Ethena vs Raydium — how do they compare? Ethena trades at Rp1,535 (market cap Rp15,09T, Rp1,35T 24h volume), while Raydium trades at Rp11,213 (market cap Rp3,01T, Rp110,9M 24h volume). The key difference: Ethena is far larger — about 5× Raydium's market cap, and Ethena's circulating supply is 9,8B / 15B ENA (66%) versus 269,5M / 555M RAY (49%) for Raydium. Which is the better fit depends on your goals — on Pluang, investors hold Ethena for 44 Days and Raydium for 25 Days on average.
| ENA | RAY | |
|---|---|---|
Market Cap | Rp15,09T | Rp3,01T |
Volume (24h) | Rp1,35T | Rp110,9M |
Circulating Supply | 9,8B / 15B ENA (66%) | 269,5M / 555M RAY (49%) |
Typical Hold Time | 44 Days | 25 Days |
What Pluang investors did over the last 30 days
Latest headlines on both assets
Ethena is a synthetic dollar protocol built on Ethereum that will provide a crypto-native solution for money that is not reliant on traditional banking system infrastructure, alongside a globally accessible dollar-denominated savings instrument — the 'Internet Bond'.
Read more on ENA →Raydium (RAY) is an automated market maker (AMM) and liquidity provider built on the Solana blockchain for the Serum decentralized exchange (DEX). Unlike any other AMMs, Raydium provides on-chain liquidity to a central limit orderbook meaning that funds deposited into Raydium are converted into limit orders which sit on Serum’s orderbooks.
Read more on RAY →