ENA, the native cryptocurrency of Ethereum-based DeFi project Ethena, has seen a significant rise as it competes directly with the stablecoin launched by Tether. ENA’s price increased by 25% to $0.35, while its market cap exceeded $920 million. In addition, ENA’s daily trading volume increased by 180% to $233 million.
In recent months, Ethena Finance has become one of the fastest-growing DeFi projects, with its USDe stablecoin reaching a market value of $3 billion. Crypto trader Eugene Ng Ah Sio stated that USDe will compete with Tether and that USDe, a DeFi-based stablecoin, will become a reliable stablecoin.
USDe allows users to deposit $1 to obtain a delta-neutral position. This position is created from staked ETH and ETH short position and provides a monthly return of 10-13%. These advantages contribute to the rapid growth of USDe, while partnerships with major exchanges such as Bybit have also increased user access. The high yield offered by USDe, along with the Fed’s interest rate cut cycle, attracts investors, which further increases the appeal of USDe. Its secure structure and high yield rates make it an important option in the stability market.
The recent increases in ENA price and the strong performance of USDe solidify Ethena’s place in the DeFi ecosystem. Its ability to compete with major rivals like Tether increases Ethena’s growth potential while also providing attractive opportunities for investors.
Ethena’s strategic moves and innovative solutions are drawing attention in the cryptocurrency market. Thanks to strong market support and technological advances, ENA and USDe are expected to shine even brighter in the future.
