What is expected in the development of ENA?

Ethena’s roadmap is focused on growing its usefulness, improving security, and connecting more with other platforms.

1. Fee Switch Activation (Q1 2026) – ENA token holders who stake their tokens will start earning a share of the protocol’s revenue.
2. Ethena Chain Development (2026) – Launch a new blockchain for financial apps that use USDe as the transaction fee currency.
3. Restaking Expansion (Ongoing) – Increase security for cross-chain transfers by allowing ENA tokens to be restaked through Symbiotic.

In-Depth Look

1. Fee Switch Activation (Q1 2026)

What it is:
In November 2025, Ethena’s community approved a “fee switch” that will send part of the protocol’s earnings (from USDe and sUSDe yield) directly to people who stake ENA tokens. This connects staking rewards to the actual profits the protocol makes.

Why it matters:
This is good news for ENA holders because it creates a cycle where more protocol revenue means higher staking rewards, encouraging people to hold onto their tokens longer. However, the rollout could be delayed, or rewards might be smaller if USDe doesn’t grow as expected.

2. Ethena Chain Development (2026)

What it is:
Ethena plans to build its own blockchain dedicated to decentralized finance (DeFi) apps, like perpetual decentralized exchanges (DEXs) and loans without full collateral. This chain will use USDe as the “gas” token, which pays for transaction fees. ENA tokens that are restaked will help secure important parts of the network, such as price oracles and bridges that connect different blockchains.

Why it matters:
This move could make USDe a key building block in DeFi and increase the usefulness of ENA tokens. On the downside, technical challenges or competition from other popular blockchains could slow progress.

3. Restaking Expansion (Ongoing)

What it is:
Ethena is working with EigenLayer’s network to improve security for USDe transfers across different blockchains using Symbiotic. People who stake ENA tokens can earn rewards in ENA, Symbiotic points, and possibly free tokens from partner projects like LayerZero.

Why it matters:
This is somewhat positive because it increases demand for ENA tokens. But it depends on ongoing activity in partner networks, and there’s a risk that mistakes in cross-chain transfers could hurt confidence temporarily.

Conclusion

Ethena’s roadmap aims to turn ENA into a token that generates real income through the fee switch and to make USDe a more important player in decentralized finance with the new Ethena Chain. While there are risks in delivering these plans, success could establish Ethena as a leader in synthetic dollar technology. The big question remains: Will the fee switch trigger a supply squeeze as more stakers lock up their tokens?

What updates are there in the ENA code base?

Ethena’s latest updates focus on increasing the usefulness of $ENA by introducing restaking options and better aligning the ecosystem.

1. Generalized Restaking Launch (June 26, 2025) – Users can now stake $ENA to help secure cross-chain transactions through LayerZero integration.
2. Vesting Lock Requirements (June 17, 2025) – To claim unvested airdropped $ENA, users must lock 50% of their tokens, reducing quick sell-offs.

Deep Dive

1. Generalized Restaking Launch (June 26, 2025)

Overview:
Ethena now allows staking of $ENA and $sUSDe tokens in Symbiotic pools. This helps secure USDe transfers across different blockchains using LayerZero’s DVN network. Essentially, this update connects $ENA’s value directly to the security of the entire ecosystem.

What this means:
This is good news for $ENA holders because it encourages holding tokens longer. Staking rewards are tied to the network’s security and future airdrops. Users can earn 30 times more Ethena rewards, plus points in Symbiotic/Mellow programs, and benefit from LayerZero incentives. By staking, users help reduce selling pressure and expand $ENA’s role beyond just voting rights.
(Source)

2. Vesting Lock Requirements (June 17, 2025)

Overview:
Ethena requires that 50% of newly vested $ENA tokens from airdrops be locked in staking pools like Ethena Lock, Pendle PT-ENA, or Symbiotic. This rule aims to discourage quick selling after receiving tokens.

What this means:
This change is mostly positive for $ENA because it lowers the chance of immediate sell-offs from airdrop recipients. However, some users might be unhappy about having to lock their tokens. If users don’t lock their unvested $ENA, those tokens are redistributed to users who follow the rules, encouraging everyone to support the ecosystem’s growth.

Conclusion

Ethena’s updates are designed to make $ENA more useful by adding restaking features and discouraging short-term selling. These changes help align incentives for long-term holders. The key question is whether the new LayerZero integration and staking rewards will be enough to counteract broader market challenges affecting $ENA’s price.

Why did the price of ENA fall?

Ethena (ENA) dropped 2.87% in the last 24 hours to $0.263, underperforming the overall crypto market, which fell only 0.22%. This decline is linked to negative market trends, cautious investor sentiment, and challenges specific to its sector.

1. Market-wide caution following weaker-than-expected U.S. inflation data
2. Technical resistance just below important moving average price levels
3. Stablecoin shrinkage – USDe supply has decreased by 24% since October

Deep Dive

1. Market Caution After U.S. Inflation Data (Negative Impact)

On December 5, U.S. core PCE inflation data came in lower than expected, causing the crypto market to drop about 3.5%. On that day, ENA’s price fell sharply by 10.4% (The Defiant). The Fear & Greed Index, which measures market sentiment, was at 21, indicating "Extreme Fear." During this time, investors preferred Bitcoin (BTC), which increased its market dominance to 58.68%, over smaller coins like ENA.

What this means: ENA is considered a high-risk asset, so it tends to fall more during times when investors are avoiding risk. Its price movement is closely linked to Bitcoin (with a 30-day correlation of 0.78), but smaller coins like ENA often react more slowly during sudden changes in market mood.

2. Technical Analysis (Mixed Signals)

ENA is currently trading below its 7-day simple moving average (SMA) of $0.271 and its 30-day SMA of $0.2807. The Relative Strength Index (RSI) over 14 days is at 42.59, which means it is not yet oversold. The MACD histogram is slightly positive (+0.0069), suggesting there might be a chance for the price momentum to turn upward.

Key levels to watch: If ENA closes above $0.275, it could break the current downward trend. On the downside, the $0.252 level, based on Fibonacci retracement, is an important support point.

3. Concerns Over USDe Stablecoin (Negative Impact)

Ethena’s synthetic stablecoin, USDe, saw its supply shrink by 24% in November, dropping from $9.3 billion to $7.1 billion in market value after a depeg event in October. This has raised concerns about whether the protocol’s delta-neutral model (designed to keep the stablecoin’s value steady) can hold up long-term (CoinJournal).

What to watch: On December 6, Ethena plans to integrate with Hyperliquid. If this partnership succeeds, it could increase the usefulness of USDe and boost demand for ENA.

Conclusion

ENA’s recent price drop reflects broader market caution, technical selling pressure, and specific doubts about its protocol. Although large investors continue to accumulate ENA (with 17.76 million tokens bought on November 28), the token needs clear positive developments around USDe to change the current negative sentiment.

Key question: Can ENA maintain support at $0.25 while Bitcoin’s dominance remains high?

What could affect the price of ENA?

Ethena’s price is caught between exciting new developments in its ecosystem and broader market challenges.

1. Restaking & Chain Launch – New features like restaking and the upcoming Ethena Chain could increase demand for ENA (positive outlook).
2. USDe Stability Risks – Dependence on complex financial tools and competition from other stablecoins create risks for adoption (negative outlook).
3. Market Sentiment – Weakness in alternative cryptocurrencies and a cautious crypto market limit momentum (mixed outlook).

Deep Dive

1. Restaking & Ethena Chain Integration (Positive Impact)

Overview:
In June 2025, Ethena introduced a feature called generalized restaking for ENA and USDe through partnerships with Symbiotic and LayerZero. This allows users to earn rewards, including up to 30 times ENA multipliers, points, and eligibility for airdrops. The upcoming Ethena Chain plans to use USDe as its transaction fee currency and will support decentralized finance (DeFi) applications like perpetual decentralized exchanges (perp DEXs) and lending platforms that don’t require full collateral. This expands how ENA can be used.

What this means:
Restaking locks up a significant amount of ENA tokens (290 million already locked), reducing supply available for trading. The new chain could encourage more users and developers to join the network. If USDe’s supply grows alongside these developments (currently at $3 billion), demand for ENA as a governance and security token may increase.

2. USDe Adoption & Competitive Pressures (Mixed Impact)

Overview:
USDe has quickly grown to a $3 billion supply, making it one of the fastest-growing stablecoins. However, its delta-neutral model—a complex financial strategy designed to keep its value stable—has raised concerns. It faces stiff competition from established stablecoins like MakerDAO’s DAI and fiat-backed coins such as USDT and USDC. In October 2025, USDe briefly dropped to $0.65, showing potential risks in its stability.

What this means:
The success of USDe is crucial for ENA’s value. While partnerships with platforms like Bybit and Hyperliquid that use USDe in derivatives trading support a positive outlook, any loss of confidence in USDe’s price stability could lead to rapid sell-offs affecting ENA.

3. Market Sentiment & Token Unlocks (Negative Risk)

Overview:
The crypto market is currently in a state of “Extreme Fear,” with the Fear & Greed Index at 21. Bitcoin dominates 58.7% of the market, which puts pressure on alternative coins like ENA. Additionally, ENA faces significant token unlocks—$106 million worth monthly—that increase selling pressure. For example, 40 million tokens (valued at $12 million) were released into the market on December 5, 2025 (The Defiant).

What this means:
If the overall crypto market recovers, ENA could benefit. However, ongoing cautious sentiment and large token unlocks may keep prices under pressure. ENA’s 64% drop from its all-time high in 2024 reflects these broader challenges.

Conclusion

ENA’s price depends heavily on how well USDe holds up, the adoption of Ethena Chain, and the overall appetite for risk in the crypto market. Keep an eye on USDe’s supply growth (aiming for $5 billion or more) and Bitcoin’s market dominance for clues on where ENA might head. The key question remains: Can ENA’s restaking features balance out the selling pressure from token unlocks in a market dominated by fear?

What are people saying about ENA?

The Ethena (ENA) community is divided between cautious optimism and some skepticism. Here’s the latest:

1. Positive outlook on the growth of USDe and increasing interest from big institutions
2. Concerns about technical hurdles and risks related to liquidity
3. Waiting for clarity as traders watch the $0.40 price level for a clear direction

In-Depth Look

1. @Nicat_eth: Interest in Synthetic Dollars is Cooling (bearish)

“ENA is dropping further due to money leaving the market and a cautious overall mood… also facing pressure from changing funding rates and competition from Maker and UXD.”
– @Nicat_eth (7.5K followers · 12/1/2025 8:57 PM UTC)
View original post
What this means: This is a negative sign for ENA because less demand for USDe and more competition could hurt its main way of making money.

2. @CryptoStreamHub: Strong Fundamentals Cannot Be Ignored (bullish)

“$53 million in weekly revenue (+40% growth in USDe supply year-over-year), upcoming fee changes, and investment flows linked to Nasdaq.”
– @CryptoStreamHub (72.3K followers · 9/2/2025 8:15 AM UTC)
View original post
What this means: Positive for ENA because its revenue-sharing model and growing use by institutions could increase the token’s value and usefulness.

3. @MisterSpread: Key Resistance at $0.51 Holds (neutral)

“The $0.51 price level has shifted from a buying zone to a selling zone… need daily closes above $0.65 to turn bullish.”
– @MisterSpread (67K followers · 10/22/2025 1:41 PM UTC)
View original post
What this means: Neutral stance until ENA breaks important price levels, as the price is currently moving within a range without a clear trend.

4. 21Shares: New ETP Launch Improves Institutional Access (bullish)

21Shares launched the Ethena ETP (EENA) on 12/3/2025, which should increase liquidity and attract long-term investors.
– 21Shares (12/3/2025 1:18 PM UTC)
View article
What this means: Positive for ENA because this regulated product could help stabilize demand, especially when retail investors are more volatile.

Conclusion

The overall view on ENA is mixed. On one hand, USDe’s supply has grown to $12.4 billion, showing strong adoption. On the other hand, technical resistance and cautious market sentiment create uncertainty. Keep an eye on the $0.40 price level—a clear move above this could confirm a bullish trend, while falling below might test lows near $0.23. For now, Ethena’s synthetic dollar system is running smoothly, but expanding across different blockchains will be key to its future success.

What is the latest news about ENA?

Ethena is making moves with new partnerships and showing signs of a possible market rebound. Here’s what’s happening:

1. Stablecoin Rewards with Anchorage (December 4, 2025) – Ethena teamed up with Anchorage Digital to offer rewards for holders of USDtb and USDe, focusing on institutional investors.
2. Whale Buys $35.7M in ENA (December 5, 2025) – A large investor bought a significant amount of ENA during a market dip.
3. Signs of Recovery (December 6, 2025) – Technical indicators suggest ENA might be bouncing back after being oversold.

In-Depth Look

1. Stablecoin Rewards with Anchorage (December 4, 2025)

Ethena partnered with Anchorage Digital to provide rewards directly on their platform for people holding USDtb (a stablecoin backed by Tether) and USDe (Ethena’s own synthetic dollar). This offer is mainly aimed at big investors like institutions. The market value of USDtb dropped by 22% after this news, but ENA’s price went up by 6%, reaching $0.289.

Why it matters: This partnership helps Ethena gain trust from regulators and attract institutional investors. However, it also shows the challenge Ethena faces competing with well-established stablecoins. (Coinspeaker)

2. Whale Buys $35.7M in ENA (December 5, 2025)

A “whale” — a term for a large investor — purchased $35.7 million worth of altcoins, including Ethena’s ENA, during a market downturn. These buys covered various types of tokens related to decentralized finance (DeFi), staking, and data oracles, showing confidence in ENA’s future.

Why it matters: When big investors accumulate tokens, it often leads to short-term price increases. Still, whether the price holds depends on the overall market conditions. (CoinMarketCap)

3. Signs of Recovery (December 6, 2025)

Technical analysts noticed that ENA’s Relative Strength Index (RSI) was very low, indicating it was oversold. They also saw patterns suggesting the price was stabilizing at long-term support levels. After dropping 10.4% on December 5, ENA’s price bounced back 6%.

Why it matters: These technical signals point to a possible short-term recovery. However, ENA has still lost 53% of its value over the past 60 days, partly because the supply of USDe has shrunk by 24% in November, which adds risk. (CryptoNewsLand)

Conclusion

Ethena’s new partnerships and interest from large investors help balance out some of the technical weaknesses. Still, growing adoption of USDe is key. The big question is whether upcoming updates can help Ethena’s synthetic dollar hold its ground against increasing competition from other stablecoins.

Who expanded ENA partnership with Anchorage?

Ethena (ENA) has expanded its partnership with Anchorage Digital to offer rewards directly within the platform for holders of USDe and USDtb stablecoins. This update was confirmed in an Ethena Labs post.

1. Rewards are available without the need to stake or lock up your coins, according to the announcement.
2. Anchorage provides federally chartered, compliant infrastructure designed for institutional users, as noted in the post.

Deep Dive

1. Expanded Partnership

Ethena Labs announced that it has “expanded our partnership with Anchorage to bring in-platform rewards to USDtb and USDe holders.” Importantly, there is no requirement to stake or lock up your coins, making it easier for institutions and individual holders to earn rewards through Anchorage’s platform, as detailed in the Ethena Labs announcement.

• Media outlets have reported on this update, highlighting the in-platform rewards and describing Anchorage as the platform enabling these benefits for USDe and USDtb holders, according to a Coinspeaker report.

What this means: If you hold USDe or USDtb through Anchorage’s platform, you can earn rewards without locking up your funds. This simplifies participation for institutions and could encourage more users to engage with these stablecoins.

2. Why It Matters

Anchorage is a federally chartered crypto bank, which means it operates under strict regulatory standards to provide secure and compliant services for institutions. Ethena’s announcement highlights Anchorage’s regulated status, emphasizing the compliance aspect for earning rewards on both USDe and USDtb, as explained in the announcement.

• This institutional focus suggests Ethena’s USD stablecoin products are aligning with regulated financial systems to attract more institutional users, a point also noted in the Coinspeaker coverage.

What this means: The regulatory compliance provided by Anchorage could make it easier for larger institutions to participate in earning rewards with USDe and USDtb. This may help increase liquidity and stability within Ethena’s ecosystem.

Conclusion

Ethena Labs is expanding its partnership with Anchorage to offer in-platform rewards for USDe and USDtb holders. The no-lockup, institution-friendly design aims to boost participation from regulated entities, supporting Ethena’s goal of combining blockchain-based products with compliant financial infrastructure.