Ethena’s numbers are rewriting the script in the world of decentralized finance, and their number tells the story. ENA or Ethena is a rising name in the DeFi universe, which has now crossed a metaphorical and critical milestone: over $10 billion in Total Value Locked (TVL).
The achievement doesn’t just mark a financial peak; it signals a tide shift in sentiment, attracting both retail believers and institutional heavyweights.
And this month, four potent catalysts are converging — a storm that could finally lift ENA over the elusive $1 threshold.
Just a few weeks ago, Ethena’s TVL hovered around $1 billion. According to DeFiLlama, by August 10, that figure had burst to $10.94 billion. Protocol revenues observed suit, shattering records with $21.62 million in August, nearly double July’s haul.
In just one week, $1.33 billion floated into the platform, strengthening what the charts already say: money is pouring into Ethena at a historic rate.
A record-breaking stablecoin simulation from Ethena, USDe, has reached $10 billion TVL in just 500 days.
Yields of around 11% APY, high capital efficiency, and a swelling market cap have made it.
USDe, the third-largest stablecoin in the market, has a yield of around 11% APY, high capital efficiency, and a swelling market cap, making it. Listings on Binance or OKX could supercharge direction and perhaps funnel more rewards to ENA holders via fee distributions.
Ethena isn’t leaving its fate entirely to the market. With $5 million per day allotted to buy back ENA, its $260 million program. It is regularly shrinking the supply of textbooks, putting upward price pressure.
On-chain data explains the apparent shift in power. Wallets holding 100,000–1 million ENA. It controls nearly half of the circulating supply. This is rare for whales to bite this hard, and the implications for price stability are great.
Ethena’s impression is growing. New integrations with Aave for liquid leverage and Coinbase International for USDe hedging are bolstering utility. The upcoming launch of Converge, a blockchain with ENA at its core, could serve as a demand multiplier.
ENA remains firmly in an uptrend on the charts. It trades above its 50-day moving average. As the psychological target, it is a struggle at $0.84 with $1.00 looming.
Momentum is absolute: there is a 40% spike in just one week that has renewed the bulls, even as the RSI warns of overbought conditions.
August is shaping up to be a make-or-break month for ENA. The stage is set for a breakout with TVL bump, buybacks shrinking supply, whales engaged, and ecosystem rollouts on schedule. Ethena is setting the pace.
