thena

Ethena Pay has begun rolling out the Earn+ feature, which claims that the dollar balance can earn a target annual reward of up to 12%. Initially, it is open to Pro and VIP users, with plans to expand to all users in the coming days. This feature will transfer funds from the main payment balance to an external Upshift vault, where Steakhouse Financial will execute a leveraged USDe strategy on Aave, aiming for a yield higher than the app's existing maximum tiered reward of 6%.According to documents released by Ethena Pay, the vault targets approximately 11 times leverage on Aave v4 on Avalanche, packaging repeated borrowing and reinvestment into a one-click deposit. The specific path involves depositing USDe as collateral, borrowing USDT, and then using the borrowed tokens to purchase more USDe in a loop, with returns depending on whether the USDe rewards can cover the USDT borrowing costs. Ethena Pay states that it only provides the interface and does not guarantee the assets, and users must bear the risk of vault losses, which may result in losing part or all of their invested funds.Ethena Pay claims that the simplified interface does not eliminate liquidation risk; when collateral is insufficient to cover debts, positions will face liquidation, with liquidators repaying debts and taking collateral and rewards. The 12% is only a target and not a guaranteed return, rates may be adjusted downwards, and Earn+ balances do not enjoy the Daily Boost of the main account. This product has no lock-up period, no fees for deposits or withdrawals, and withdrawals are processed to the main dollar account within 24 hours but may be delayed, and are not considered insured bank deposits. The initial total capacity limit for the vault is $4.5 million, with individual limits of $50,000 and $200,000 for Pro and VIP users, respectively, and $20,000 for Standard users.

The Synthetic Dollar Agreement's founder and CEO of Ethena, Guy Young, stated that users have noticed a large investor wallet transferring tokens in the past 48 hours. He confirmed that the related transfers are a security precaution related to recent concerns about hardware wallets and do not indicate that the tokens are being sold after being transferred.Guy Young made the above statement on X in response to the community's concerns about the on-chain movements of large wallets. He emphasized that the related operations are precautionary arrangements taken for security reasons and do not represent that investors are selling their held tokens.

The institutional crypto trading platform FalconX and the synthetic dollar protocol Ethena are operating a collateralized lending arrangement with a scale of 1 billion dollars, funded by the reserve assets of the stablecoin USDe. The related loans are over-collateralized, with Ethena holding the first priority collateral rights.FalconX's cumulative trading volume has exceeded 25 trillion dollars. This arrangement was disclosed by the market intelligence account msbintel and mentioned the official account of Ethena.

According to MSB Intel's report on October 12, based on statistics from DefiLlama, the issuer of synthetic dollar USDe, Ethena, has accumulated protocol fees of 1.061 billion dollars since its launch at the end of 2023, with a statistical span of about 34 months.USDe is supported by collateral and perpetual futures positions, and its structure is different from reserve-based stablecoins like USDC and USDT. Fees come from issuance, redemption, and holding, and are distributed between stakers and governance token holders. As of mid-October 2026, the market capitalization of USDe is approximately 4.8 billion dollars, the protocol's TVL is about 5.2 billion dollars, and the market capitalization of the governance token ENA is around 3 billion dollars.The report explains that the aforementioned fees measure revenue accrual, not retention after deducting operating costs; maintaining perpetual positions, collateral management, and governance will consume part of the fees. According to DefiLlama's public page, Ethena's accumulated fees are 1.061 billion dollars, TVL is approximately 5.189 billion dollars, ENA's market capitalization is about 3.206 billion dollars, and the TVL on the Ethena USDe page is around 4.758 billion dollars.

The Ethereum re-staking protocol ether.fi announced the launch of the dollar-pegged stablecoin ether.fi USD (USD), which is technically supported by Ethena.ether.fi stated that there are currently over 300 million dollars worth of stablecoin assets operating within its ecosystem, and the launch of USD will natively integrate the liquidity of these stablecoins into its upcoming products.

According to Onchain Lens monitoring, a Gnosis Safe wallet associated with the synthetic dollar protocol Ethena withdrew 62.58 million ENA from the cryptocurrency exchange Bybit approximately 37 minutes ago, worth about 14.86 million USD.The account also noted that in the past 9 hours, the aforementioned wallet has cumulatively withdrawn 117.58 million ENA from Bybit, valued at approximately 27.96 million USD based on the price at that time.

According to on-chain data monitoring, wallets suspected to be related to the Ethena team have withdrawn a total of $68.26 million worth of ENA tokens from centralized exchanges (CEX), including approximately $13.1 million worth of ENA withdrawn from Bybit about 2 hours ago, and $55.16 million worth of ENA withdrawn from Coinbase.In addition, the Ethena project team released a series of transaction hashes on the X platform 8 hours ago, and the specific details have not yet been made public, sparking market speculation that significant information may be announced.

Ethena disclosed in the official September review that the USDe supply increased by over 700 million dollars in September, making it the second largest collateral asset on the Morpho platform and the largest dollar-denominated collateral asset, supporting two of the three major markets of the protocol.

Ethena founder Guy Young posted on social media that he is aware of the current "security incident involving a certain Ethereum node operator."The supported assets of USDe currently do not include any direct exposure to stETH or any other liquid staking tokens. It is expected that there will be no impact on Ethena.

According to a research report released by Geoff Kendrick, the Global Head of Digital Assets Research at Standard Chartered Bank, Standard Chartered has officially launched coverage research on Ethena (ENA), predicting that the ENA token will rise to $2 by the end of 2028.The report points out that Ethena is currently the fourth largest stablecoin issuer in the world (after Tether, Circle, and Sky), and its stablecoin USDe quickly became the fastest stablecoin to surpass a market capitalization of $10 billion after its launch at the end of 2023. Currently, yield-bearing stablecoins account for about 5% of the overall stablecoin market, and this proportion is expected to continue to expand as user demand for yield grows.In terms of sources of yield, USDe has gradually diversified from its early reliance on crypto basis trading (which once provided over 20% annualized yield) to include real-world assets (RWA) and stock perpetual contract basis. Standard Chartered predicts that the on-chain RWA scale will grow from the current approximately $40 billion to $2 trillion by the end of 2028, providing support for ENA's buyback plan and price increase.

Ethena posted that since the initial airdrop in early 2024, the token incentives related to the stablecoin USDe have decreased by about 85% compared to 2024. Starting at the end of this month, the token incentives and new inflation related to USDe will be completely eliminated, and future scale expansion will no longer be driven by additional token subsidies.

According to The Block, Ethena is incorporating tokenized U.S. stocks and Binance stock perpetual contracts into the foundational trading support strategy of USDe. Among them, Binance bStocks will serve as the tokenized spot support asset, while Ethena will hedge through Binance stock perpetual contracts to maintain Delta neutrality.The Ethena Risk Committee has previously approved the inclusion of tokenized stock foundational trading into the allocation strategy. Ethena stated that the open interest of Binance stock perpetual contracts has currently exceeded $2.9 billion, with a monthly average compound growth rate of 105% this year, and the average annualized return of stock foundational trading over the past six months has been 3.56%; the company expects that as more stock market assets go on-chain, the opportunity size of stock perpetual contracts will ultimately significantly exceed that of the cryptocurrency perpetual contract market.Guy Young, founder of Ethena Labs, stated that this is the most important expansion of its funding mechanism since the launch of USDe.

The synthetic dollar agreement Ethena announced that it has completed a SOC 2 Type II audit based on Security Trust Services Criteria, receiving an unqualified opinion from an independent auditor with zero exceptions. SOC 2 is a widely recognized standard for enterprise-level operational security assurance, independently auditing Ethena's actual operations in access control, change management, monitoring, and incident response.Unlike the Type I report, which only examines the design of controls at a specific point in time, Type II assesses whether these controls have been effectively operating over a period. The audit covers the infrastructure and processes supporting its products, complementing the smart contract audits and security reviews covering the Ethena protocol. Ethena stated that it will continue to maintain SOC 2 coverage, with the complete report available to partners under NDA. Ethena joins the list of on-chain enterprises that have completed SOC 2 Type II, including Circle, Chainlink, and Aave.

According to on-chain analyst Ai Yi's monitoring, two wallets suspected to be related to the Ethena project (0x2993...7383, 0x969f...16aF) have transferred a total of 6.75 million USD worth of ENA to exchanges since September 3, and have deposited 19 million ENA, approximately 3.29 million USD, to Bybit in the past 15 hours.Both addresses received tokens transferred from the Ethena multi-signature address two years ago, and no transfers occurred since then, with recent price increases prompting bulk deposits.

According to on-chain analysts' monitoring, the Ethena project's associated address, after being dormant for 2 years, is suspected to have liquidated its holdings. 14 million ENA (worth 6.89 million dollars at the time of receipt, with a coin price of 0.4928 dollars) was fully deposited into Bybit 6 hours ago, leaving only 2.41 million dollars, a decrease of 4.48 million dollars compared to the time of receipt, and a decline of over 8.735 million dollars from its peak.

According to the official announcement from the Ethena Foundation, the fee conversion vote has been approved, with 100% in favor. The programmatic ENA buyback will begin and will gradually scale up as indicators and milestones are achieved.Previously, on August 27, the Ethena Foundation announced four adjustments to the Ethena ecosystem, including the buyback of locked tokens held by early investors, further aligning the token with equity value, initiating a governance proposal for revenue buyback of ENA, and canceling future monthly VC investor unlocks.

The decentralized trading platform THENA announced that its cumulative spot trading volume on the BNB Chain has surpassed $40 billion. Since its launch in January 2023, the platform has gradually expanded from the initial ve(3,3) DEX to include AMM infrastructure, perpetual contracts, limit orders, TWAP, take profit and stop loss, and other advanced spot trading tools. THENA stated that it will continue to focus on the BNB Chain as its main battlefield, and THENA 2.0 will focus on enhancing liquidity and trade execution, introducing more assets, and expanding ecological cooperation.

According to The Block, Ethena Labs announced the launch of the beta version of its self-custody payment application Ethena Pay on Avalanche, covering 48 countries.The application integrates Ethena's synthetic dollar USDe, allowing users to earn rewards on their account balance, including up to 6% annual yield and up to 10% cash back when using designated merchants.The founder of Ethena stated that this is the first bank-like application to integrate the issuer's own stablecoin products with banking applications. Users can hold USDe, receive fiat currency through international bank accounts or directly deposit in cryptocurrency, and can also send funds to others and settle in the recipient's local currency.The application supports "instant" global transfers, with free transfers for USD, EUR, and other currencies, while other bank transfers incur certain fees. The application offers three membership tiers: standard users can enjoy a 5% annual yield, and by depositing 2000 USD in USDe or inviting 10 users, they can upgrade to VIP status, enjoying a 6% yield; depositing 10,000 USD or inviting 50 people allows for further upgrades. Cash back is paid in AVAX.The beta version of Ethena Pay is now available on iOS and Android, initially covering countries such as Brazil, Mexico, South Africa, the Philippines, Singapore, the UAE, and Australia, with the US, EU, Canada, and South Korea to follow. Currently, the circulating supply of USDe is approximately 4 billion USD.

According to Crowdfund Insider, the Ethena Foundation has announced a series of adjustments to reduce the selling pressure caused by early investors unlocking their tokens. The foundation has repurchased some of the remaining locked ENA from large seed round investors through over-the-counter transactions and has agreed with major investors to end the remaining vesting arrangements early.Starting from October 5, there will be no investor tokens under lock-up, while team tokens will maintain the original lock-up and vesting terms.

Messari researcher Anastasiia stated that the new version of Ethena's fee switch is proposed to trigger based on the 14-day average supply of USDe, gradually increasing the revenue extraction ratio at thresholds of $7.5 billion, $10 billion, $15 billion, and $20 billion, and redirecting part of the revenue originally used for sUSDe staking, partners, and Aave leveraged operations towards ENA buybacks.Backtesting shows that during the activation of the switch, the annualized buyback scale is approximately $52.7 million, equivalent to 3.36% of ENA's market cap at the reported price; at the same time, about 9.3% of activation days will cause the yield of sUSDe to fall below that of sUSDS.The Ethena Foundation released four ecological adjustments, including the launch of a buyback ENA governance proposal and the cancellation of monthly VC unlocks.