Ethena $ENA is a solid DeFi infrastructure project with a unique model focused on generating synthetic dollar yields through its USDe stablecoin. It gained strong traction early in 2025 due to massive staking rewards and integrations with leading DeFi platforms like Binance, Bybit, and Curve. However, recent metrics show declining Total Value Locked (TVL) and reduced open interest, indicating that investor enthusiasm has cooled.

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