Ethena TVL Surges 994% to $10.94 Billion as ENA Nears $1 Threshold

Ethena’s total value locked (TVL) has surged past $10.94 billion, marking a remarkable increase from $1 billion on August 10. The rapid growth reflects a broader rally in the protocol’s usage and revenue, with August earnings surpassing $21.62 million—more than double the $10.14 million recorded in July. Weekly inflows into the ecosystem reached $1.33 billion in the seven days ending August 10, underscoring strong investor and user confidence [1].

The platform’s synthetic stablecoin, USDe, has emerged as a major player in the stablecoin market, now ranking as the third-largest with a market capitalization exceeding $10.2 billion. USDe’s appeal is driven by its 11 percent annual percentage yield (APY) and a capital-efficient model, which has attracted both institutional and retail participants [1].

Meanwhile, Ethena’s token, ENA, has edged closer to the key $1 price level, currently trading at $0.7911. Whale accumulation has grown significantly, with large addresses holding between 100,000 and 1 million ENA now controlling nearly half of the total circulating supply. This concentration suggests ongoing institutional confidence in the token’s long-term potential [1].

Ethena is also actively executing a $260 million token buyback program, acquiring approximately $5 million worth of ENA daily. These sustained buybacks are reducing supply and supporting upward price pressure. Continued execution through August is expected to reinforce this trend and potentially drive the token closer to the $1 threshold [1].

The ecosystem’s integration with major platforms such as Aave and Coinbase International has further expanded its utility and liquidity. Upcoming developments, including the launch of the Converge blockchain—where ENA will function as the native token—could introduce new use cases and demand drivers if development updates materialize this month [1].

On-chain data also highlights continued bullish momentum for ENA. The token remains above its 50-day moving average, with technical indicators suggesting a consolidation phase near the $0.84 resistance level. A breakout toward $1 appears feasible, while key support levels are identified at $0.72 and $0.68 [1].

Source: [1] Ethena TVL Soars Past $10B as ENA Edges Toward Key $1 Threshold (https://cryptonewsland.com/ethena-tvl-soars-past-10b-as-ena-edges-toward/)