TLDR: ENA rallied 277% from its July low, trading above key moving averages near $0.30 resistance. Roughly $90 million in ENA was newly staked, pushing total locked supply near $1.26 billion. Ethena partners with Binance to extend its basis trade strategy into equity perpetuals markets. A new governance proposal could direct up to 95% of [...] The post ENA Eyes $0.30 Breakout Amid Binance Partnership and New Buyback Proposal appeared first on Blockonomi. TLDR: ENA rallied 277% from its July low, trading above key moving averages near $0.30 resistance. Roughly $90 million in ENA was newly staked, pushing total locked supply near $1.26 billion. Ethena partners with Binance to extend its basis trade strategy into equity perpetuals markets. A new governance proposal could direct up to 95% of protocol revenue toward ENA buybacks. Ethena’s ENA token climbed to $0.269, marking a 277% increase from its July 1 low of $0.071. The token trades above both its 7-day and 30-day moving averages, a bullish technical signal. ENA gained 31.6% over the past week alone. Stablecoin market capitalization tied to the protocol rose by $35.8 million in a single day. Traders now watch the $0.30 resistance level as a potential turning point for Ethena’s next price move. Staking Growth Signals Rising Confidence in ENA Roughly $90 million worth of ENA was newly staked over the recent period, according to data shared by 10x Research. This pushed the total locked supply of the token to nearly $1.26 billion. ENA is at $0.269, up 277% from its $0.071 low on Jul 1. What is going on? *** Ethena (ENA-USDT is above the 7-day moving average -> bullish, and is above the 30-day moving average -> bullish, with 1 week change of +31.6%) *** Adding $35.8 million in stablecoin market cap in a… pic.twitter.com/vIifRa7XHl — 10x Research (@10xResearch) September 26, 2026 The increase in staked supply suggests holders are choosing to lock tokens rather than sell into the rally. A growing staked base can reduce circulating supply available for trading. This dynamic often supports price stability during periods of heightened volatility. Binance Wallet also introduced a new incentive tied to Ethena’s stablecoin, USDe. Through its Hold to Earn program, users can now access up to 4.75% annual percentage yield simply by holding USDe. The offering gives everyday Binance users a direct incentive to hold the stablecoin. This expands USDe distribution beyond DeFi-native audiences into the broader retail base. Separately, Ethena’s community is reviewing a major governance proposal. The proposal calls for a fee switch that would direct up to 95% of net protocol revenues toward ENA token buybacks. If approved, the mechanism would tie protocol earnings more directly to token holders. Buyback programs of this kind have historically supported token valuations across the sector. Binance Partnership Expands Collateral Reach for USDe Ethena announced a partnership with Binance to extend its basis trade strategy into equity perpetuals. The move represents one of the biggest updates to USDe’s collateral backing since the stablecoin launched. Ethena stated the partnership expands its addressable collateral market from roughly $2.5 trillion in crypto assets to more than $150 trillion in real-world assets. This shift opens the door to a substantially larger pool of backing assets. Ethena is partnering with @Binance as our first venue for the extension of the basis trade into equity perpetuals, one of the most exciting updates to the USDe collateral backing since launch. This expands the addressable market of underlying collateral from $2.5 trillion of… pic.twitter.com/be4Mz7XHk1 — Ethena (@ethena) September 25, 2026 Under the arrangement, bStocks will function as tokenized spot collateral. These positions will be hedged using Binance’s USDT-denominated equity perpetual contracts. Ethena described this as the same delta-neutral structure it has used across crypto assets since inception. Binance is also providing lower auto-deleveraging priority for eligible delta-neutral accounts, including Ethena’s own positions, adding a layer of risk mitigation for USDe holders. Binance’s equity basis has averaged more than 11% annualized over the past six months. Open interest in that market has grown by roughly 30% per month over the last three months. Ethena expects the equity perpetuals opportunity to eventually surpass the $15 billion in crypto perpetuals it captured during the previous market cycle. Allocations under the new partnership began immediately following the announcement. Analysts Eye $0.30 as the Next Key Price Level Independent analyst Giannis Andreou described $0.30 as a decisive level for ENA’s next directional move. The token was trading just below that resistance following its recent rally. Andreou noted that a confirmed break and hold above $0.30 would strengthen the bullish case for further gains. He pointed to $0.36 as the next potential target if that breakout materializes. $ENA IS AT A MAJOR DECISION POINT$ENA is now trading right below the $0.30 resistance after a strong move higher. For me, this level decides the next big move. If ENA breaks $0.30 and holds above it, I see a higher-probability path toward $0.36 first, with room for much… pic.twitter.com/BzKY7QK79a — Giannis Andreou (@gandreou007) September 26, 2026 Andreou placed roughly 70% probability on the bullish breakout scenario continuing to play out. He said momentum could carry ENA well beyond the $0.36 mark if buying pressure persists. Sustained volume above resistance would likely be needed to confirm this path. On the other hand, Andreou assigned about 30% probability to a deeper correction. He identified $0.263 as the key support level to watch on the downside. A drop below that threshold would weaken the current setup and open room for a more pronounced pullback in ENA’s price. The post ENA Eyes $0.30 Breakout Amid Binance Partnership and New Buyback Proposal appeared first on Blockonomi.

Ethena's shift from token incentives to organic growth challenges its stablecoin's sustainability, impacting investor confidence and market dynamics. The post Ethena ends token incentives for USDe after 85% decline in rewards appeared first on Crypto Briefing.

Ethena USDe (USDE) traded 0% lower against the US dollar during the 1-day period ending at 7:00 AM E.T. on September 5th. During the last seven days, Ethena USDe has traded down 0% against the US dollar. One Ethena USDe token can now be bought for about $1.00 or 0.00001255 BTC on major exchanges. Ethena […]

Ethena (ENA) rallies 68% in 30 days following Ethena Pay launch on Avalanche offering 6% yields and a proposed 95% revenue buyback program. The post Ethena (ENA) Surges 68% Following Avalanche-Based Payment App Launch appeared first on Blockonomi. Key Highlights Ethena Pay, a self-custody financial application powered by Avalanche, has entered beta testing in 48 nations worldwide. Users can earn annual percentage yields reaching 6% on USDe holdings and receive cashback rewards up to 10% from participating merchants like Uber and Spotify. The ENA governance token has appreciated approximately 68% during the last 30 days, currently trading around $0.16. A governance proposal from the Ethena Foundation suggests allocating 95% of net protocol revenue to ENA token buybacks after USDe supply crosses $7.5 billion. Following the buyback announcement, ENA jumped over 10% and registered approximately $595 million in daily trading activity. Ethena Labs has officially released the beta version of Ethena Pay, an innovative financial application operating on the Avalanche blockchain. The platform is currently accessible in 48 nations, spanning regions including Brazil, Mexico, Kenya, Singapore, and Australia. Introducing @EthenaPay: the internet money neobank. →Card spend cashback at 5.0%→Best-in-class 6.0% dollar savings rate→Borderless, free, instant global money transfers→Free global onramps in USD, GBP, EUR and local FX→Multi-currency high-rewards savings accounts in…

Cryptocurrency company Ethena has launched what it calls an “internet money neobank” called Ethena Pay. The new offering, which went live Tuesday (Sept. 1), includes card spending, dollar saving, international transfers and “Buy Now Pay Never where your savings rewards covers daily expenses,” as Ethena put it in its announcement. “The roll-out will be phased with an initial […] The post Ethena Debuts Crypto-Centric Neobank Ethena Pay appeared first on PYMNTS.com. Cryptocurrency company Ethena has launched what it calls an “internet money neobank” called Ethena Pay. The new offering, which went live Tuesday (Sept. 1), includes card spending, dollar saving, international transfers and “Buy Now Pay Never where your savings rewards covers daily expenses,” as Ethena put it in its announcement. “The roll-out will be phased with an initial early access list of 400 users which will be increased weekly within supported regions as the product moves out of beta over the course of this month,” the company said in a post on social media platform X. Ethena Pay’s launch was flagged in a report by CoinDesk, which notes this move is part of ongoing expansion efforts by the company beyond its $4 billion synthetic dollar token USDe. Last week, the project upgraded the economics of the ENA token and introduced plans to use equity perpetuals as another way to generate returns for USDe, the report said. And earlier in the year, Ethena launched a savings product with Coinbase, giving its dollar products exposure to an exchange with more than 100 million users, CoinDesk added. With Ethena Pay, the report said, the company is connecting its savings products to payments, as users can hold savings, earn rewards and then spend or transfer money through one app instead of shifting funds between a crypto wallet, exchange and bank. Meanwhile, recent research from PYMNTS Intelligence shows that while consumers show interest in using stablecoins and other forms of cryptocurrency to make purchases, their options are hindered by issues like acceptance, trust and uneven payment experiences. However, the report, “From Asset to Everyday Money: Making Digital Currencies Spendable,” completed in collaboration with Paymentology, shows a way forward. Linked cards, instant conversion and modern issuer-processing systems can link digital assets to the payment tools that customers and merchants are already using. The research found that around three out of four consumers would open a crypto or stablecoin wallet if they could go through an existing banking or FinTech app. “That figure suggests banks and FinTechs don’t need to persuade customers to enter an unfamiliar financial world,” PYMNTS wrote last month. “They can add digital asset capabilities to relationships that already carry trust. For providers, the opportunity lies in making access feel like an extension of mobile banking rather than a separate crypto exercise.” The post Ethena Debuts Crypto-Centric Neobank Ethena Pay appeared first on PYMNTS.com.

Ethena has launched Ethena Pay in beta for 400 early users, bringing USDe payments, Avalanche settlement and annual reward rates of up to 6% to a self-custodial mobile app. Ethena Pay connects USDe balances with daily payments Ethena said in…

TLDR Ethena launched Ethena Pay, a consumer finance app combining stablecoin savings, card spending, transfers, and fiat onramps. The app offers a 6% dollar savings rate and 5% cashback on eligible card purchases. ENA rose about 9% after the announcement, outperforming a broadly flat crypto market. Ethena selected Avalanche as the exclusive settlement network for [...] The post Ethena Targets Banking With a Surprising Stablecoin Push appeared first on Blockonomi. TLDR Ethena launched Ethena Pay, a consumer finance app combining stablecoin savings, card spending, transfers, and fiat onramps. The app offers a 6% dollar savings rate and 5% cashback on eligible card purchases. ENA rose about 9% after the announcement, outperforming a broadly flat crypto market. Ethena selected Avalanche as the exclusive settlement network for payments, transfers, and money movement on the app. Ethena Pay supports dollar, pound, and euro onramps, local currencies, and fiat IBANs linked to self-custodial stablecoin accounts. Ethena has launched Ethena Pay, a consumer finance app that brings stablecoin savings, payments, transfers, and fiat access into one platform. The product expands Ethena beyond its yield-focused dollar products and gives users a way to manage digital dollars. The app went live on Apple’s App Store on Tuesday. Ethena said the service offers a 6% dollar savings rate and 5% cashback on card purchases. ENA, the protocol’s native token, rose about 9% after the announcement while the wider crypto market stayed flat. Ethena Expands Beyond USDe Savings Ethena Pay connects savings with daily spending. Users can hold funds, earn rewards, make card purchases, and transfer money without moving assets between several platforms. The app supports free dollar, pound, and euro onramps. It adds local currency access and international bank account numbers linked to self-custodial stablecoin accounts. These features make stablecoins easier to use for financial needs. Introducing @EthenaPay: the internet money neobank. →Card spend cashback at 5.0%→Best-in-class 6.0% dollar savings rate→Borderless, free, instant global money transfers→Free global onramps in USD, GBP, EUR and local FX→Multi-currency high-rewards savings accounts in…

Ethena Staked USDe (SUSDE) traded 0.1% lower against the dollar during the one day period ending at 9:00 AM ET on September 1st. Ethena Staked USDe has a total market cap of $1.34 billion and approximately $4.75 million worth of Ethena Staked USDe was traded on exchanges in the last day. One Ethena Staked USDe […]

Ethena's Foundation did something almost unheard of in crypto — it purchased locked tokens from VCs who had been dumping ENA. You're looking at a protocol that just removed its biggest source of selling pressure while proposing to funnel 95% of revenue into token buybacks. The post Ethena Just Paid Its Early Investors to Walk Away — Market Loved It appeared first on Memeburn. In crypto, the phrase “VC unlock” usually means one thing: selling pressure. Early investors get their locked tokens, dump them on the open market, and retail holders watch the price bleed. Ethena just broke that cycle by buying out the early backers who were selling — and the market responded with an 84% rally in 30 days. Here’s why this move matters more than a typical token governance update. The VC Problem That Every Token Faces Here’s the background you need. When Ethena launched, early investors — venture capital firms and seed-round participants — received tokens that were locked up and released gradually on a monthly schedule. The idea is to prevent an immediate dump at launch. In practice, many VCs sell their tokens the moment they unlock, creating predictable downward pressure every month. Ethena’s token peaked around $1.40 in late 2024 before sliding to roughly $0.09 by August 2026. Monthly unlocks were a major contributor to that decline. Every time locked tokens hit the market, sellers outweighed buyers, and the price dropped further. The Foundation’s solution was radical: identify the investors who had been consistently selling, and buy their remaining locked tokens outright. According to CoinDesk, investors who sold after the October 2025 peak “now hold no unvested ENA which could be sold into the market in the future.” The monthly unlock schedule is over. Investors who never sold were offered a full-price buyout too — none accepted, which is actually a bullish signal. The long-term believers are staying. The Buyback Vote: Turning Revenue Into Buying Pressure The VC buyout removes selling pressure. The buyback proposal creates buying pressure. It’s a two-pronged approach that directly addresses Ethena’s biggest tokenomics weakness. Here’s how the proposed buyback mechanism works: Threshold trigger: Buybacks only activate once USDe (Ethena’s synthetic dollar) reaches $7.5 billion in circulation. It’s currently around $4.6 billion. Revenue allocation at $7.5B: 5% of net protocol revenue goes to programmatic ENA purchases. Revenue allocation at $20B: That share escalates to 20%. Remaining revenue: Funds growth initiatives and protocol development. The vote opened on August 27 and closes September 2 via Snapshot governance. If it passes — and early indications suggest strong support — Ethena would join a small group of DeFi protocols that directly link protocol revenue to token value. The $7.5 billion threshold is deliberate. Ethena hit $15 billion in USDe supply at its peak, so the number isn’t unrealistic — it just means buybacks won’t start until the protocol proves it can sustain growth. That’s actually smart design. Premature buybacks would drain the treasury; conditional buybacks align incentives. IP and Economics: The Ownership Restructuring There’s a quieter change happening beneath the buyback headlines. The Ethena Foundation and Ethena Labs are formalizing an agreement that “substantially all material IP and economic upside” belongs to the Foundation and ecosystem — not to Labs equity holders. This is important because it addresses a structural tension common in DeFi. Most protocols have a for-profit labs entity that builds the software and a nonprofit foundation that governs the protocol. When the labs entity retains significant IP rights, token holders are essentially investing in the protocol’s success while a separate group captures the upside. Ethena’s restructuring flips that. The formal agreement — expected to be published in October — would ensure that token holders’ interests are directly tied to the protocol’s value. It’s a step toward the kind of token-equity alignment that crypto governance advocates have been pushing for years. USDe: The Engine Behind ENA’s Value You can’t understand ENA without understanding USDe. Ethena’s synthetic dollar stablecoin generates revenue by holding stablecoin reserves and earning yield through delta-neutral hedging strategies — essentially capturing funding rate differentials between spot and futures markets. At peak, USDe held $15 billion in assets. It’s now below $5 billion after the broader crypto downturn, but several developments suggest a recovery: FalconX facility: A $1 billion institutional lending facility launched recently, expanding USDe’s reach to institutional borrowers. Janus Henderson partnership: The asset management firm invested in Ethena in June and is exploring USDe distribution. Coinbase integration: Coinbase launched a savings product featuring USDe and made a venture investment in Ethena. Each of these institutional partnerships represents a potential catalyst for USDe supply growth — and every dollar of USDe growth moves the protocol closer to the $7.5 billion buyback threshold. The Market Reaction: 84% in 30 Days ENA’s price tells the story: 24-hour move (post-announcement): +23% 7-day performance: +56.5% 30-day performance: +84.6% Current price: ~$0.17 Market cap: ~$1.52 billion For context, ENA released 171.88 million tokens in early August — a significant unlock that typically would have suppressed the price. Instead, the Foundation’s simultaneous announcement of investor buyouts neutralized the selling pressure before it materialized. That timing wasn’t accidental. Ethena’s team clearly coordinated the buyout announcement to coincide with the unlock, turning what would have been a negative event into a positive narrative. Whether you call it shrewd governance or sophisticated market management, it worked. FAQs What is USDe and how does it differ from USDT or USDC? USDe is a synthetic dollar — it maintains its $1 peg not by holding actual dollars in a bank, but through delta-neutral hedging strategies in crypto derivatives markets. Unlike USDT (backed by reserves) or USDC (backed by cash and treasuries), USDe generates yield for holders by capturing funding rate differentials. Is the Ethena buyback guaranteed to happen? No. It depends on two conditions: the governance vote must pass (closes September 2), and USDe supply must reach $7.5 billion. Currently at ~$4.6 billion, that threshold could take months to reach depending on market conditions. What happens to the remaining locked tokens? All remaining investor tokens now unlock on a single date — October 5, 2026. Team tokens remain on their existing vesting schedule. About 12% of total ENA supply is still locked across team, ecosystem, and Foundation allocations. What risks remain for ENA holders? USDe relies on delta-neutral strategies in derivatives markets — if funding rates turn persistently negative, revenue drops and buyback thresholds become harder to reach. Smart contract risk, regulatory uncertainty around synthetic stablecoins, and general crypto market volatility are also factors to consider. The post Ethena Just Paid Its Early Investors to Walk Away — Market Loved It appeared first on Memeburn.

Motivation: A continued decrease in sequencing costs has facilitated the exponential increase in available sequencing data, with public databases like the European Nucleotide Archive (ENA) and Sequence Read Archive (SRA) reaching well in the order of petabases. This has been the incentive to develop more scalable tools for common bioinformatics tasks. One such task is the approximate searching of short sequence patterns like genes or reads in reference data sets. In recent years, a variety of indexing data structures have been proposed for searching large sequencing databases. The state-of-the-art index, the Hierarchical Interleaved Bloom Filter (HIBF) was first-in-class to index one million samples. To be useful for expanding repositories, it must be extended to support dynamic updates. Results: In this paper, we introduce a scalable and updatable sequence-search index by extending the HIBF with partial rebuilding to support efficient updates. We demonstrate the Dynamic HIBF's capacity for large-scale data by iteratively creating an index from over 100 TB of compressed reads across more than 39,000 full human RNA-Seq samples, updated in consecutive batches of 100. To benchmark against state-of-the-art tools, we evaluated incremental performance on a subset of 5,000 samples sub-sampled to 1% of their original read depth. In this comparative setting, the dynamic HIBF completed the sequential insertion of all 5,000 samples within 5 hours--24 to 65 times faster than competing methods and twice as fast as the static HIBF.

USDe's rapid growth on Base highlights the potential for innovative stablecoin models to disrupt traditional market dynamics and challenge incumbents. The post USDe on Base surges 25,645% to $337M in 90 days appeared first on Crypto Briefing.

Ethena is expanding USDe into equity perpetual-basis trades, targeting funding yields more than five times higher than Bitcoin’s as the synthetic dollar looks to recover from its 2026 contraction. On Aug. 28, Ethena revealed plans to extend the basis strategy behind USDe into equity perpetual futures, where open interest has surged to about $6.2 billion […] The post Ethena is targeting the $120 trillion Wall Street stock market to hunt yields 5x higher than Bitcoin appeared first on CryptoSlate. Ethena is expanding USDe into equity perpetual-basis trades, targeting funding yields more than five times higher than Bitcoin’s as the synthetic dollar looks to recover from its 2026 contraction. On Aug. 28, Ethena revealed plans to extend the basis strategy behind USDe into equity perpetual futures, where open interest has surged to about $6.2 billion from less than $1 billion in March. Funding rates in this market have averaged about 14% on Hyperliquid and 17.5% on Binance in recent months. By comparison, Bitcoin perpetual funding averaged 2.2% this year through Aug. 11, down from 4.9% in 2025 and 11% in 2024. Ethena founder Guy Young said equity and commodity-linked perpetuals have become one of the protocol’s biggest potential growth markets. According to him, real-world asset perpetual volume exceeded half of crypto volume on Hyperliquid last month, while aggregate RWA perpetual volume on Binance reached roughly twice the volume of BTC-USDT, he said. Young expects open interest and trading volume in the sector to surpass crypto perpetuals across major venues within roughly two years. For Ethena, the expansion increases the pool of underlying assets available to its basis strategy from a crypto market worth about $2.5 trillion to more than $120 trillion of equities. The protocol plans to start deploying into equity-basis positions over the coming weeks through venues where it already executes crypto trades, using the same infrastructure developed for USDe. Young said Ethena had delayed entering the market at scale until equity perpetuals developed deeper liquidity and enough trading history to assess their behavior. The expansion comes as USDe remains near $4.04 billion, less than one-third of its roughly $15 billion peak last year. Falling crypto yields are forcing Ethena to find a new engine Ethena’s push toward equities follows a sharp deterioration in the trade that originally helped USDe scale, as falling crypto funding rates have made traditional basis positions increasingly unattractive. USDe was launched around a delta-neutral structure that paired crypto collateral with short derivatives positions. When traders paid positive funding to maintain leveraged long positions, Ethena could collect those payments while the opposing exposures limited sensitivity to swings in Bitcoin and Ethereum prices. That strategy performed best when demand for crypto leverage was high. However, the economics behind that trade have weakened considerably this year because of poor market conditions. Data from the Ethena Transparency Board shows that crypto basis positions had declined to around 13% of USDe's backing as of press time. Ethena has filled the gap by moving more of USDe’s backing into other markets. DeFi lending accounted for about $1.26 billion, or 30.8% of reserves, while liquid stablecoins represented another 32%. Real-world assets made up 12.3%, and institutional lending accounted for 11.8%. Those allocations were generating yields ranging from about 3.1% for DeFi lending to as much as 7% for institutional credit. Ethena's USDe Backing (Source: Ethena Transparency Board) The changes mean the crypto basis book that defined USDe at launch now contributes only a small part of its returns. Equity perpetuals offer Ethena a way to restore basis trading without depending on another surge in Bitcoin and Ethereum leverage. They could also make returns less synchronized with crypto cycles. Funding on equity contracts has shown limited correlation with crypto funding, allowing one market to potentially remain attractive when conditions weaken in the other. However, the opportunity remains exposed to the same forces that can erode any basis trade. Funding rates can compress as more capital enters the short side, while liquidity may prove thinner during periods of market stress. Equity perpetuals also trade continuously on crypto venues even when the underlying stock markets are closed, creating additional questions around pricing and liquidity outside traditional trading hours. Ethena is nonetheless betting that the market is growing quickly enough to accommodate larger positions. Rebuilding USDe is now the gate to ENA buybacks Finding stronger returns has become more urgent because Ethena is tying future ENA purchases directly to whether USDe can recover the billions of dollars in supply it lost this year. USDe entered March with roughly $5.92 billion in circulation before falling to $3.90 billion by the end of April, a decline of about one-third in two months. Supply recovered 15.6% to $4.51 billion in May and remained near $4.46 billion through June before slipping again. August has brought a modest improvement. USDe climbed from about $3.92 billion on Aug. 10 to more than $4.08 billion on Aug. 23 before easing to around $4.06 billion on Aug. 28. The increase has halted some of the earlier decline but leaves supply far below its 2025 high. Ethena USDe Supply (Source: Ethena Transparency Board) That gap now determines when ENA holders begin benefiting from Ethena’s proposed fee switch. A governance proposal unveiled Aug. 27 would start directing revenue toward ENA buybacks once USDe reaches $7.5 billion. The share of protocol revenue allocated to the program would then increase as supply crosses $10 billion, $15 billion and $20 billion. Once the first milestone is reached, Ethena proposes directing 95% of the net revenue paid to its Foundation from its three core business lines toward ENA purchases. Those businesses include USDe savings, white-label stablecoins, and a third operation called Ethena X, expected to launch next week. At current supply, USDe still needs to add about $3.46 billion, which is an increase of roughly 86%, before the first threshold is reached. The structure deliberately leaves the buyback inactive while Ethena focuses on rebuilding its core product. The proposal targets a return to roughly $15 billion in USDe, which it reached last year, before eventually pushing supply above $100 billion over the next five years. The Risk Committee has recommended using a 14-day trailing supply average to determine whether the thresholds have been met, reducing the chance that a single large mint temporarily activates the program. Its backtest estimated buybacks could run about $52.7 million annually under historical conditions, though the amount would depend on future protocol revenue and yields. ENA traders have already moved ahead of that recovery. Data from CryptoSlate shows that the token was trading around $0.163 on Aug. 28, up about 11.6% over 24 hours and nearly 99% over the past 30 days. Trading volume exceeded $2 billion as investors responded to the proposed buybacks, changes to investor unlocks, and Ethena’s broader expansion. The contrast leaves Ethena with a clear test. ENA has nearly doubled in a month, while USDe remains roughly $3.5 billion short of the level required to turn Ethena’s growing revenue streams into recurring token purchases. Equity perpetuals are the latest attempt to close that gap. Their current funding rates give Ethena considerably more yield than Bitcoin basis trades, but rebuilding USDe will depend on whether those returns remain attractive as more capital moves into the market. For Ethena, the next phase of growth is increasingly tied to markets far beyond the crypto derivatives trade that first took USDe to almost $15 billion. The post Ethena is targeting the $120 trillion Wall Street stock market to hunt yields 5x higher than Bitcoin appeared first on CryptoSlate.

Ethena's strategic shift to equities and commodities could significantly broaden USDe's market potential, enhancing its reserve diversification. The post Ethena adds equities to basis trade, shutters HIP-3 market on Hyperliquid appeared first on Crypto Briefing.

Ethena's strategy could stabilize ENA's market by aligning token buybacks with USDe growth, but it risks revenue dependency on volatile yields. The post Ethena Foundation plans ENA buybacks contingent on USDe supply nearly doubling to $7.5 billion appeared first on Crypto Briefing.

What DeFi asset should you be considering today and how to evaluate them. Today Ethena has a big move. Here’s why. Which one is cheaper ENA or HYPE?ENA is cheaper. HYPE is the higher-quality asset today, but you’re paying a very large premium for that quality.Using current DeFiLlama data:Hyperliquid currently generates roughly $721M annualized revenue, and critically, DeFiLlama classifies essentially all of that as holder revenue because 99% of eligible trading fees flow to the Assistance Fund to buy HYPE.Ethena’s accounting is messier. DeFiLlama shows ~$310M annualized fees and a much smaller formal “revenue” figure because of how Ethena distributes yield, but its income statement shows materially larger gross protocol revenue. Ethena generated $65.1M in Q1, $51.6M in Q2 and $29.5M so far in Q3 2026.Subscribe nowGet Actionable Reports in Real-time by SubscribingHere’s how I think about itHYPE = better business, more expensive token.Hyperliquid is extraordinary economically. It has nearly $13B of open interest, $219B of 30-day perp volume, ~$960M annualized fees and ~$721M annualized revenue. And the token-value-accrual mechanism is already operating today.But HYPE now has an ~$19B circulating valuation and is essentially at its all-time high around $85–86. So investors are already paying approximately:$18.94B ÷ $721M = 26.3× revenueAnd there is an even bigger valuation issue lurking behind it:HYPE FDV = ~$81B.That’s enormous.ENA = inferior value capture today, dramatically cheaper optionality.At ~$1.48B market cap, Ethena is only about 1/13th the market capitalization of HYPE.Yet its underlying economic engine is nowhere near 1/13th as large.If we conservatively use ~$175M of Ethena economic revenue:ENA = ~8.5× revenueversus:HYPE = ~26× revenueSo HYPE is approximately 3× more expensive on revenue.And ENA’s FDV is only ~$2.26B versus HYPE’s ~$81B. That’s a dramatic difference.But there’s One Huge Distinction Read more

Ethena's strategic shift to equity perpetuals could redefine synthetic dollar backing, potentially stabilizing and diversifying yield sources. The post Ethena extends USDe backing to equity perpetuals with $6B open interest appeared first on Crypto Briefing.

The Ethena Foundation proposed buying the token supply held by major early investors and revealed a fee switch to turn 95% of net protocol revenue into ENA buybacks.

Ethena (ENA) price surged 23% after the Foundation bought early investor tokens, eliminated VC unlocks, and proposed using protocol revenue for buybacks. The post Ethena (ENA) Rallies 23% Following Foundation’s Strategic Buyback of Early Investor Tokens appeared first on Blockonomi. Key Highlights ENA’s price climbed 23% within 24 hours, reaching approximately $0.16–$0.17, with a 100% gain over the previous week The Ethena Foundation acquired locked tokens from early seed investors who had previously sold ENA during the past nine months The scheduled monthly venture capital unlock mechanism has been eliminated to reduce future market sell pressure A governance proposal is currently active to implement protocol revenue-based ENA token buybacks USDe achieved over $320 million in circulation on Robinhood Chain in just 8 weeks, representing 42% of the network’s total stablecoin liquidity The ENA token from Ethena experienced a substantial 23% price increase on Thursday following the Ethena Foundation’s announcement of significant changes to its token structure. This surge coincided with a general uptrend in cryptocurrency markets, where Bitcoin climbed past the $80,000 threshold. Ethena (ENA) Price At press time, ENA was exchanging hands between $0.16 and $0.17. The digital asset has experienced a remarkable 100% price appreciation within slightly more than seven days. The Foundation revealed it had purchased all locked token allocations from specific major seed investors who had been selling ENA throughout the previous nine months. These transactions targeted investors controlling over 0.25% of the total token allocation. All purchases were executed through over-the-counter arrangements during the preceding two-week period. We are excited to announce four updates regarding the Ethena ecosystem, further details on each point are provided in the blog linked below: 1. Buyout of early investors:The Ethena Foundation executed a buyout of all locked tokens from certain major seed investors that sold any… — Ethena Foundation (@EthenaFndtn) August 27, 2026 This strategic buyout addresses a persistent issue regarding monthly investor token unlocks that have historically created downward price pressure on ENA. By eliminating this systematic token release schedule, the Foundation seeks to substantially decrease the monthly supply entering circulation. Core team token allocations remain unchanged. These tokens continue under their existing vesting arrangements without modification. Protocol Revenue Buyback Mechanism Proposed A new governance initiative is currently undergoing voting that would implement a “fee switch” mechanism. This proposal outlines using net revenue generated from all Ethena-branded business operations to systematically repurchase ENA tokens from the open market. The buyback program would intensify as USDe’s total circulation reaches predetermined thresholds. When USDe circulation achieves $7.5 billion, the protocol would allocate 95% of net revenue toward ENA token acquisitions, while reserving 5% for ecosystem development initiatives. Additionally, the Ethena Foundation and Ethena Labs have agreed in principle to a Master Framework Agreement. This arrangement would transfer virtually all intellectual property rights and economic value generated by the Ethena protocol to the Foundation and token holders, rather than equity stakeholders in the Labs entity. Full agreement details are scheduled for public release in October. USDe Adoption Accelerates on Robinhood Chain According to analyst Mesh, as reported by crypto intelligence platform Wu Blockchain, USDe’s rapid expansion on Robinhood Chain resulted from strategic infrastructure decisions and Steakhouse Financial’s selection of Ethena as the principal collateral provider for Robinhood Earn. Data indicates that approximately 62–65% of capital within the Steakhouse USDG Vault migrated into the USDe/USDG Morpho lending market. Ethena’s USDe Surpasses $320 Million on Robinhood Chain Within 8 Weeks of Launch, Accounting for 42% of the Chain’s Stablecoin Supply According to Token Terminal data, Ethena’s USDe surpassed $320 million on Robinhood Chain within eight weeks of launch and currently accounts for… pic.twitter.com/Zvvtz5Tbgn — Wu Blockchain (@WuBlockchain) August 28, 2026 Within only eight weeks of deployment, USDe has accumulated over $320 million in total value on Robinhood Chain, currently comprising 42% of all stablecoin supply on the network, based on Token Terminal analytics. Notwithstanding this week’s impressive performance, ENA still trades more than 15% below its value at the beginning of the year. The Chicago Mercantile Exchange (CME) recently incorporated Ethena into its single-asset cryptocurrency benchmark indices earlier this week. The post Ethena (ENA) Rallies 23% Following Foundation’s Strategic Buyback of Early Investor Tokens appeared first on Blockonomi.

ENA, the native coin of the Ethena ecosystem, is the best performer among the top 50 cryptocurrencies by market cap in the last 24 hours. The coin is up by 10% since Thursday and is now trading at $0.16 per coin. The positive performance comes after the Ethena Foundation introduced several measures designed to address persistent concerns surrounding its ecosystem, including selling pressure from early investors and uncertainty over how the protocol’s economic value is distributed. The changes include repurchasing locked tokens from some seed investors, accelerating the remaining investor unlock schedule and proposing a revenue-funded ENA buyback program. Technical indicators show that ENA has entered the overbought territory. However, it could extend its rally in the near term or… ENA, the native coin of the Ethena ecosystem, is the best performer among the top 50 cryptocurrencies by market cap in the last 24 hours.The coin is up by 10% since Thursday and is now trading at $0.16 per coin. The positive performance comes after the Ethena Foundation introduced several measures designed to address persistent concerns surrounding its ecosystem, including selling pressure from early investors and uncertainty over how the protocol’s economic value is distributed.The changes include repurchasing locked tokens from some seed investors, accelerating the remaining investor unlock schedule and proposing a revenue-funded ENA buyback program.Technical indicators show that ENA has entered the overbought territory. However, it could extend its rally in the near term or undergo a correction. Ethena tackles investor unlock pressureIn a Thursday blog post, the Ethena Foundation said it had repurchased locked ENA tokens from certain major seed investors and accelerated the remaining investor unlock schedule.Ethena completed the purchases through over-the-counter transactions during the previous two weeks.The process covered investors who had originally received allocations representing more than 0.25% of ENA’s total supply.The Foundation divided the affected investors into two groups. The first consisted of investors who had sold at least one ENA token following the market cycle peak on October 10. The second included investors who had not sold any tokens during that period.Investors in the second group were offered the opportunity to sell their tokens to the Foundation without a discount. However, none accepted the offer.Ethena subsequently purchased all unvested tokens belonging to investors in the first group, except those associated with one wallet that declined to participate.“The market for ENA should no longer be impacted by monthly investor unlocks,” the Foundation said.The changes do not affect tokens allocated to Ethena team members, which will remain locked according to their original vesting schedules.Following the transactions, approximately 12% of ENA’s supply remains locked and unvested. Ethena said those tokens relate exclusively to team, ecosystem and Foundation allocations.The restructuring could reduce the supply overhang created by recurring investor unlocks while preserving the long-term vesting requirements imposed on insiders and ecosystem stakeholders.Ethena Foundation gains protocol economic rightsAlongside the token repurchases, the Ethena Foundation and Ethena Labs reached a Master Framework Agreement covering the protocol’s intellectual property and economic benefits.Under the proposed framework, substantially all material intellectual property connected to the Ethena Protocol would be exclusively licensed to the Foundation and its ecosystem.The agreement also provides that economic upside, residual profits and potential proceeds from any future sale of the underlying business would accrue to the Foundation and ecosystem rather than Ethena Labs shareholders.“The equity holders of Ethena Labs are due no residual cash flow or profit from the protocol,” Ethena said.The arrangement seeks to establish a clearer distinction between private equity ownership in Ethena Labs and the economic value generated by the decentralized protocol.Ethena has also introduced a governance proposal to activate and expand the parameters of its ENA fee switch. The implementation vote is now live.Developed in collaboration with the Ethena Risk Committee, the proposal establishes supply-based milestones that determine how much protocol revenue will be allocated to ENA buybacks.The percentage directed toward purchases would increase as USDe’s circulating supply reaches successive targets. This structure ties ENA demand more closely to the growth and financial performance of the Ethena ecosystem.Ethena technical outlook: Will ENA extend rally towards $0.20?ENA responded positively to the proposed changes, rising 10% over the previous 24 hours to trade at approximately $0.160 at the time of writing.The rally suggests that investors welcomed the reduction in potential selling pressure and the proposed creation of a recurring revenue-funded source of demand for ENA.The technical indicators are bullish, suggesting that the buyers are firmly in control. The RSI of 71 means that ENA has entered the overbought territory, which could result in a retracement in the near term.The MACD lines are also deep within the positive region, adding further confluence to the bullish narrative.If the buyers continue to stay in control, ENA could hit the $0.20 psychological level for the first time since January 28. An extended rally would allow the bulls to target the $0.257 swing high on the 4-hour timeframe. However, if the token undergoes a correction, it could retest the Wednesday low of $0.135. An extended correction could see it drop towards the $0.116 support level.The post ENA explodes 10% as Ethena moves to kill its biggest token overhang appeared first on Invezz

TLDR Ethena repurchased locked ENA tokens from several major seed investors to reduce future selling pressure. Monthly investor unlock pressure could ease after the Foundation accelerated the remaining investor vesting schedule. About 12% of locked and unvested ENA remains, covering team, ecosystem, and Foundation allocations. Ethena changed its economic framework so protocol profits and future [...] The post Ethena Reshapes ENA Tokenomics With Revenue Buybacks appeared first on Blockonomi. TLDR Ethena repurchased locked ENA tokens from several major seed investors to reduce future selling pressure. Monthly investor unlock pressure could ease after the Foundation accelerated the remaining investor vesting schedule. About 12% of locked and unvested ENA remains, covering team, ecosystem, and Foundation allocations. Ethena changed its economic framework so protocol profits and future business value accrue to the Foundation and ecosystem. A new ENA fee switch proposal is live, linking token buybacks to growth in USDe circulating supply. Up to 95% of net revenue from Ethena’s three main business lines could fund ENA buybacks after the first milestone. Ethena has introduced new measures to reduce investor selling pressure and clarify how protocol revenue may support the ENA price. The Ethena Foundation said it repurchased locked ENA tokens from several seed investors and accelerated remaining investor unlocks. The changes also cover protocol ownership, future cash flows, and a proposed ENA fee switch. Ethena said the structure directs more economic value toward the Foundation, ecosystem, and token holders as USDe supply grows. ENA Price, Ethena Investor Unlocks Face New Structure The Foundation said it bought locked ENA through over-the-counter deals during the past two weeks. The transactions involved seed investors who originally received more than 0.25% of ENA’s total supply. Ethena divided those investors based on whether they sold ENA after October 10. It bought all remaining unvested tokens from sellers in that group, apart from one wallet that refused the offer. Investors who had not sold ENA received an offer to sell locked tokens back at full value. None accepted. Ethena said monthly investor unlocks should no longer affect the market under the revised structure. Team tokens will continue under the original vesting rules. After the transactions, about 12% of locked and unvested ENA remains tied to team, ecosystem, and Foundation allocations. Ethena Revises Protocol Economic Framework The Foundation and Ethena Labs also signed a Master Framework Agreement. Under the agreement, Ethena Labs will exclusively license key protocol intellectual property to the Ethena Foundation and its ecosystem. Ethena said residual profit, economic upside, and proceeds from any future business sale would go to the Foundation and ecosystem. Equity holders in Ethena Labs would not receive residual protocol cash flow or profit. Ethena also released a governance proposal to expand the ENA fee switch. The plan uses USDe supply milestones to decide how much protocol revenue goes toward ENA buybacks. Once the first milestone is reached, 95% of net revenue from Ethena’s three core business lines would fund ENA buybacks. The remaining 5% would support growth as Ethena targets more than $100 billion in USDe supply within five years. The implementation vote is live, and governance will determine whether the proposal proceeds. The post Ethena Reshapes ENA Tokenomics With Revenue Buybacks appeared first on Blockonomi.

Ethena has proposed directing 95% of net revenue from its branded businesses toward ENA buybacks once USDe supply reaches $7.5 billion, as the protocol also moves to end monthly investor unlocks and separate ecosystem economics from Ethena Labs equity. According…

TLDR: Ethena Foundation bought out locked tokens from seed investors who sold ENA in nine months. A new Master Framework Agreement moves protocol IP and value accrual fully to token holders. Monthly VC token unlocks end as Ethena Foundation releases unvested investor tokens early. Risk Committee approval clears a fee switch directing Ethena’s net revenue [...] The post Ethena Foundation Overhauls ENA Tokenomics With Buyouts and Buybacks appeared first on Blockonomi. TLDR: Ethena Foundation bought out locked tokens from seed investors who sold ENA in nine months. A new Master Framework Agreement moves protocol IP and value accrual fully to token holders. Monthly VC token unlocks end as Ethena Foundation releases unvested investor tokens early. Risk Committee approval clears a fee switch directing Ethena’s net revenue toward ENA buybacks. Ethena Foundation announced four structural changes to ENA’s tokenomics this week. The updates cover investor buyouts, governance rights, and revenue-driven buybacks. Ethena Labs and the Foundation also finalized a new equity framework. Details appeared in a blog post shared through the Ethena Foundation’s official channels. Ethena Foundation Buys Out Early ENA Investors The Foundation bought out all locked tokens from certain major seed investors. These investors had sold portions of their ENA holdings within the past nine months. The buyout removes their remaining locked allocations from future circulation risk. It also closes out positions tied to investors who exited early, reducing potential future sell pressure. Ethena Foundation and Ethena Labs also signed a Master Framework Agreement. The agreement assigns intellectual property and protocol value accrual to the Foundation. Token holders now govern that value exclusively going forward. No separate entity retains a competing claim over protocol revenue under the new structure. Equity investors in the Labs entity lose any residual claim to future cash flows. The Foundation confirmed no ongoing payments will reach that entity. Governance rights now sit fully with ENA token holders. The arrangement centralizes protocol value under a single, token-governed structure. The Foundation and its lead investors also agreed to end monthly VC unlocks. Unvested tokens tied to those investors will be released immediately instead of monthly. This step removes future token overhang tied to scheduled VC unlocks. Team token allocations remain locked under their original vesting schedules. We are excited to announce four updates regarding the Ethena ecosystem, further details on each point are provided in the blog linked below: 1. Buyout of early investors:The Ethena Foundation executed a buyout of all locked tokens from certain major seed investors that sold any… — Ethena Foundation (@EthenaFndtn) August 27, 2026 ENA Buyback Fee Switch Moves Through Governance A governance proposal to activate a fee switch is now live. The mechanism would direct net revenue toward buying back ENA tokens. Voting on the proposal is currently open to token holders. The proposal follows internal review by Ethena’s governance structure before reaching a public vote. Ethena’s Risk Committee has already approved the buyback proposal. Its approval covers revenue collected across all business lines under the Ethena brand. The buybacks would run on a programmatic basis once implementation begins. Committee approval typically precedes a full token holder vote on treasury changes. Net revenue used for the buybacks spans every product line tied to Ethena. That includes activity beyond the core synthetic dollar protocol. The Foundation did not specify a start date for buyback execution. Programmatic buybacks would apply revenue directly against circulating ENA supply once active. The post Ethena Foundation Overhauls ENA Tokenomics With Buyouts and Buybacks appeared first on Blockonomi.

The changes aim to cut investor selling pressure and channel protocol revenue to ENA as Ethena looks to revive USDe growth.

Ethena's strategic buyout and token policy shift could set a precedent for DeFi governance, impacting investor dynamics and market stability. The post Ethena moves to end VC unlocks, plans revenue-funded ENA buybacks appeared first on Crypto Briefing.

Ethena’s ENA traded near $0.147 on Aug. 27, retaining a weekly gain of about 25% after its sharp breakout met resistance near $0.180. ENA price retreats after reaching $0.180 Ethena (ENA) price was trading near $0.147 at the time of…

CME Group has added three regional U.S. dollar reference rates and real-time indices for Ethena’s ENA token, with daily publication beginning Aug. 24. CME Group adds ENA rates for three market closes CME Group said it had added Ethena (ENA)…

While bitcoin has ripped 23.6% higher over the last seven days and ethereum has blasted 31.2%, the real fireworks have been deeper down the board, where Pump.fun’s PUMP has exploded 99% and Ethena’s ENA has ripped 98.57%. Even after logging massive gains, a great deal of today’s crypto tokens remain buried below their former peaks, […]

The Shift to Institutional Credit On August 19, 2026, Ethena and FalconX announced a $1 billion secured warehouse lending facility, signaling a structural evolution in how stablecoin backing assets are deployed. By moving capital from the assets backing USDe into overcollateralized institutional credit, Ethena is effectively building a bridge between decentralized liquidity and traditional corporate […] The Shift to Institutional Credit On August 19, 2026, Ethena and FalconX announced a $1 billion secured warehouse lending facility, signaling a structural evolution in how stablecoin backing assets are deployed. By moving capital from the assets backing USDe into overcollateralized institutional credit, Ethena is effectively building a bridge between decentralized liquidity and traditional corporate finance. This transition is not merely an expansion of yield sources; it is a strategic hedge against the inherent volatility of crypto-native basis trades, ensuring that USDe backing remains robust even as market conditions shift. The Mechanism: SPV and Secured Interests The facility operates through a Cayman Islands segregated portfolio, a Special Purpose Vehicle (SPV) designed to isolate risk and provide clear legal recourse. The architecture is built for institutional-grade security: Originator and Servicer: FalconX manages the lifecycle of the credit, acting as the originator, servicer, and collateral manager. Security Interest: Ethena maintains a first-priority security interest over all assets within the SPV, ensuring seniority in the capital stack. Custody: All collateral is held by qualified third-party custodians, mitigating counterparty risk and aligning with standard institutional practices. Strategic Divergence: Beyond the Basis Trade Historically, USDe returns have relied heavily on crypto basis strategies—capturing the spread between spot and futures markets. While effective during periods of high volatility, these strategies are sensitive to market sentiment and funding rate compression. The new facility diversifies these return sources into three distinct pillars: trading strategies, corporate treasury management, and payments-related services. This shift provides a more stable, predictable yield profile that is less correlated with the cyclical nature of crypto-asset speculation. Threading: The Institutional Infrastructure Layer This development does not occur in a vacuum; it is part of a broader convergence of on-chain finance and regulatory compliance. The facility mirrors the thesis behind the Ripple RLUSD Credit Fund, which similarly seeks to integrate stablecoins into institutional lending workflows. Furthermore, the structure is designed to be compatible with the FASB stablecoin accounting update, providing the transparency required for corporate balance sheet integration. Finally, the facility integrates with the Agentic Payments Alliance (APA), positioning USDe as a primary settlement asset for autonomous, agent-driven financial services. The Maturity of On-Chain Capital The Ethena/FalconX facility represents the maturation of on-chain capital. By formalizing the relationship between stablecoin issuers and institutional credit markets, the industry is moving toward a model where digital assets function as the backbone of global treasury and payment systems. For investors and builders, this marks the transition from experimental yield generation to the establishment of a durable, institutional-grade financial infrastructure.

ENA is rallying on a $1 billion FalconX deal, while HYPE tests its record, though flat dominance shows this is no broad alt season.

The surge in ENA's open interest and price highlights increased market confidence, potentially attracting more institutional investment and liquidity. The post ENA open interest doubles to $237M as price rises 69% appeared first on Crypto Briefing.

Ethena price extended its weekly gain to about 65% on Aug. 21, reaching $0.142 after a $1 billion lending deal with FalconX and bullish calls from Arthur Hayes fueled demand for ENA. Ethena price action today According to data from…

ENA has surged into overbought territory on the 4 hour chart while testing the 200 day EMA near $0.1268. Ethena's price has jumped more than 34% over the past 24 hours to around $0.125, extending its seven-day gain to more than 46% as traders respond to a new $1 billion institutional lending facility and a breakout from a month-long price range.CoinGecko data showed ENA trading near $0.125 on Aug. 21 after rising from around $0.093 over the previous day, while the token's trading activity increased sharply during the move.The rally ensued after FalconX's Aug. 19 announcement of a $1 billion secured warehouse financing facility with Ethena, under which assets backing USDe can be deployed into overcollateralised loans to institutional borrowers.FalconX said it will originate and service the loans while collateral is held with qualified third-party custodians. Ethena receives exposure to the loans through a special purpose vehicle, with the structure designed to provide secured institutional credit using capital from assets backing USDe.For Ethena, the arrangement adds another source of returns alongside the crypto basis strategies historically used by USDe. FalconX said the facility provides access to overcollateralised institutional lending and a return stream outside traditional crypto basis trades.USDe has relied partly on delta-neutral strategies involving spot crypto positions and short derivatives positions. Returns from such strategies can change as perpetual futures funding rates move, making the new lending channel another way for Ethena to deploy reserve assets.The timing of ENA's move is also notable. The FalconX deal was announced on Aug. 19, when ENA remained near the low-$0.09 range, while the strongest part of the rally came over the following two days.CoinGecko's intraday chart showed ENA breaking above $0.10 and continuing through $0.11 and $0.12 as trading activity increased. Rather than an immediate one-candle reaction to the announcement, the price move accelerated after ENA cleared the range that had contained it for much of August.ENA's rally has also been helped by strength across the crypto market.Bitcoin returned above $75,000 after the US Treasury decided to double purchases of older long-dated government bonds, while renewed attention on US crypto legislation also supported sentiment.ENA's breakout therefore came as buying returned across major crypto assets, adding momentum to its token-specific catalysts.ENA price analysisThe 4-hour ENA/USDT TradingView chart shows momentum at an unusually high level after the breakout. See below:ENA/USDT 4-hour price chart. Source: TradingView.ENA was trading near $0.126 at the time of the chart, compared with a Bollinger Band upper boundary of around $0.122 and a 20-period middle band near $0.0944.Price trading above the upper Bollinger Band confirms how quickly ENA has moved away from its recent range, while the widening bands show volatility expanding alongside the rally. The same chart recorded a sharp increase in volume as ENA moved through $0.10, giving the breakout stronger participation than the trading seen during the preceding consolidation.At the same time, the 4-hour Relative Strength Index had climbed to 91.5, well above the 70 level commonly used to identify overbought conditions. Its RSI moving average stood near 72.8. Although the readings show strong momentum, they also leave ENA vulnerable to a short-term pullback or sideways period if buyers fail to maintain the current pace.On the daily chart, ENA has moved above its 20-day EMA at $0.0928, 50-day EMA at $0.0889, and 100-day EMA at $0.0931. ENA/USDT 1-day price chart. Source: TradingView.The next resistance sits almost directly above the current price, with the 200-day EMA around $0.1268.A daily close above the $0.1268 area would put ENA above all four moving averages shown on the chart and could open the next Fibonacci extension levels.The daily Fibonacci extension places the 2.618 level at $0.1366, making the 0.136-0.137 area the first upside target if ENA clears the 200-day EMA. Above it, the 3.618 extension at $0.1578 provides a second target, while an extended rally would bring the 4.236 level near $0.1709 into view.The same Fibonacci structure places the 1.618 extension at $0.1154, a level ENA has already crossed. If the breakout loses momentum, 0.115-0.116 could therefore become the first area to watch on a retracement, followed by the previous breakout region around 0.102-0.098.With the 4-hour RSI already above 90 and price outside the upper Bollinger Band, ENA remains stretched in the short term. A move towards $0.1366 would likely require the token to hold above the recently cleared $0.115 area and secure a daily break above the 200-day EMA at $0.1268.The post How high can ENA go after breaking above $0.12 on heavy volume? appeared first on Invezz

Ethena and FalconX have launched a $1 billion secured lending facility that will use assets backing USDe to finance overcollateralized loans for institutional borrowers. How the $1 billion USDe facility will work FalconX and Ethena said the warehouse financing arrangement…