Ethena has distributed over $800 million in rewards within its USDe ecosystem since early 2024, mostly to users staking USDe into sUSDe. As of September 30, 2026, ENA token incentives were fully discontinued, shifting the protocol to a revenue-funded buyback model that activates only when USDe supply surpasses $7.5 billion. USDe supply has declined from a peak of $15 billion in October 2025 to about $4.94 billion in October 2026. Ethena is expanding its ecosystem through partnerships and new features to boost USDe usage and supply growth, which is critical for triggering the buyback mechanism and sustaining yields around 5% without ENA rewards.
As of October 30, 2026, ENA trades at Rp3.905 on Pluang, showing a strong 1-day gain of 9.78%, which contrasts with its 52-week circulating supply drop from 15 billion to 13.4 billion tokens. The market cap stands at Rp51.81 trillion, supported by a high buy order activity of 82%, reflecting sustained investor interest despite the discontinuation of ENA token incentives. This dynamic highlights how the token's market performance remains robust amid shifts in the USDe ecosystem.
Ethena (ENA) saw its price rise 7.5% over four hours to $0.2165 on Binance, with a 24-hour gain of 10.29%. The token ranked 39th by market capitalization at about $2.84 billion. During the same period, liquidations on Binance, Bybit, and OKX totaled ...
Ethena (ENA) token fell 7.12% within four hours to $0.1956 on Binance, extending its 24-hour decline to 6.19%. The drop reflects a decrease from $0.2106 to $0.1956 in the four-hour window. ENA ranks 39th by market capitalization at about $2.74 billio...
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Ethena (ENA) surged 8.66% in the past 24 hours, outperforming Bitcoin's modest 0.16% gain and the broader altcoin sector's 0.40% rise. Despite a recent downtrend in spot demand, positive funding rates and increased open interest suggest bullish marke...
