Ethena increased 15% in the last 24 hours. The increase follows explosive demand for its stablecoin, USDe. After the recent surge, ENA now trades at more than $0.61, retaking crucial levels after aggressive selling put a damper on the market on Monday of this week.
USDe offerings on Ethereum rose 75% over the previous month. It now stands at $9.3 billion, leaping over FDUSD. Tether’s USDT and Circle’s USDC remain only ahead of it. The rapid spike validates rising demand for decentralized stablecoins across the entire DeFi ecosystem.
The surge has heightened user interest in the protocol of Ethena. Platform TVL has surged according to data provided by DefiLlama. The present position of Ethena as the sixth-largest Defi protocol by locked tokens of over $9.47 billion has been bolstered by yields offered as well as new integrations.
Massive USD inflows and fee spike in July
Ethena’s ecosystem saw massive USD inflows in July. Investments reached $2.96 billion, up from only $47 million in June. Platform fees for the month similarly spiked, to $36.5 million—virtually doubling from $19.96 million in June. It shows strong adoption as well as acceleration of user activity.
The synthetic dollar protocol is expanding its scope even more. It recently unveiled a USD-compliant stablecoin program. It comes after the passing of the GENIUS Act, which has inspired projects to create compliant DeFi infrastructure that suits evolving regulations within the U.S.
Ethena records 140% monthly rally with bullish sentiment
ENA rose 140% over the last month. Today’s 15% jump boosts the optimism amongst the traders. Monday volume rose 20%, hitting over $1.1 billion. It signifies strong bull validation, confirming the sustained rally of the token. Traders are looking at a near-term target of $0.70.
Bullish action exists, but caution prevails. If ENA cannot hold above current prices, a return to July lows may materialize. A drop below $0.24 might cause a steeper descent. Technical analysts point to possible losses as far as $0.07, according to a wedge pattern breakdown.
Rapid growth attracts aggressive Defi participants as well as hesitant stakers to Ethena. High returns continue to engage individuals, as integration strategies make it more user-friendly.
As the DeFi sector keeps growing exponentially, Ethena remains robust. Increased growth of combined USDe issuance, TVL, and ENA prices confirms such growth. Continued bullish performance remains conditional upon the overall market sentiment as well as the capacity of the project to continue gaining user confidence.
