Recently, ENA has shown strong performance, with the core driving force stemming from significant inflows of funds within its ecosystem. Data shows that the stablecoin USDe has surged by 3.1 billion in scale within 20 days, pushing the total locked value (TVL) of the ecosystem to a new high.
This phenomenon is closely related to institutional behavior: institutions continue to absorb ENA while expanding their funding pool by minting USDe. Market observations suggest that this related layout may be preparing for the subsequent listing of USDe on the Nasdaq index, as institutions accumulate ecosystem assets in advance to reserve liquidity for the compliance process.
The positive actions on the funding side have formed a virtuous cycle, both boosting short-term demand for ENA and strengthening market expectations for its ecosystem expansion, together supporting the recent strong performance.
The core point of ENA lies in the deep binding of its ecosystem and the compliance process. As a key stablecoin in the ecosystem, the surge of 3.1 billion in scale and the new high in TVL within 20 days validate institutional funds' recognition of its compliance path. Institutions continue to absorb ENA and expand USDe minting, directly aiming at the long-term goal of the Nasdaq index listing. This fund inflow driven by compliance has stronger sustainability — it not only avoids the volatility risks of purely speculative funds but also builds a bridge to connect the ecosystem with traditional financial markets. In the future, as the compliance process is implemented, it is expected to open up broader incremental space.
