Ethena

24h change: -3.76%. From $0.0997 to $0.0959.

• The Ethena Risk Committee confirmed that preset parameters have been met, including USDe supply targets, cumulative protocol revenue above $250 million, and sufficient exchange integrations. This advances the protocol toward a governance vote on activating the fee switch. If passed, a portion of revenue would support open-market ENA buybacks and yield distributions to sENA stakers. The move aims to tie protocol growth more directly to token utility and value accrual for holders.
• Ethena has adjusted its reserve strategy with roughly 48 percent in DeFi lending, 53 percent in liquid stablecoins, and minimal derivatives exposure. This change prioritizes stability and has coincided with sUSDe APY around 4 percent. Reserves stand at approximately $4.51 billion with a backing ratio above 101 percent. Partners including Chainlink, Chaos Labs, and Kraken support ongoing transparency and risk management.
• Ethena launched its ENA governance token on Solana in mid-May through a partnership with Sunrise DeFi. The move seeks to attract new users and liquidity to the ecosystem. It forms part of broader multichain efforts for USDe and related products. Network activity has reached a 90-day high around the same period, supported by institutional interest such as Grayscale's DeFi fund allocation.