Ethena TVL Soars Past $10B As ENA Edges Toward Key $1 Threshold

Key Insights

Ethena’s TVL climbed from $1B to $10.94B in days, with August revenue already more than double July’s figures.

Whale accumulation now accounts for nearly half of ENA’s supply, signaling strong confidence from large-scale investors.

Token buybacks of $5M daily are reducing supply, while ecosystem integrations broaden ENA’s adoption potential.

Ethena’s total value locked has exceeded $10.94 billion, marking a sharp rise from the $1 billion level recorded on August 10. Data from DefiLlama shows that this growth coincides with a surge in protocol revenue, which has reached $21.62 million so far in August compared to $10.14 million in July. Weekly USD inflows hit $1.33 billion in the seven days ending August 10.

The platform’s synthetic stablecoin, USDe, has grown into the third-largest stablecoin by market capitalization, now valued above $10.2 billion according to Token Terminal. Offering an 11 percent APY and a capital-efficient model, USDe has attracted significant institutional and retail interest. Potential listings on major exchanges such as Binance or OKX could further increase ENA’s utility through fee distributions to token holders.

Buyback Program Impact

Ethena is executing a $260 million token buyback initiative, allocating around $5 million daily to acquire ENA from the market. This ongoing program has reduced circulating supply, contributing to recent price gains. Sustained buybacks through August are expected to maintain supply pressure, potentially supporting further price appreciation.

On-chain data from Nansen indicates a notable rise in whale activity, with addresses holding between 100,000 and 1 million ENA now controlling nearly half of the circulating supply. This consolidation of holdings among large investors suggests continued institutional confidence in the asset.

Expanding Ecosystem Connections

Ethena’s integration with platforms such as Aave for leveraged liquidity and Coinbase International for USDe hedging has strengthened its market presence. The forthcoming launch of the Converge blockchain, where ENA will serve as the native token, could create an additional layer of demand if development updates are released this month.

Source: TradingView

The ENA token, trading at $0.7911 at the time of writing, remains in an uptrend and is positioned above its 50-day moving average. Technical indicators show consolidation near the $0.84 resistance, with the potential for a breakout toward the $1 psychological level. Support levels are identified at $0.72 and $0.68, though current momentum indicators remain favorable for buyers.