s large user base of 900 million people. However, technical indicators like RSI (Relative Strength Index) at 44 and MACD (Moving Average Convergence Divergence) are neutral, so confirmation of upward momentum is still needed. (Yahoo Finance)

Conclusion

Ethena (ENA) is currently caught between market-wide sell-offs driven by macroeconomic factors and growing interest from large investors. The upcoming token unlock will be a key test of how committed holders are. The future strength of ENA will depend on whether Ethena’s core features—like USDe’s $7 billion total value locked and its partnership with TON—can offset the pressure from rising borrowing costs in Japan.

What is expected in the development of ENA?

Ethena’s roadmap carefully balances short-term token releases with long-term plans to grow its ecosystem.

1. Token Unlock (December 2, 2025) – 94.19 million ENA tokens (worth about $26.87 million) will enter circulation.
2. Ethena Chain Development (2026) – Launch of financial apps using USDe as the transaction fee token.
3. Fee Switch Activation (Q1 2026) – Sharing protocol revenue with ENA holders.
4. USDe Ecosystem Growth – Expanding USDe’s use through partnerships, including integration with Telegram via TON.

Deep Dive

1. Token Unlock (December 2, 2025)

Overview:
On December 2, 2025, 94.19 million ENA tokens (about 1.27% of the total supply) will become available as part of a monthly release schedule lasting until April 2027. This comes after a recent increase in large holders acquiring more ENA (+2.84% last week), despite the token’s 40% drop over the past month.

What this means:
This unlock may create some short-term selling pressure as new token holders might sell their tokens. However, strategic buyers could absorb much of this supply. Past unlocks, like the $100 million release in August 2025, only caused a minor 1% price drop due to strong institutional demand (CoinMarketCap).

2. Ethena Chain Development (2026)

Overview:
The Ethena Chain is planned to host decentralized finance (DeFi) applications such as perpetual decentralized exchanges (DEXs) and undercollateralized lending platforms. These apps will use USDe as the gas (transaction fee) token, with security backed by restaked ENA tokens. Early test versions of the chain are expected in 2026 (Ethena Docs).

What this means:
This is a positive long-term development, as it increases the usefulness of ENA as both collateral and a governance token. However, there are risks since Ethena will compete with established platforms like Ethereum Layer 2 solutions and Solana.

3. Fee Switch Activation (Q1 2026)

Overview:
A governance proposal is planned to activate a “fee switch” that would allocate 10-20% of the protocol’s revenue (currently about $53 million per week) to ENA token stakers. This model is similar to Uniswap’s update in May 2025 (DeFiLlama).

What this means:
If approved, this could increase demand for ENA by providing holders with a share of the protocol’s income. However, there is a risk of short-term price drops, as seen when Uniswap’s fee switch caused an 18% decline after the vote.

4. USDe Ecosystem Growth

Overview:
Ethena is growing the USDe stablecoin ecosystem through partnerships like TON, which integrates USDe into Telegram, and Anchorage Digital, which supports regulatory compliance. USDe currently has a supply of $12.4 billion, with a goal to surpass USDC’s $28 billion market cap by 2026 (CoinGecko).

What this means:
This growth is positive for ENA because increased USDe adoption strengthens ENA’s role in governance and yield generation through sUSDe. However, regulatory developments could impact this progress.

Conclusion

Ethena’s success depends on managing token unlocks while building its blockchain infrastructure and implementing fee-sharing features. The December 2 unlock will test how committed holders are, but expanding USDe could help balance out any dilution. Institutional buying, like Mega Matrix’s recent $6 million purchase, may help offset selling pressure from retail investors.

What updates are there in the ENA code base?

Ethena’s code has been upgraded with new features that focus on earning opportunities and better compatibility across different blockchain networks.

1. Fee Switch Activation (September 15, 2025) – A new system approved by governance that lets ENA token holders earn a share of the protocol’s revenue.
2. Protocol Integration Adapters (October 31, 2025) – Updates that improve how rewards are distributed across multiple blockchains.
3. Minting Client Upgrade (November 27, 2025) – Enhancements to the process of creating and redeeming USDe, making it faster and more efficient.

Deep Dive

1. Fee Switch Activation (September 15, 2025)

Overview: Ethena’s Risk Committee set the rules for turning on a fee switch. This feature allows people who stake ENA tokens to receive part of the protocol’s income.

Before it goes live, the community must approve the final details through on-chain voting. The revenue comes from fees charged when minting USDe (Ethena’s stablecoin) and earnings from related financial products. The fee switch will activate only when the total USDe supply exceeds $6 billion and the system is integrated with four major exchanges.

What this means: This is positive news for ENA holders because it creates a direct financial benefit for staking tokens, encouraging more people to hold and stake ENA. This could increase demand for the token. (Source)

2. Protocol Integration Adapters (October 31, 2025)

Overview: Updates to the ethena_sats_adapters code make it easier to distribute rewards to users who stake USDe across different blockchain networks. For example, this helps protocols like Pendle, which offers fixed-yield pools on HyperEVM.

These adapters automatically calculate and allocate reward points for users, improving how well Ethena works with other blockchain systems.

What this means: This update mainly improves the overall usability of the Ethena ecosystem but doesn’t directly affect the value or economics of ENA tokens. However, as more people use USDe, it could indirectly increase demand for ENA. (Source)

3. Minting Client Upgrade (November 27, 2025)

Overview: The ethena-minting-client software, written in TypeScript, was improved to handle large volumes of USDe transactions more efficiently. This reduces delays during times of high market activity.

The upgrade includes batch processing that uses less gas (transaction fees) and better error handling when adjusting collateral.

What this means: This is good news for ENA because smoother and faster minting and redemption help keep USDe stable and scalable, reducing risks for users and the protocol. (Source)

Conclusion

Ethena’s latest updates focus on sharing revenue with token holders, improving cross-chain compatibility, and making core processes more efficient. These changes show a clear strategy aimed at long-term growth and building a robust infrastructure. The key question remains: will the new fee-sharing system be enough to balance out the selling pressure from token unlocks?

Why did the price of ENA fall?

Ethena (ENA) dropped 6.7% in the last 24 hours, underperforming the overall crypto market, which fell 4.74%. The main reasons behind this decline are:

1. Global economic shifts – The Bank of Japan’s unexpected interest rate hike caused investors to unwind yen-funded crypto trades (Blockworks).
2. Altcoin sell-off – A wave of $430 million in altcoin liquidations hit ENA hard, with a 16.11% drop in 24 hours (CoinGape).
3. Weaker USDe returns – The yield on sUSDe fell below that of USDC, making the protocol less attractive to investors (Blockworks).

Deep Dive

1. Yen Carry Trade Unwind (Negative Impact)

What happened:
On December 1, the Bank of Japan’s Governor Ueda hinted at raising interest rates, pushing 10-year Japanese government bond yields to 1.9%, the highest since 2008. This strengthened the yen, forcing hedge funds to close out $14.2 trillion worth of crypto positions funded by yen loans.

Why it matters:
Bitcoin fell 5% during Asian trading hours, pulling other cryptocurrencies down as well. Historically, when the Bank of Japan tightens monetary policy, crypto prices tend to drop. For example, a 0.25% rate hike in mid-2024 led to a 30% correction in Bitcoin. Ethena (ENA), which tends to be more volatile, experienced even larger swings.

What to watch: The Bank of Japan’s next rate decision on December 18-19.

2. Altcoin Liquidation Cascade (Negative Impact)

What happened:
On December 1, $646 million worth of crypto positions were liquidated, with ENA losing 16%. Traders reduced their exposure, causing open interest in ENA futures to fall by 10% (Yahoo Finance).

Why it matters:
Funding rates for major altcoins turned sharply negative (between -7% and -11%), indicating strong bearish sentiment. ENA’s trading volume jumped 116% to $272 million, a sign that many investors were selling off in panic.

3. USDe Yield Compression (Mixed Impact)

What happened:
The annual percentage yield (APY) on sUSDe dropped to 4.77%, falling below USDC’s 4.87%. This reduced Ethena’s advantage in offering higher returns. Additionally, the total value locked (TVL) in Pendle and Aave protocols dropped 94%, from $5.4 billion to $340 million (Blockworks).

Why it matters:
Lower yields make ENA’s staking features less appealing. However, large investors (whales) increased their ENA holdings by 2.84% last week, suggesting they are buying at lower prices (AMBCrypto).

Conclusion

Ethena’s recent price drop reflects broader economic shocks and weakness in altcoins. Still, on-chain data shows some investors are buying the dip.

Key levels to watch:

• Support at $0.23 (78.6% Fibonacci retracement of the 2025 rally).
• A break below $0.23 could push ENA down to the yearly low of $0.22.
• Reclaiming $0.26 (50% Fibonacci retracement) might signal a recovery.

Keep an eye on the Bank of Japan’s policy moves and USDe’s yield trends, as both will play a crucial role in ENA’s future performance.

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