๐ฅ Ethena (ENA) Market Update โ August 2025 ๐ฅ
$ENA is holding around $0.68 โ $0.69, showing a โ3% dip in the past 24h ๐.
๐ Key Stats
Market Cap: $4.5 Billion (#30 Ranked)
Circulating Supply: 6.6 Billion ENA (Max 15B)
24h Trading Volume: $500M+
All-Time High: $1.52 (Apr 2024)
All-Time Low: $0.20 (Sep 2024)
๐ก Why ENA Matters
Ethena is the protocol behind USDe, a synthetic dollar stablecoin thatโs already the 3rd largest stablecoin in DeFi. ๐
USDe generates yield through a basis trade strategy (long spot + short futures), and ENA is the governance token powering it.
โ ๏ธ Risks to Watch
Yields dropped from 60%+ to under 5% in one year.
Relies heavily on funding rates โ risky if the market flips.
Still untested in a full-blown crypto bear market.