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What is expected in the development of ENA?

Ethena’s roadmap is focused on growing its usefulness, improving security, and expanding its ecosystem. Here are the main upcoming milestones:

  1. Ethena Chain Launch (2026) – A new blockchain designed for decentralized finance (DeFi) apps, using USDe as the transaction fee token.
  2. Fee Switch Activation (Q1 2026) – A system to share protocol revenues with ENA token holders, decided by community governance.
  3. Restaking Expansion (Mid-2026) – Increasing security for cross-chain transfers by allowing tokens to be staked multiple times.

Deep Dive

1. Ethena Chain Launch (2026)

Overview:
According to Ethena’s 2024 roadmap, the Ethena Chain will focus on financial applications such as perpetual decentralized exchanges (DEXs), loans without full collateral, and complex financial products. USDe will be used to pay transaction fees, increasing its practical use.

What this means:
This development is positive for ENA because it could increase demand for USDe and expand Ethena’s presence in DeFi. However, delays in building the infrastructure or slow adoption could reduce the expected benefits.

2. Fee Switch Activation (Q1 2026)

Overview:
The Ethena Foundation plans to turn on a fee switch that will redirect some of the protocol’s earnings (like yield from USDe) back to ENA holders. The exact details will be decided through a governance vote (Binance Square).

What this means:
This is generally positive because sharing revenue can encourage people to hold ENA tokens longer. However, some holders might sell their tokens to take profits after activation, which could temporarily lower the price.

3. Restaking Expansion (Mid-2026)

Overview:
Ethena is testing restaking for $ENA and $sUSDe tokens using Symbiotic and LayerZero technologies to improve security for transfers between different blockchains. Future plans include adding support for more protocols like oracle networks and data availability layers (Mirror).

What this means:
This is a positive step because restaking can increase the usefulness and demand for ENA. However, there are risks such as potential bugs in smart contracts or low user adoption of these new features.

Conclusion

Ethena’s roadmap aims to boost the use of USDe, introduce revenue sharing for token holders, and strengthen security for cross-chain activities. Success will depend on meeting technical goals and keeping steady demand for its synthetic dollar. A key question remains: can ENA’s role as a “staking-as-security” token outperform competitors like EigenLayer and Lido?

{{technical_analysis_coin_candle_chart}}


What updates are there in the ENA code base?

Ethena’s latest updates focus on improving governance, staking options, and security across different blockchain networks.

  1. Restaked ENA Integration (October 2025) – Strengthens cross-chain security using LayerZero’s decentralized validator network.
  2. sENA Liquid Staking Launch (September 2025) – Introduces a new liquid staking token that works seamlessly with popular DeFi platforms.

In-Depth Look

1. Restaked ENA Integration (October 2025)

What’s new? Ethena teamed up with Symbiotic to allow ENA token holders to “restake” their tokens. This means ENA can now help secure transactions of USDe (Ethena’s stablecoin) across multiple blockchains using LayerZero’s decentralized system.

Instead of relying on a few centralized points to verify cross-chain transfers, this update spreads the responsibility across many independent validators. This makes the system safer and less prone to hacks or failures.

Why it matters:
This is a positive development for ENA holders. It not only adds more ways to use ENA beyond voting on governance but also encourages holding tokens longer by rewarding participation in securing cross-chain activity. Plus, it boosts the security of USDe on networks like Solana and Ethereum.

(Source)

2. sENA Liquid Staking Launch (September 2025)

What’s new? Ethena introduced sENA, a liquid staking token that replaces the older locked ENA. Unlike locked tokens, sENA can be used in decentralized finance (DeFi) apps such as Pendle and Aave while still earning staking rewards.

sENA holders also receive rewards from past and future airdrops automatically. There’s a simple migration tool that lets users convert locked ENA to sENA without waiting through cooldown periods.

Why it matters:
This change is generally good for ENA because it makes staking more flexible and increases token liquidity. However, it could also lead to some selling pressure if users decide to cash out their sENA. The system encourages staking by offering a 40x rewards boost during Season 3.

(Source)

Conclusion

Ethena’s recent improvements highlight a strong focus on making USDe a secure, multi-chain stablecoin while giving ENA holders more flexible staking options. The success of sENA will depend on continued interest in staking, and the adoption of LayerZero’s technology could help USDe grow as a leading synthetic dollar across blockchains.


Which wallet withdrew ENA from Bybit?

The wallet 0x631e, linked to Ethena Labs, recently withdrew ENA tokens from Bybit, according to a recent report (wallet 0x631e).

  1. This wallet pulled out an additional 25 million ENA (about $6 million) recently, continuing a clear pattern.
  2. Since November 7, total ENA withdrawals connected to this address have reached roughly 405.15 million ENA (around $96.8 million) from both Bybit and Coinbase Prime.

Deep Dive

1. Wallet Identification

The withdrawals came from wallet 0x631e, which is linked to Ethena Labs. The report specifically points to this address as the source of recent ENA token movements from Bybit, suggesting it’s involved in Ethena-related token management.

What this means: If you’re tracking ENA token flows, wallet 0x631e is a key address to watch for ongoing withdrawals from exchanges.

2. Scale and Pattern

The report highlights that the wallet recently withdrew 25 million ENA (about $6 million), adding to a total of approximately 405.15 million ENA (~$96.8 million) withdrawn since early November from Bybit and Coinbase Prime. This shows a consistent, large-scale transfer pattern rather than a one-time event, which could indicate treasury management or strategic repositioning.

What this means: Large, ongoing withdrawals reduce the amount of ENA available on exchanges, which can impact liquidity. It’s important to watch if these outflows slow down, change platforms, or move to known on-chain wallets to better understand the intent.

Conclusion

The ENA tokens withdrawn from Bybit were moved by the Ethena Labs–linked wallet 0x631e. Recent activity includes an additional 25 million ENA withdrawal, bringing total outflows close to 405 million ENA since early November. This steady movement suggests Ethena Labs is consolidating tokens off exchanges strategically. For those monitoring market impact, keep an eye on whether these transfers continue and where the tokens end up, as this affects exchange liquidity and potential market behavior.


What could affect the price of ENA?

Ethena’s price is caught between exciting new technology and challenges with its stablecoin gaining traction.

  1. Restaking & Ethena Chain – New ways to use $ENA through Symbiotic restaking offer up to 30 times the usual rewards, which could reduce the number of coins available for trading.
  2. USDe Stablecoin Shrinks – The supply of USDe dropped by 24% in November 2025, putting pressure on the fees that support the project.
  3. Market Risks – Fluctuations in the Japanese yen and overall fear in the crypto market add to the downside risks.

Deep Dive

1. Restaking & Ecosystem Growth (Positive for $ENA)

Ethena has introduced a new feature called generalized restaking for $ENA through a platform called Symbiotic. This offers very high rewards—up to 30 times normal rates—for helping secure USDe transfers across different blockchains. So far, about 450 million $ENA tokens (around 6% of all $ENA) are locked up this way. There are plans to expand these uses to areas like decentralized exchanges and lending on the upcoming Ethena Chain (Ethena Docs).

What this means: Locking up more $ENA reduces how many tokens are available to buy or sell, which can support the price. Plus, the high rewards (up to 600% annual percentage rate on MEXC exchange) might attract more investors. However, many large holders (top 2,000 wallets) have tokens that will become available by March 2026, which could increase supply and lower prices.

2. USDe Stablecoin Shrinking (Negative for $ENA)

USDe, Ethena’s stablecoin, saw its market value fall from $14.8 billion to $7.1 billion in November 2025. This happened because the returns on USDe dropped (6.5% APY compared to 4.87% for USDC, a major stablecoin) and a problem with Binance caused some users to lose confidence. Since the project’s revenue depends on fees generated by USDe, this decline hurts the overall ecosystem (CoinGecko).

What this means: If fewer people use USDe, the fees that help support $ENA’s value decrease. The $2.2 billion outflow in November signals that users are losing trust in this synthetic dollar.

3. Market Conditions & Sentiment (Mixed Effects)

Japan’s possible interest rate increases strengthened the yen, which puts pressure on crypto investments that rely on borrowing cheap yen (carry trades). The Crypto Fear & Greed Index is low (22 out of 100), indicating caution among investors, and Bitcoin’s dominance is high (58.93%), suggesting people prefer safer crypto assets. However, new investment products like 21Shares’ EENA exchange-traded product (ETP) helped push $ENA’s price up 18% on December 3 (Coinspeaker).

What this means: $ENA is still vulnerable to big sell-offs like the $19 billion liquidations seen in October. But regulated products like ETPs could bring in new investors and balance out some of the selling pressure.

Conclusion

Ethena’s price depends on whether USDe can regain user trust and grow, while also benefiting from new restaking opportunities. In the short term, watch the $0.238 price level (the low from June 2025); if it breaks, the next target could be $0.18. Looking ahead, the launch of Ethena Chain in early 2026 and adoption of BTC ETF-like products could be major factors.

Key question: Will USDe stop losing supply before the next $50 million token unlock on December 5?


What is the latest news about ENA?

Ethena is making moves by launching new products for institutional investors while facing challenges with its stablecoin. Here’s a quick summary of the latest updates:

  1. 21Shares Launches ENA ETP (December 3, 2025) – ENA’s price jumped 18% as Europe gains regulated access to the token.
  2. USDe Stablecoin Supply Drops 24% (December 3, 2025) – The supply of Ethena’s stablecoin USDe shrinks, signaling a shift toward more traditional, fiat-backed stablecoins.
  3. Terminal Finance Shuts Down (December 2, 2025) – Delays with Ethena’s Converge blockchain have caused this DeFi project to close, impacting the ecosystem.

Deep Dive

1. 21Shares Launches ENA ETP (December 3, 2025)

What happened: 21Shares introduced two new exchange-traded products (ETPs) backed by actual tokens, including Ethena’s ENA, on major European stock exchanges like the SIX Swiss Exchange. ENA’s price rose to $0.2802, an 18% increase, with trading volume doubling to $367 million. However, this is still far below its all-time high of $1.52. These ETPs are designed to give traditional investors access to DeFi-like returns, such as those from Ethena’s USDe stablecoin.

Why it matters: This launch is positive for ENA because it increases demand from institutional investors and locks some tokens into the ETPs, reducing circulating supply. On the downside, the 2.5% management fee might discourage everyday investors from using these ETPs instead of directly participating in DeFi. (Coinspeaker)

2. USDe Stablecoin Supply Drops 24% (December 3, 2025)

What happened: The supply of Ethena’s USDe stablecoin fell by $2.2 billion in November, dropping to $7.1 billion as users redeemed their tokens. Meanwhile, other stablecoins like Tether’s USDT and PayPal’s PYUSD grew by $1.3 billion and $1 billion, respectively. USDe also briefly lost its peg to the US dollar in October, falling to $0.65 due to a technical issue with Binance’s price data.

Why it matters: This decline shows short-term concerns about algorithmic stablecoins like USDe, especially after market volatility in October. However, Ethena’s strategy of offering around 9% annual yield on sUSDe (a yield-bearing version of USDe) could help regain user interest if the crypto market stabilizes and volatility returns. (CoinMarketCap)

3. Terminal Finance Shuts Down (December 2, 2025)

What happened: Terminal Finance, a decentralized finance (DeFi) project, canceled its launch because Ethena’s Converge blockchain—a Layer 1 network aimed at institutional users—has been delayed with no clear timeline for going live. This left over $10 million in deposits stuck.

Why it matters: This event doesn’t directly affect ENA’s core protocol but highlights risks in Ethena’s broader ecosystem. Delays in infrastructure like Converge could slow down the development of third-party applications that rely on it. (The Defiant)

Conclusion

Ethena is navigating a mixed landscape: institutional interest is growing thanks to new ETPs, but challenges remain with stablecoin outflows and infrastructure delays. With USDe’s yield model under pressure and Bitcoin holding 59% market dominance, it’s important to watch if ENA’s institutional adoption can make up for shrinking demand in DeFi. The key question is whether Ethena can turn Converge’s delays into faster integration and growth for USDe.


What are people saying about ENA?

Ethena’s ENA coin is showing mixed signals—big investors are making bold moves, but concerns around USDe, a related stablecoin, are causing some worry. Here’s what’s happening:

  1. Positive boost from new ETP – 21Shares launched an ETP, pushing ENA’s price up 18%.
  2. Stablecoin troubles – USDe’s supply dropped 24% amid fears it’s losing its peg.
  3. Technical red flags – A “death cross” pattern suggests ENA could fall to $0.14.

Deep Dive

1. @21Shares: New ETP Launch Sparks Optimism 🚀

“21Shares Ethena ETP (EENA) started trading on European exchanges, lifting ENA’s price 18% to $0.28.”
– 21Shares (Global ETP issuer · 12/3/2025)
View original post
What this means: This is good news for ENA because it makes the coin more accessible to institutional investors. However, the 2.5% management fee might make casual investors hesitant in the short term.

2. @CoinGecko: USDe Stablecoin Shrinks, Raising Concerns 🚨

USDe’s market value fell 24% in November, dropping from $9.3 billion to $7.1 billion after Binance’s USDe lost its peg to $0.65 in October.
– CoinGecko (Data tracker · 12/3/2025)
View analysis
What this means: This is a negative sign for ENA because the protocol’s earnings depend on USDe’s use. A shrinking supply suggests people are losing trust in USDe’s model.

3. @AMBCrypto: Technical Indicators Signal Trouble 📉

“ENA’s ‘death cross’—when the 20-day moving average falls below the 50-day—could lead to a drop to $0.14 if the $0.238 support level breaks.”
– AMBCrypto (Analysis outlet · 12/2/2025)
View report
What this means: This is a cautious to negative sign. The price is currently at a key support level from June 2025, but weak momentum indicators suggest sellers might take control.

Conclusion

The outlook for ENA is mixed. On one hand, institutional interest through the new ETP is encouraging. On the other, USDe’s instability and warning signs from price charts are cause for concern. Keep an eye on the $0.238 support level and USDe’s supply this week—if support breaks, it could trigger more sell-offs. If things hold steady, it might help restore confidence in the “synthetic dollar” concept.


Why did the price of ENA go up?

Ethena (ENA) surged 14.8% in the last 24 hours, outperforming the overall crypto market, which rose 4.55%. This growth was driven by three main factors: the launch of a new institutional exchange-traded product (ETP), improvements from an Ethereum network upgrade, and positive technical signals in the price chart.

  1. ETP Launch (Positive Impact) – 21Shares introduced Europe’s first Ethena ETP, making it easier for institutional investors to access ENA.
  2. Ethereum Upgrade (Positive Impact) – The Fusaka upgrade lowered transaction fees on Ethereum’s Layer 2 networks, benefiting Ethena’s operations.
  3. Technical Rebound (Mixed Impact) – ENA’s price bounced off strong support levels, supported by bullish indicators like MACD and RSI.

Deep Dive

1. Institutional ETP Launch (Positive Impact)

Overview: On December 3, 21Shares listed the Ethena ETP (EENA) on the SIX Swiss Exchange and Euronext. This product allows European investors to gain regulated exposure to ENA. This move follows Ethena’s recent efforts to integrate the USDe stablecoin and improve transparency.

Why it matters:

What to watch:

2. Ethereum’s Fusaka Upgrade (Positive Impact)

Overview: The Fusaka upgrade, launched on December 3, introduced a feature called peer data sampling, which cut transaction fees on Ethereum’s Layer 2 networks by 40–60%. Ethena uses Ethereum for its synthetic dollar (USDe) and yield strategies.

Why it matters:

3. Technical Breakout Signals (Mixed Impact)

Overview: ENA’s price bounced from a strong support zone between $0.20 and $0.25 and moved above its 7-day simple moving average (SMA) at $0.272. The MACD indicator turned positive (+0.0065), and the RSI at 43.48 suggests there’s room for further upward movement.

Why it matters:

What to watch:

Conclusion

ENA’s recent price increase is driven by growing institutional interest through the new ETP, Ethereum’s network upgrades that reduce costs, and positive technical momentum. However, caution is advised due to a recent 24% reduction in USDe supply and high market fear levels (Fear & Greed Index at 22).

Key question: Will ENA sustain its gains above $0.30 and benefit from increased ETP investment, or will profit-taking cause a pullback?