Ethena
ENA
About
Performance
News
Socials
Guides
Learn
Explore
FAQ
Ethena price
in EUR€0.28425
-- (--)
EUR
Last updated on --.
Market cap
€2.11B
Circulating supply
7.42B / 15B
All-time high
€0.62724
24h volume
€218.21M
About Ethena
Ethena’s price performance
Past year
--
--
3 months
--
--
30 days
-41.71%
€0.49
7 days
-17.98%
€0.35
Ethena’s all-time low was €0.11697 (+143.01%) on Oct 11, 2025, (UTC+8). Its all-time high was €0.62724 (-54.69%) on Sep 18, 2025, (UTC+8). Ethena’s circulating supply is 7,423,437,500 ENA, which represents 49.48% of its maximum circulating supply of 15,000,000,000 ENA.
Ethena in the news
Terminal Finance, a decentralized exchange incubated by Ethena Labs, has attracted $280 million in deposits before launch.
The supposed de-pegging was only limited to Binance while deviations were much more restrained on other major liquid avenues like Curve.
Wrapped tokens crashed as Binance's infrastructure buckled, making it harder for market makers to stabilize prices.
USDe recovered quickly, and Ethena Labs confirmed that the mint and redeem functionality remained operational, with the stablecoin remaining overcollateralized.
Trump’s 100% tariff warning on China ignited a global sell-off that wiped out $16 billion in leveraged crypto longs and pushed Ethena’s USDe to a rare sub-$1 print.
JupUSD will be developed in partnership with Ethana Labs and initially be fully collateralized by Ethana's USDtb stablecoin.
Ethena, a protocol known for developing yield-bearing stablecoin mechanisms, has partnered with Jupiter, a Solana-based...
Ethena on socials
Recently, there have been quite a few questions about DeFi. First, everyone needs to distinguish between what is permissionless and what is governed by protocol:
- Protocol-governed includes Aave, Spark, etc.
- Permissionless includes Morpho, Euler, etc.
In permissionless lending protocols, most designs have each Market managed by a Curator, and many projects can have their own Curator or stakeholders. So this is similar to a pool opened by the project team themselves.
For example, the most critical parameter, which collateral types are supported, is managed by the Curator, and there is no endorsement from the lending platform. However, projects like Aave and Spark require that the assets of each Market go through a governance process, and if issues arise, the lending platform is likely to intervene.
Similar issues to xUSD, or when certain stablecoin projects have underlying problems, can lead to utilization soaring to 95%–100%, with the phenomenon of not repaying loans despite extremely high interest rates, because the collateral has lost its value, making it impossible to redeem it; no matter how high the interest, it remains just a number.
Permissionless lending is analogous to permissionless DEX; you trust Uniswap, but if you buy a Pi Xiu pool, Uniswap cannot manage it. Therefore, for lending protocols, the most critical parameter is the collateral, and behind high interest rates, there may be a hidden problem; knowing who the Curator is is also very important.
區塊先生 🐡 ⚠️ (rock #58)
🚨 It feels like something big is about to happen in DeFi (a strange vibe)
Especially as we see platforms like Compound, Lista, Silo, Morpho, Ethena Labs (USDe), Stream Finance (xUSD), and other similar Curator/borrowing platforms showing obvious lack of transparency and liquidity.
At the same time, the utilization rates of various lending assets have skyrocketed to levels of 95% to 100%, which actually means: if you want to withdraw or cash out → it may become difficult.
Currently, although there is no widespread panic, once panic spreads = bank run initiates → runs on the bank → a chain reaction begins.
In this cycle, the entire DeFi "Lego" model has become too intricate, with various protocols cross-referencing each other; if one link fails, all links fail. AAVE's volume has reached 60 billion USD, but the core assets underneath are looping at a very high rate.
A reminder to everyone: before chasing high yields and high utilization, be aware of the structural risks behind it.
⸻
🔍 Here are a few points worth highlighting:
• Stream Finance has announced a loss of about 93 million USD and has suspended deposits and withdrawals.
• At the same time, investigations have found that its exposure to lending/stablecoins exceeds 284 million USD, and the risks may spread to multiple protocols.
• Liquidity and structural issues with Compound, Silo, and major lending platforms.
Now is not the time to only look at "high interest rates" and "high utilization"; instead, ask yourself: "If I can't withdraw / if I can't mine / if the borrower collapses, how will this entire leverage/interconnected structure fall apart?"
The era of DeFi is indeed here, but the Lego is too chaotic, and the foundation is too fragile, which should alert all participants.🫡
Yes, I see that there are some pools on Morpho, and even though the liquidity and volatility of the collateral are good, the utility of borrowing has been pushed very high. Be careful of inexplicable panic runs; it really has squeezed out a liquidity crisis, and there are too many nested DeFi projects.
區塊先生 🐡 ⚠️ (rock #58)
🚨 It feels like something big is about to happen in DeFi (a strange vibe)
Especially as we see platforms like Compound, Lista, Silo, Morpho, Ethena Labs (USDe), Stream Finance (xUSD), and other similar Curator/borrowing platforms showing obvious lack of transparency and liquidity.
At the same time, the utilization rates of various lending assets have skyrocketed to levels of 95% to 100%, which actually means: if you want to withdraw or cash out → it may become difficult.
Currently, although there is no widespread panic, once panic spreads = bank run initiates → runs on the bank → a chain reaction begins.
In this cycle, the entire DeFi "Lego" model has become too intricate, with various protocols cross-referencing each other; if one link fails, all links fail. AAVE's volume has reached 60 billion USD, but the core assets underneath are looping at a very high rate.
A reminder to everyone: before chasing high yields and high utilization, be aware of the structural risks behind it.
⸻
🔍 Here are a few points worth highlighting:
• Stream Finance has announced a loss of about 93 million USD and has suspended deposits and withdrawals.
• At the same time, investigations have found that its exposure to lending/stablecoins exceeds 284 million USD, and the risks may spread to multiple protocols.
• Liquidity and structural issues with Compound, Silo, and major lending platforms.
Now is not the time to only look at "high interest rates" and "high utilization"; instead, ask yourself: "If I can't withdraw / if I can't mine / if the borrower collapses, how will this entire leverage/interconnected structure fall apart?"
The era of DeFi is indeed here, but the Lego is too chaotic, and the foundation is too fragile, which should alert all participants.🫡
Guides
Find out how to buy Ethena
Getting started with crypto can feel overwhelming, but learning where and how to buy crypto is simpler than you might think.
Predict Ethena’s prices
How much will Ethena be worth over the next few years? Check out the community's thoughts and make your predictions.
View Ethena’s price history
Track your Ethena’s price history to monitor your holdings’ performance over time. You can easily view the open and close values, highs, lows, and trading volume using the table below.
Ethena on OKX Learn
What is Ethena (ENA): is synthetic dollar USDe a DeFi revolution?
From decentralized exchanges exploring revenue sharing to Bitcoin Layer 2s establishing themselves as viable scaling solutions, the DeFi landscape is continuing to innovate and offer exciting alternat
Ethena Price Prediction: Key Insights, Technical Analysis, and Ecosystem Growth
Ethena Price Prediction: Comprehensive Analysis and Future Outlook Ethena (ENA) has emerged as a prominent player in the cryptocurrency market, capturing attention with its innovative ecosystem and ro
ETHENA Products and USDE: How This Stablecoin is Revolutionizing the Crypto Market
Introduction to ETHENA Products and USDe The cryptocurrency market has undergone significant innovation in recent years, with ETHENA Labs emerging as a leader in this transformative space. Among its g
How Ethena's ENA and Delta-Neutral Hedging with ETH Are Revolutionizing Stablecoins
Introduction to Ethena and Its Innovative Approach to Stablecoins Ethena is revolutionizing the cryptocurrency space with its groundbreaking approach to stablecoins. By leveraging advanced strategies
Capitalize on market volatility with advanced trading tools
Ethena FAQ
Currently, one Ethena is worth €0.28425. For answers and insight into Ethena's price action, you're in the right place. Explore the latest Ethena charts and trade responsibly with OKX.
Cryptocurrencies, such as Ethena, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Ethena have been created as well.
Check out our Ethena price prediction page to forecast future prices and determine your price targets.
Dive deeper into Ethena
ENA is the governance token of Ethena, a synthetic dollar protocol built on Ethereum that provides a crypto-native solution for money.
Disclaimer
The social content on this page ("Content"), including but not limited to tweets and statistics provided by LunarCrush, is sourced from third parties and provided "as is" for informational purposes only. OKX does not guarantee the quality or accuracy of the Content, and the Content does not represent the views of OKX. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly. The price and performance of the digital assets are not guaranteed and may change without notice.
OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. For further details, please refer to our Terms of Use and Risk Warning. By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX and its affiliates (“OKX”) are not in any way associated with the owner or operator of the TPW. You agree that OKX is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets. Product may not be available in all jurisdictions.
OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. For further details, please refer to our Terms of Use and Risk Warning. By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX and its affiliates (“OKX”) are not in any way associated with the owner or operator of the TPW. You agree that OKX is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets. Product may not be available in all jurisdictions.
Market cap
€2.11B
Circulating supply
7.42B / 15B
All-time high
€0.62724
24h volume
€218.21M