Ethena's native token, ENA, has experienced significant selling pressure recently, dropping to its lowest price level since May 20th at $0.73. This has resulted in substantial losses for ENA stakers, with the largest staker selling 19.36 million ENA at a significant loss. This investor initially withdrew 23.24 million ENA from Binance between April 5 and April 10, when the token was trading at around $1.29. Following the recent sell-off, the investor is left with only 3.88 million ENA, translating to a loss of over $13 million.

Despite these setbacks, the Ethena ecosystem continues to grow. According to DefiLlama, the Total Value Locked (TVL) in the Ethena project has been on an upward trend, reaching a remarkable $3.44 billion as of June 12th. Furthermore, Ethena's USDe stablecoin has seen impressive growth since its public launch, with its supply surpassing $2 billion within two months. This growth, however, has raised concerns, particularly in light of the collapse of the algorithmic stablecoin, Terra's UST.