ethena

🚨 ENA’s Next Big Test Isn’t Growth — It’s Turning Growth Into Token Value

Ethena has a new stablecoin partnership, but the real question is how much value it can ultimately deliver to ENA holders.

CONFIRMED: On October 6, 2026, ether.fi announced a dollar-pegged stablecoin powered by Ethena’s white-label infrastructure.

Under the arrangement, Ethena will handle key operations, including reserves, issuance, redemptions, and compliance, while ether.fi controls branding and distribution.

Why does this matter?

It gives Ethena another potential route to expand its stablecoin business beyond its flagship USDe. More adoption could mean more activity for its infrastructure—but the actual impact depends on usage and revenue.

THE DETAIL TO WATCH: Ethena’s proposed fee-switch framework links future ENA buybacks to a USDe supply milestone. The buyback mechanism should not be confused with buybacks already taking place; the relevant activation conditions still matter.

Takeaway: The partnership is a confirmed business development, not proof of immediate value flowing to ENA. Watch stablecoin adoption, protocol revenue, and official governance updates.

Click the $ENA widget below and check the latest developments.

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#Ethena #crypto

Not financial advice. DYOR.

🏦 Ethena’s Whitelabel Is Now Powering Other Stablecoins—But ENA’s Fee Switch Has a Catch

Ethena’s stablecoin-as-a-service platform is expanding beyond USDe, letting partners launch branded dollar tokens using Ethena’s issuance and reserve infrastructure.

LIVE / CONFIRMED: Ethena’s official documentation lists live deployments including Jupiter’s jupUSD, MegaETH’s USDm, and Sui’s suiUSDe. Partners control branding and distribution; Ethena provides issuance, backing operations, custody, reserve management, and integrations.

But here’s the important part: this does not automatically create ENA buybacks. Ethena’s governance-approved fee-switch framework ties buybacks to USDe supply milestones, with 95% of qualifying net revenue directed toward ENA buybacks once the first milestone is reached.

There’s one detail worth watching: the ether.fi USD arrangement is announced, but its live launch date, backing mix, and revenue split have not been disclosed. More partner stablecoins may grow Ethena’s infrastructure business, yet that is separate from guaranteed demand for ENA.

The takeaway: Ethena is building a multi-brand stablecoin network. The proof point for ENA holders is whether USDe supply grows enough to activate the buyback schedule.

Click the $ENA widget below and check the latest developments.

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#Ethena #Crypto #Write2Earn

Not financial advice. DYOR.

$ENA 𝗷𝘂𝘀𝘁 𝗰𝗹𝗶𝗺𝗯𝗲𝗱 𝗮𝗯𝗼𝘂𝘁 𝟴% 𝗶𝗻 𝟮𝟰 𝗵𝗼𝘂𝗿𝘀.

Ethena sits near $0.241 on the CoinGecko chart (Binance Futures ~+8% to ~$0.240). Futures volume is about $153M.

Open interest edged from about $123M to $126M (+3%), with funding slightly positive. TokenPost flagged roughly $340K in short liquidations during today's bounce hour.

Does $0.24 hold into the next session?

NFA.
#ENA #Ethena #Futures

$ENA Buyers Are Taking Control — Bullish Momentum Building

#Ethena is making a strong recovery on the 4H chart, climbing toward the $0.24 resistance zone after rebounding from recent lows. Buying pressure is increasing, and continued strength could open the path toward higher targets.

Entry: $0.2323–$0.2369
TP1: $0.2450
TP2: $0.2530
TP3: $0.26235
SL: $0.21861

Watch for resistance near $0.2388 and avoid chasing if momentum fades.

Buy and Trade

$STRK
$MAGIC

🚨 ENA’s Investor Unlock Calendar Just Changed—Here’s the Exact Detail

Ethena says the recurring monthly unlock schedule for original investors ended on October 5—but that does not mean all ENA vesting is over.

LIVE / CONFIRMED: In its August 27 ecosystem update, the Ethena Foundation said remaining original investor allocations were accelerated into a single release on October 5. The Foundation also says team tokens remain locked under their original vesting schedules.

Another change is still governed separately: Ethena proposed directing 95% of qualifying net protocol revenue toward ENA buybacks, with the buyback rate tied to USDe supply milestones. That is not the same as guaranteed or immediate buying.

There’s one important distinction: the October 5 release was an acceleration of investor allocations, not a cancellation. And the Foundation’s own update says its figures are subject to change.

So the verified takeaway is narrower than the hype: monthly original-investor unlocks have ended, while team vesting continues and any buyback effect depends on implementation and protocol revenue.

Click the $ENA widget below and check the latest developments.

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#Ethena #Crypto #Write2Earn

Not financial advice. DYOR.

🚨 What do Ethena’s USDe growth milestones and tokenomics shifts mean for $ENA ?

Ethena (ENA) saw key structural updates across its token supply and USDe ecosystem footprint in early October 2026.

WHAT CHANGED:
On October 5, Ethena consolidated remaining investor allocations into a single one-time release of 1.406 billion ENA tokens (roughly 14% of circulating supply), concluding original investor vesting months ahead of schedule. Concurrently, USDe supply surged 20.2% in September to hit $4.90 billion, supported by new deployments on TRON and expanded collateral listings on Morpho.

WHO CONFIRMED IT:
Official protocol tokenomics disclosures, CoinDesk ecosystem reports, and public on-chain governance records confirmed the accelerated unlock timeline and USDe supply milestone metrics.

WHY IT MATTERS:
- Incentive transition: Token rewards tied directly to USDe growth ended on September 30, shifting Ethena’s focus from subsidized distribution toward organic yield and real-world adoption via the upcoming Ethena Pay Visa card.
- Fee switch path: Community-approved tokenomics mandate that 95% of net protocol revenue will route to programmatic ENA buybacks once 14-day average USDe supply crosses $7.5 billion.

WHAT HAPPENS NEXT:
The risk committee is evaluating a governance discussion to enable GHO and sGHO as eligible USDe backing assets, while traders monitor whether USDe supply can reach the $7.5B milestone needed to activate protocol revenue buybacks.

The key distinction is: the investor unlock event is complete, while the protocol revenue fee switch remains contingent on reaching $7.5B in USDe supply.

Click the $ENA widget below and check the latest developments.

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#Ethena #Crypto #write2earn
Not financial advice. DYOR.

🚨 What happens to ENA after the massive supply consolidation?

The remaining 1.406 billion ENA investor token unlocks were consolidated and released in a single event on October 5, 2026.

WHAT CHANGED:
Instead of running a monthly unlock schedule through early 2028, Ethena brought forward and fully released all remaining investor vesting tranches.

WHO CONFIRMED IT:
The Ethena Foundation confirmed the modified schedule after executing buyouts for unvested investor positions.

WHY IT MATTERS:
- Zero investor vesting overhang: ENA has no future scheduled unlocks dedicated to early VC or private investors.
- Remaining future releases are limited strictly to dated team and Foundation vesting allocations.

WHAT HAPPENS NEXT:
The community is now tracking the USDe supply growth toward the $7.5 billion milestone. Reaching this threshold activates the approved fee-switch protocol, directing 95% of protocol net revenues into programmatic ENA open-market buybacks.

Here's where it gets interesting: the investor unlock overhang is completely behind the protocol, shifting long-term focus entirely to revenue performance and USDe adoption.

Click the $ENA widget below and check the latest developments.

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#Ethena #Crypto #Write2Earn

Not financial advice. DYOR.

Ethena's token has lost almost a fifth of its value in a week.

📊 By the numbers
• $ENA trades near $0.219, down about 8.1% in 24 hours and 19.5% over seven days, per CoinGecko, with a daily range of $0.216 to $0.239.
• Market cap is about $2.93 billion at rank 40, with roughly $370 million of daily volume.
• The token sits about 86% below its all-time high of $1.52.
• DeFi tokens fell almost 6% as a group in Tuesday's sell-off, per CoinDesk, so ENA is lagging a weak sector.

🎯 Levels to watch
The daily low near $0.216 is the obvious line; losing it would extend a week of lower lows. A move back above $0.24 would be the first sign sellers are tiring. I found no specific catalyst, so I read it as sector and leverage pressure rather than a protocol event.

💬 Is a 20% weekly drop in a top-40 DeFi token noise or signal?

#Ethena #DeFi

StablecoinX手中的 $ENA ，可計算的購買均價大約是 $0.244

透過StablecoinX公開申報的資料可以看到：

➤ 2025/7/21 第一輪 PIPE
取得約 1.2B ENA，均價約 $0.21

➤ 2025/9/5 第二輪 PIPE
取得約 0.9B ENA，均價約 $0.29

兩者都是向 @Ethena Labs 基金會購買鎖倉狀態的ENA，並附帶48個月出售限制（已於2026/10/5提前解除）。

合計約2.1B ENA，帳面均價約$0.244。

看的這，可能會有疑問：
「為什麼DeFiLlama紀錄的分別是 1.3B + 1.4B = 2.7B？」

因為DeFiLlama紀錄的是PIPE完整的代幣數量與金額，但實際上當時 PIPE 分為「現金認購」&「代幣認購」兩種渠道來獲得未來合併後的公司股權（StablecoinX）。

在兩次的PIPE中，兩輪in-kind合計約0.6B ENA，換取公司股權。

所以就會是：
現金認購接著向基金會認購代幣獲得了約2.1B ENA + 投資者透過 PIPE 注入約0.6B ENA = 2.7B ENA

這時就大概能看出，購買均價可能不見得能反映StablecoinX對於它的代幣潛在出售的心理評估價位。

並且這個狀況正在進一步加劇，因為今年（2026/6/26） Ethena
再度透過ENA代幣換取StablecoinX普通股股權。

這次注入的ENA大約是0.28B，加上原先的2.7B ENA，就構成目前市場所知的StablecoinX約3B ENA的持倉量。

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總結

若單以現金購買所記錄的均價來衡量StablecoinX是否到達拋售代幣的心理價位，可能相對武斷。

以它當前的代幣來源架構來看，大約有1/3的倉位並沒有傳統成本，我想這也是為什麼不少分析師認為透過 $USDEB 股價/mNAV的方式來評估它會更有效。

不過我覺得還有一點是，Ethena透過這種方式獲取大量股權後，它已取得董事會席次，也許未來它會繼續透過相似手段換取更多股權來讓基金會跟財庫公司（StablecoinX）高度綁定。

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● 以上內容不構成投資建議

● 附圖取自SEC，但上傳不了，就算了

#ethena #ENA #USDeb

Plasma تتقدم بقوة في سوق USDe!
ارتفع إمداد عملة USDe التابعة لـ @Ethena Labs على شبكة Plasma بنسبة 61.9% خلال 30 يومًا، ليصل إلى 559.11 مليون دولار.
وبهذا، أصبحت @Plasma ثاني أكبر شبكة من حيث إمداد USDe بعد Ethereum، متقدمةً على Solana التي تسجل 491.30 مليون دولار.
ما الذي يستحق المتابعة؟ هذا النمو يعكس توسع حضور USDe عبر الشبكات، ويجعل متابعة السيولة وحجم الاستخدام الفعلي على Plasma أكثر أهمية.
هل تستطيع Plasma مواصلة هذا النمو خلال الفترة المقبلة؟
#Ethena #USDe #Plasma #defi

StablecoinX 的 Form 8-K，未來會是評估 $ENA 價格的重要資訊來源

StablecoinX（股票代碼：$USDE ）未來出售 ENA 的計畫，大概率也會透過 8-K 進行重大事件公告，概念雷同於微策略購入 $BTC 的操作。

本次 10/5 的投資者代幣提前解鎖，也適用於 StablecoinX 持有的代幣（原先有 48 個月鎖倉限制）。

換句話說，這批多達 30.31 億顆 ENA（約佔總供應量的 20%）已處於可動用的狀態。

但根據 @Ethena Labs 與 StablecoinX 簽署的豁免函，StablecoinX 如果有出售的需求，需要經由 Ethena 基金會同意方可執行，幾個重點資訊：

➤ 基於營運需求或對 Ethena 生態發展進行增值行為，StablecoinX 可尋求出售代幣

➤ StablecoinX 須提前五天告知基金會：出售緣由、出售數量、出售期間、最低報價、執行方、對手方等交易細節

➤ 基金會有五個工作天審查期，期間可選擇優先收購全部或部分。若未回應也未反對，StablecoinX 即可按通知出售。

*註：基金會僅在特定情況下可提出異議（用途不合理、影響有序市場、違法等），異議後須說明理由並善意協商。

總而言之，可理解為 StablecoinX 若出售代幣，且基金會有意承接，理論上它的 ENA 會先落入基金會，也就是說對公開市場的影響並非直接性。

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● 以上內容不構成投資建議，讀者應自行完成獨立研究，請根據自身的投資目標、風險承受能力進行操作，謹慎參與投資市場

● 附圖取自 SEC

#StablecoinX #ENA #ethena #BStocks

以往許多 DeFi 協議空有數億美元的資金沉澱，收益卻全被外部穩定幣發行商賺走；如今頭部項目正集體掀起「自己做美元」的自立門戶浪潮，而背後的造幣軍火庫正成為最大的贏家。

【ether.fi 攜手 Ethena 打造專屬美元：3 億存款轉化原生資產，跨界吞吐萬億支付】
據 The Defiant 報導與 ether.fi 官方公告，以太坊流動性再質押龍頭 ether.fi 正式宣布推出自有的美元穩定幣 ether.fi USD，全面採用 Ethena 提供的白標（Whitelabel）穩定幣基礎設施。在雙方合作分工中，Ethena 負責提供全套底層「穩定幣即服務（Stablecoin-as-a-Service）」，涵蓋儲備管理、鑄造、贖回與合規風控；ether.fi 則保留前端品牌與分發主導權。
這項舉措的核心動機，在於將 ether.fi 平台上既有超過 3 億美元的穩定幣存量沉澱全面轉化為生態「原生流動性」，從而將原本被第三方截留的儲備利息與收益收歸協議所有。此外，新穩定幣還將深度貫通 ether.fi 自 2024 年推出的 Cash 加密支付卡業務——據官方數據，該卡累計消費規模已近 10 億美元，活躍發卡量逾 10 萬張。儘管官方目前尚未公佈確切上線日期與初始儲備資產配比（如 USDe 與美債代幣 USDtb 的具體權重），但 ether.fi 已繼 Jupiter（jupUSD）、MegaETH（USDm）與 Sui（suiUSDe）之後，成為加入 Ethena 白標造幣陣營的又一重量級核心 DeFi 協議。

【告別高排放代幣補貼：白標 SaaS 與基差收益重塑 ENA 估值邏輯】
對讀者意味著什麼？這項合作標誌著 Ethena 商業模式與 ENA 價值捕獲機制的關鍵蛻變。以往 Ethena 主要依賴高額 ENA 額外排放來刺激 USDe 規模擴張；然而在 9 月底官方正式結束 sUSDe 的 ENA 額外補貼後，協議已全面轉向向機構與頭部協議輸出白標造幣架構，並拓展至幣安 bStocks 代幣化美股的 Delta-Neutral 基差套利。這意味著協議正從純粹的「高排放補貼農場」過渡為「B2B 穩定幣基礎設施服務商」，透過儲備管理分潤與合約調用費沉澱真實協議收入（Real Yield），直接為 ENA 代幣賦予實質的現金流底層支撐。
在現貨市場表現方面，據幣安現貨盤口數據，ENA 最新報價約 0.2228 USDT，24 小時漲幅約 1.18%，全天現貨成交額約 2,479 萬 USDT（成交量約 1.11 億枚 ENA），24 小時價格波動區間落在 0.2182 至 0.2254 USDT。盤面在消化完 10 月 5 日約 1.7188 億枚 ENA 的大額解鎖與投資人釋放排期整合後，逐步在 0.2200 USDT 整數關口上方構築出多空整固的中樞平台。

【後市關鍵觀察：存量轉化規模與 0.235 美元頸線攻防】
展望後市演變，投資人需重點跟蹤兩大可對帳的核心信號：
第一，ether.fi 既有資金池的實際遷移動態。真正的基本面拐點不在於合作公告本身，而在於第四季 ether.fi USD 正式上線後的 60 天內，能否將平台上超過 3 億美元存量穩定幣中的至少 1.5 億美元（即 50% 轉化率）順利遷移至 Ethena 託管的新穩定幣金庫，這將直接檢驗其白標模式的實質變現效率；
第二，幣安現貨 0.215 USDT 防守支撐與 0.235 USDT 頸線突破。若日線級別在 0.218 至 0.220 USDT 籌碼密集區持續放量企穩，並有效放量突破 0.235 USDT 前期下行通道壓制，盤面具備向上回補並挑戰 0.260 至 0.280 USDT 前期密集套牢區的估值修復動能；反之，若失守 0.215 USDT 關鍵防守線，盤面或將再度考驗 0.200 USDT 整數心理支撐。

個人觀點與資訊整理，非投資建議，DYOR。

$ENA #Ethena #DeFi

Plasma розганяється не на жарт 🚀
​За останні 30 днів пропозиція USDe від Ethena на Plasma підскочила одразу на 61,9% і досягла $559,11 млн.
​Завдяки цьому Plasma обігнала Solana ($491,30 млн) і стала друге за величиною мережею для USDe після Ethereum.
​Схоже, капітал потроху перетікає в нові екосистеми.Як гадаєте, Plasma втримає цей темп чи Solana поверне позиції?
#ethena #Plasma
#LedgerPausesCryptoBilisSales
#XRPLedgerPatchesXRPCreationBug
$XPL
$ENA

$ENA 𝗵𝗮𝘀 𝘀𝗹𝗶𝗱 𝟭𝟲% 𝗶𝗻 𝗮 𝘄𝗲𝗲𝗸, 𝘄𝗶𝘁𝗵 𝟳.𝟰% 𝗴𝗼𝗻𝗲 𝗶𝗻 𝘁𝗵𝗲 𝗹𝗮𝘀𝘁 𝟮𝟰 𝗵𝗼𝘂𝗿𝘀.

On Oct 5, the Ethena Foundation released the last of its locked investor tokens, so more ENA is now free to trade.

The bounce on unlock day didn't hold, and price has drifted lower ever since.

It now sits right at its weekly low near $0.22, so that's the level to watch.

Do unlocks hurt more before the date or after it?

NFA.
#Ethena #DeFi

🚨 ENA JUST GOT A MAJOR TOKEN-SUPPLY UPDATE

Ethena brought forward 1.406 billion ENA tokens of remaining investor unlocks to October 5, 2026. Tokens that were originally scheduled to unlock from November 2026 through March 2028 were consolidated into that October release.

That makes this a major tokenomics event for ENA — but it’s important not to frame it as automatically bullish or bearish.

At the same time, Ethena’s governance forum has a new October 6 discussion on allowing GHO and sGHO as eligible USDe backing assets. That is a proposal under risk-committee discussion, not an already-finalized change.

So the real ENA story right now is:

A large investor unlock has already happened, while Ethena continues expanding how USDe can be backed.

Those are the facts worth watching.

$ENA
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#Ethena #DeFi #Write2Earn

Not financial advice. DYOR.

Ethena S5 空投已全數釋放，一幣不賣才是贏家？

@Ethena Labs 第五季空投的六個月線性釋放期結束了（4/16~10/8），這次空投我是每隔幾周就去領幣並直接賣出 sENA，萬萬想不到如今 $ENA 價格從八月底開始水漲船高阿！

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幾個時間點：

➤ 4/16
初次釋放，價格約 $0.1

➤ 6/11
六個月線性釋放期間內的最低點，價格約 $0.07

➤ 9/28
六個月線性釋放期間內的最高點，價格約 $0.27

ENA 現價約 $0.21，相當於從第一次釋放至今幣價上漲 +110%。

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八月底 Ethena Foundation 官方宣布透過場外交易收購投資者的未解鎖代幣，接下來要關注的可能拋壓來源包含：

1. Ethena Foundation 收購代幣後的處置
2. 未接受收購邀約的機構投資者的代幣動向
3. ENA 財庫公司 StablecoinX 的代幣動向

根據官方說法，StablecoinX（股票代號：$USDE.US ）是前兩大持有者之一，約佔總供應量的 20%，後續可以關注它是否有出售的舉動。

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● 以上內容不構成投資建議，讀者應自行完成獨立研究，請根據自身的投資目標、風險承受能力進行操作，謹慎參與投資市場

● 附圖取自 TokenManager

#StablecoinX #BStocks #ethena #ENA走势分析

補充資訊：Wintermute 的投資者份額動向

剛剛順便查找 @Ethena Labs 公告的未接受場外交易收購邀約的地址（Arkham 標記為 Wintermute）有什麼後續操作？

*註：曾在 2025/10/10 高點後賣出過 $ENA 的機構投資者，且未接受基金會在八月的場外收購代幣邀約

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該地址（8D74 結尾）是隸屬於 Wintermute 的多簽錢包，當前持有 28M ENA（現價約 $6M）+ 5.7M sENA（現價約 $1.2M，部分處於已解除質押狀態）。

該地址在 10/6 收到 31M ENA，應該就是本次的一次性解鎖投資者份額，後續有幾個操作：

➤ 部分投資者份額轉移進 Coinbase Prime

該地址（8D74 結尾）轉移 2.5M ENA → 中繼地址（57E7 結尾）→ Coinbase Prime（66EA 結尾）

➤ S5 空投領取

今天（10/9），該地址（8D74 結尾）透過 TokenManager 領取 90,942 sENA。

綜覽過去紀錄，該地址大約一個月領取一次空投，並透過解除質押的方式拿回 ENA。

➤ sENA 解鎖的代幣轉移進 Coinbase 熱錢包

該地址（8D74 結尾）今天轉移 174,909 ENA，中間經由多層中繼地址，最終進入到 Coinbase 熱錢包。

從過去紀錄來看，該地址（8D74 結尾）持續有將相對小額的 ENA 打入 Coinbase。

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總結

最有趣的是，它多簽錢包針對空投的 sENA，還會循規蹈矩的走解除質押、解除鎖定，來拿回原始的 ENA 代幣，最後才打入交易所。

而投資者份額看起來應該是直接派放 ENA 代幣，需要注意的是，它轉入 Coinbase Prime 不見得是拋售行為，也有可能是使用 Coinbase Prime 的託管服務，不過後續的行為就不得而知了。

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● 以上內容不構成投資建議，讀者應自行完成獨立研究，請根據自身的投資目標、風險承受能力進行操作，謹慎參與投資市場

● 附圖取自 Arkham

#ethena #Wintermute #ENA将解锁走势如何

$ENA 看跌。4小时图清晰显示一系列更低的高点（0.29 -> 0.28 -> 0.26），表明卖方仍掌控局面。

• 最近跌至0.19标志着一个强支撑区，但动能正在0.21 - 0.22阻力区附近放缓。这看起来像是下跌趋势继续前的典型缓解性反弹

· 🔴 做空情景（优先）：

· $ENA 做空入场：0.21 - 0.22
· 止损：0.235上方
· 止盈：TP1：0.20，TP2：0.19

支持我，只需在这里交易👇#ena #ethena

🚨 ENA JUST FINISHED A MAJOR TOKENOMICS RESET

Ethena’s biggest recent ENA change is now official: remaining original investor unlocks were accelerated and completed on October 5, ending the recurring investor unlock schedule. Team tokens remain under their original vesting schedules.

At the same time, Ethena’s fee-switch implementation is moving toward ENA buybacks, with governance-approved parameters designed to direct a growing share of protocol revenue toward buybacks as USDe reaches different supply milestones.

But there’s an important distinction:

The unlock schedule ending does not mean ENA supply suddenly disappears, and the buybacks depend on the stated revenue/USDe milestones.

So the real ENA story right now is a major change in token supply dynamics + a new value-accrual mechanism for the token.

$ENA
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#ethena #DeFi #Write2Earn

Not financial advice. DYOR.

$ENA 强烈看跌，持续形成更低的高点（0.29 -> 0.28 -> 0.26 -> 0.23 -> 0.22）。
· 当前小幅反弹至0.22似乎是修正性的，缺乏强劲的看涨动能。整体市场结构严重偏向卖方

📉 做空情景 - 优先

· $ENA 做空入场：0.22 - 0.23（阻力区）
· 止损：0.245上方
· 止盈：0.20（近期低点），0.19（下一个主要需求区）

支持我，就在这里交易👇 #ena #ethena