Ethena has reached third place among stablecoins. The price of ENA has more than doubled in a month

The supply volume of the USDe stablecoin from the Ethena project increased by 75% over the month, reaching $9.3 billion. In terms of market capitalization, it surpassed DAI, USD1, and FDUSD, taking third place among all stablecoins after USDT and USDC. The platform also climbed to sixth place in the ranking of DeFi protocols by total value locked (TVL).

The governance token ENA has risen in price by 140% over the last 30 days, outpacing other altcoins. However, it is still trading 50% below the highs of the beginning of the year.

On July 21, the Ethena team announced the launch of a new structure, StableCoinX, which attracted $360 million for the repurchase of ENA tokens and plans to list on Nasdaq under the ticker USDE. From that day, the Ethena fund, with the participation of market makers, began repurchasing ENA at $5 million per day. The program is scheduled for six weeks.

Source Telegram Channel RBC Crypto | Subscribe to the channel #news