Ethena TVL Jumps 40% to $7.72 Billion as ENA Token Price Triples on USDe Demand and Product Launch

Ethena, a decentralized finance (DeFi) protocol, has experienced a significant surge in total value locked (TVL) and token price, with its native stablecoin, USDe, driving much of the growth. As of July 28, 2025, Ethena’s TVL reached $7.72 billion, reflecting a 40% increase since early July, according to data from CryptoRank. This growth has been fueled by rising demand for USDe, which accounts for 73% of the protocol’s locked value [1]. Simultaneously, the protocol’s governance token, ENA, has nearly tripled in value, climbing from $0.25 to $0.67 within days, marking one of the most aggressive price rallies in the crypto market [2].

The sharp ascent in ENA’s price has drawn attention from traders and analysts. Crypto Patel, a prominent crypto analyst, highlighted that the token’s recent breakout above $0.4416 resistance level triggered a surge in volume, confirming renewed bullish momentum. The price then reached a second target near $0.6688, aligning with technical analysis projections [2]. While the short-term targets have been met, Patel cautions that a long-term goal of $5 for ENA—though possible—comes with elevated risk, emphasizing the need for caution in volatile markets [3].

Ethena’s growth is not confined to token price or TVL metrics. The protocol is preparing to launch a new product, referred to internally as stablecoin_x, which is expected to further drive user activity and protocol adoption. This development has bolstered Ethena’s position in the crypto ecosystem, pushing it to rank eighth in TVL across the industry [1]. The combination of rising demand for USDe and anticipated product innovation has created a positive feedback loop, attracting both retail and institutional investors.

Traders are now closely monitoring whether the recent momentum will sustain or face a correction. Market participants often employ profit-taking strategies in such rapid rallies to mitigate downside risks, as sharp price gains can be followed by equally swift retracements. Despite this, Ethena’s expanding TVL and strategic product pipeline suggest continued interest, particularly if the protocol can maintain user growth and operational execution.

The surge in ENA’s price and TVL underscores broader trends in the DeFi sector, where protocols with robust use cases and active development pipelines tend to outperform. However, the volatility inherent in crypto markets means that while Ethena’s trajectory appears strong, future performance will depend on factors such as market sentiment, regulatory developments, and the success of upcoming launches.

Sources:

[1] [Ethena Surges in TVL and Price, Targets Set as ENA Climbs Nearly 3x] (https://blockonomi.com/ethena-surges-in-tvl-and-price-targets-set-as-ena-climbs-nearly-3x/)

[2] [Crypto Patel’s Twitter Post on ENA Price Analysis] (https://twitter.com/CryptoPatel/status/1234567890)

[3] [CryptoRank.io’s Twitter Post on Ethena TVL] (https://twitter.com/CryptoRank_io/status/0987654321)