Ethena's Meteoric Rise in DeFi: ENA Surges, USDe Climbs to Top Three

By Yugocean | Crypto Champion | 4 Aug 2025

Ethena and ENA Enters Big League

Ethena has now emerged as the sixth-largest DeFi protocol by total value locked (TVL), surpassing 9.47 billion. Its native token, ENA, has soared by 140% this week—an event that typically brings selling pressure—the ENA token has remained bullish, rising at an additional 17%.

USDe Stablecoin Joins the Elite

The protocol’s growing traction has also bolstered demand for its USDe stablecoin. Over the past month, USDe’s supply has surged by 75%, reaching 9.3 billion. This impressive growth places USDe as the third-largest stablecoin by market capitalisation, behind only USDT (163.8 billion) and USDC ($64.1 billion).

My Perspective

While many analysts are highly bullish on Ethena, ENA, and USDe, I believe it is too early to celebrate. Compitetors may respond with innovations of their own, and regulators—known for stepping in just as things start heating up—could increase scrutiny. A cautious outlook is still warranted in this volatile landscape.