Ethena (ENA) — Onchain News & Whale Tracking

Ethena Leaderboard Update: Whale AndreIsBack Joins WLFI Genesis Sale, Contributing 170 ETH

On September 2nd, the Ethena Leaderboard Whale AndreIsBack, who invested 170 ETH (approximately $580,000) eight months ago and received 38.71 million WLFI tokens at a cost of $0.015 per token. Yesterday, he received 7.74 million unlocked tokens that have not been sold yet (approximately $1.85 million). However, he is currently sitting on a $585,000 unrealized gain from his 3x short hedge position on Hyperliquid. This whale is extremely enthusiastic about participating in DeFi projects. The address 0x9cb...c06ce holds over $41.69 million in assets and has participated in a total of 21 DeFi projects. Currently, it is leading the Ethena Season3 Leaderboard with an astonishing 1.28 trillion points, accounting for 3.57% of the total reward pool.

The Ethena project's multisig address has deposited 15 million ENA into Binance, worth $9.64 million.

On August 28th, according to on-chain analyst Ai Auntie (@ai_9684xtpa), the dormant one-year Ethena project's multi-signature address 0x877...4bba6 deposited 15 million ENA coins into Binance 15 minutes ago. The value of these coins is $9.64 million.

Ethena has announced the establishment of a new Qualified Asset Framework to approve collateral assets

On August 22nd, Ethena Labs made an official announcement. A new Qualified Asset Framework has been established to approve collateral assets, with a specific focus on the USDe-backed perpetual futures section. Within this new framework, BNB has been approved as the first asset to support USDe. BNB is the first newly approved asset. Meanwhile, XRP and HYPE also meet all the criteria stipulated by the framework and are expected to be listed as candidate assets shortly. The Risk Committee of Ethena Labs will regularly update the list of approved collateral assets. It should be noted that approval does not necessarily imply immediate listing.

Ethena is the sixth DeFi protocol to surpass $10 billion TVL

On August 12th, 21.co's Strategy Analyst, Tom Wan, posted on social media stating, "Ethena has emerged as the sixth DeFi protocol to surpass a TVL of $10 billion, and it is the second non-staking DeFi protocol to achieve this milestone following Aave." According to Dune data, Ethena's current TVL has attained $11.893 billion, with an sUSDe APY of 4.72%.

Ethena Institutional Investors have cumulatively transferred 40.217 million ENA to CEX, worth nearly 30 million US dollars

Ethena Labs: Liquid Leverage Attracts Over $1.5 Billion in Funds Following Last Week's Launch

On August 7th, Ethena Labs made an official announcement on social media. Since its launch last week, the Liquid Leverage product has attracted more than $1.5 billion in fund inflows. Now, Aave has increased the deposit limits for sUSD and USD in the Ethereum Money Market. The sUSD limit has been raised to about $350 million, and the USD limit has been raised to about $300 million. It is expected that the proposal for adjusting the September USD limit will be announced within the next 36 hours. The increase in Aave's limits enables more users to utilize Liquid Leverage, a new feature introduced by Ethena. This allows users to obtain leveraged exposure to the sUSD interest rate while maintaining better overall position liquidity by holding USD (with no cooldown period restriction).

Chaos Labs: Aave's $4.7B Exposure to Ethena Could Trigger "Liquidity Crunch"

On August 5th, as reported by DL News, Chaos Labs, Aave's risk advisor, stated that with the continuous increase in the deposit amount of the US dollar-pegged token USDe in the protocol, Ethena's USDe stablecoin may pose a threat to Aave's robustness and trigger a liquidity crunch. In a post released on Saturday on the Aave governance forum, Chaos Labs discussed the potential risks of Aave's exposure to Ethena, which has been on the rise. Chaos Labs pointed out that when USDe holders deposit a large amount of the token into Aave and its issuer Ethena simultaneously lends out the stablecoin backing that asset, a significant risk is formed. Ethena must avoid overallocating its stablecoin reserves to Aave. Self-imposed limits on such exposure help ensure redemption reliability and market stability. Ethena has not responded immediately to a request for comment. Ethena has deposited $580 million of USDe-backed assets into Aave through a strategy known as rehypothecation. In addition, Aave'

Ethena Labs Introduces Liquid Leverage Feature on Aave

On July 29th, Ethena Labs made an announcement about the launch of Liquid Leverage on Aave. This enables users to deposit 50% sUSDe and 50% USDe. By doing so, they can obtain additional yield rewards (presently around 12% APY) along with the regular borrowing rate.

Ethena Foundation: Has Repurchased 83 Million ENA Tokens on the Open Market

On July 27th, the Ethena Foundation stated in a post that from July 22nd to July 25th, its subsidiary initiated a buyback plan by working with a third-party market maker to repurchase 83 million ENA tokens on the open market. It is worth noting that according to EmberCN's monitoring, on July 21st, after Ethena announced the StablecoinX plan to establish an ENA treasury reserve, an address related to an Ethena project team member began to transfer out ENA. A total of 150 million ENA ($77.35 million) was transferred to Binance and Bybit within 5 days from the announcement until yesterday.

The Ethena team's associated address recently deposited 150 million ENA to a CEX, worth $77.35 million.

July 26th. Based on the monitoring of @EmberCN, on July 21st, following Ethena's announcement that StablecoinX would have ENA as a reserve, an address linked to an Ethena team member began to transfer out ENA. A total of 150 million ENA (equivalent to 77.35 million USD) has entered Binance and Bybit within the 5 days since the announcement. The most recent transfer to a trading platform took place 2 hours ago.

Ethena Founder: Crypto-Native Capital may have run out of steam to pump meme coin valuations, tokens backed by TradFi endorsement will undergo a complete divergence from regular meme coins

On July 25th, the founder of Ethena Labs, Guy Young, posted on social media: "One of my major worries is that the native capital of the crypto industry may have been depleted and is no longer able to drive meme coins beyond the peak of the previous cycle. Looking at the total nominal market capitalization peak of meme coins in Q4 2021 and Q4 2024, both ended around $1.2 trillion (a value that is almost the same after adjusting for inflation). Perhaps this is the valuation ceiling for 99% of meme projects in terms of global retail capital?" However, for tokens with real business operations, tangible products, and generating revenue for real users, there is a huge blue ocean for expanding channels to stock market institutional investors. Compared to the global stock market capitalization, the entire meme coin market is just a drop in the bucket. The current NAV premium arbitrage is clearly a fleeting phenomenon. Only Saylor is an exception, ultimately due to its unique leverage advantag

Anchorage Digital Teams Up with Ethena Labs to Launch First GENIUS Act-Compliant and Federally Regulated Stablecoin

On July 24th, Anchorage Digital, a federally chartered crypto bank in the US, announced a strategic partnership with Ethena Labs. This partnership aims to bring USDtb to the US, enabling it to become a stablecoin with a clear compliance path under the recently enacted "GENIUS Act". The issuance will be the first to utilize Anchorage Digital's stablecoin issuance platform, which provides a turnkey solution for institutions to issue and manage fully regulated digital dollars. Anchorage Digital chose to partner with Ethena, which focuses on developing secure and compliance-driven rails and products, offering institutional investors a means to access the unique advantages of digital assets. Through this partnership, the USDtb stablecoin currently issued overseas will be issued in the US by Anchorage Digital. As a result, Anchorage Digital Bank becomes the leading stablecoin issuance institution in the US, serving institutions that seek compliance with the highest regulatory standards of th

Ethena Leaderboard TOP1 Whale to Receive Airdrop of 21.94 Million ENA, Approximately $10.675 Million

July 20th. According to on-chain analyst Ai Yi (@ai_9684xtpa), the whale occupying the TOP1 position on the Ethena Leaderboard purchased nearly 450 million 7/31 sUSDe YT (approximately $5 million) during the period when the ENA price dropped from May 21st to June 3rd. Based on the current sUSDe APY of 9.74%, it is estimated that it will generate $120,000 in interest per day. Currently, it holds 839.5 billion Ethena points, which is 1.49 times that of the second place. And based on the Season 4 rule of airdropping no less than 3.5% of the total supply, it is estimated that it will receive approximately 21.94 million ENA (about $10.675 million).

Upbit will list Ethena (ENA)

On July 11th, Ethena (ENA) will be listed on Upbit.

Ethena Labs announces Coinbase International Site as USDe Underlying Asset Hedging Platform

On July 10th, Ethena Labs made an announcement. It stated that Coinbase Pro has emerged as the most recent hedging platform for the underlying asset of USDe. "The open contracts on Coinbase Pro have recently exceeded one billion dollars. This provides significant liquidity that can be employed to hedge the underlying asset of USDe by means of appealing funding rate arrangements."

Coinbase will list Ethena (ENA)

On June 5th, according to official channels, Coinbase is set to soon provide support for Ethena (ENA) on the Ethereum network (ERC-20 token). Provided that liquidity conditions are fulfilled, trading will commence at 9:00 AM Pacific Time or later on June 5, 2025. Once an adequate amount of the asset is available, the ENA-USD trading pair will be gradually launched.

The stablecoins USDe and tsUSDe from the Ethena ecosystem have been integrated into the TON blockchain.

On May 31st, Ethena made an announcement that its stablecoin USDe and the staking version of TON, tsUSDe, have been integrated into the TON blockchain. This enables users to access them through mainstream non-custodial wallets.

Ethena has released a Proof of Asset Custody for USDe, with a total supply of 4.765 billion as of April 26th.

On May 6th, Ethena Labs presented the USDe Asset Custody Proof. It was disclosed that as of the snapshot taken on April 26th, the supply of USDe tokens was 4.765 billion. There was $44.695 million available in Ethena's minting/redeeming contract to fulfill redemption requirements. The reserve fund held $60.95 million, and the Copper custody asset size was approximately $663 million.

Ethena Labs announces that USDe has been listed on Hyperliquid and HyperEVM.

On May 5th, according to official channels, Ethena Labs declared that USDe has been included on Hyperliquid and HyperEVM. It is reported that HyperCore users will obtain daily rewards, and these rewards will be automatically airdropped into users' USDe spot exchange balances.

Ethena is collaborating with the TON Foundation to introduce USDe and sUSDe into the Telegram ecosystem.

On May 1st, as reported by The Block, Ethena Labs and the Ethena Foundation have joined forces with the TON Foundation to introduce the synthetic stablecoins USDe and sUSDe into the Telegram ecosystem. This integration will bring sUSDe into TON in the form of "tsUSDe", enabling users to directly access this asset through Telegram. Furthermore, Ethena's products will be integrated into Telegram's native wallet and other TON-compatible wallets, such as Tonkeeper and TONHub. Qualified users holding tsUSDe in the TON wallet will receive an additional 10% increase in the annualized yield on top of the existing Ethena rewards, with a maximum cap of 10,000 tsUSDe per wallet.

Ethena: The Third Season ENA Airdrop Opens for Claiming on May 1

On May 1st, Ethena Labs declared that they are going to carry out the third season of ENA airdrop distribution. This will commence on May 1, 2025, at 16:00 (UTC). 3.5% of the total ENA supply will be set aside as rewards for the third quarter. There will be no period for eligibility verification, and the distribution will happen promptly on May 1st.

A wallet belonging to Ethena Labs or its investors has deposited 13.94 million ENA to Binance, worth $4.66 million

On April 29th, as monitored by Spotonchain, a whale (the address may pertain to Ethena Labs or its investors) deposited 13.94 million ENA into Binance 5 hours ago, with a value of $4.66 million. These tokens were discharged from a contract of Ethena Labs 3 days prior.

Ethena is planning to launch the Converge blockchain mainnet focused on RWA in Q2 of this year.

On April 17th, as per the report by CoinDesk, the DeFi protocol Ethena and the asset tokenization company Securitize announced that they will make use of certain technologies of Arbitrum and the data availability network Celestia to construct an Ethereum-compatible blockchain that focuses on real-world assets (RWA). They are scheduled to launch the mainnet in the second quarter of this year. This chain, named Converge, is committed to achieving rapid block times and enables users to pay Gas fees using Ethena's USDe and USDtb tokens. Meanwhile, the project team is establishing security and protection mechanisms through the Converge validator network.

Ethena Labs has partnered with Plasma to launch USDe rewards on the Plasma mainnet test version.

On April 16th, the stablecoin company Plasma declared that it has formed a partnership with Ethena Labs. And the USDe rewards will become active when the mainnet testnet of Plasma is launched.

DeFi Fixed Income Platform Treehouse Finance Completes New Funding Round, with Ethena Founder Guy Young Among Investors

On April 15th, the DeFi fixed income platform Treehouse Finance successfully completed a new round of financing. The specific financing amount remains undisclosed. The token valuation has reached $4 billion. This round of financing adopted the SAFT structure. Treehouse Finance did not disclose the identities of its main investors but referred to them as "the venture capital arm of one of the largest life insurance and financial services companies with assets exceeding $500 billion." It seems that the investor is MassMutual Ventures, which also participated in Treehouse's seed round of financing. When interviewed, MassMutual Ventures declined to make any comments. Other participants in the latest round of financing include Ethena's Guy Young, QCP Capital's Darius Sit, Paxos's Rich Teo, Etherscan's Matthew Tan, Selini Capital's Jordi Alexander, and former Point72 Asset Management's Michael Ashby from Algoquant, along with other angel investors. Treehouse's previous $18 million seed rou

Ethena will gradually terminate all activities of its entity Ethena GmbH based in Frankfurt.

On April 15th, Ethena announced that it has come to an agreement with the German Federal Financial Supervisory Authority (BaFin). Under this agreement, Ethena GmbH will gradually cease all its activities and will no longer pursue MiCAR authorization in Germany. As was previously communicated, since March 21, 2025, Ethena GmbH has not been engaged in any minting or redemption activities. All these activities have been smoothly carried out by Ethena (BVI) Limited without any problems. All whitelist minting and redemption users who previously had interactions with Ethena GmbH have smoothly transitioned to work with Ethena (BVI) Limited upon their request and no longer have any ongoing relationships with Ethena GmbH. Therefore, currently, Ethena GmbH has no whitelist users or direct customers. BlockBeats previously reported that on March 21st, the German BaFin informed Ethena that the MiCAR compliance application of its Frankfurt-based entity, Ethena GmbH, would not be approved. However,

「Whale Hunting Operation」 lead KOL has successfully redeemed a total of 17.66 million USDe from Ethena in the past 21 hours.

On April 6th, as monitored by @ai_9684xtpa, the leader of the "Whale Hunting Team" KOL CBB has redeemed a total of 17.66 million USDe from Ethena within the past 21 hours. Additionally, 12 million of them have been converted back to USDT. In Season 3, he has accumulated 94.16 million points, accounting for seven thousandths of the total points pool.

Ethena Response to BaFin Ban: USDe Not Frozen, Minting and Redemption Services Operating Normally

March 21st. According to an official statement from Ethena, BaFin in Germany has notified that the MiCAR compliance application of Ethena GmbH, which is based in Frankfurt, will not be approved. Nevertheless, this decision does not have an impact on the current exchange listing of USDe or the minting and redemption services provided through the British Virgin Islands entity Ethena (BVI) Limited. Ethena emphasized that USDe remains fully backed by assets and is not subject to any "freeze." They will explore alternative regulatory channels in the future and will revise the relevant terms of service within the next week to reflect the current changes. This event does not affect the normal usage process for the majority of users. It is reported that the German financial regulatory authority BaFin discovered serious deficiencies during the USDe token registration process at Ethena GmbH and promptly took enforcement actions. BaFin prohibited Ethena GmbH from further publicly offering its US

Analysis: Ethena to Potentially Deploy USDe on Hyperliquid

On March 18th, according to crypto analyst Ericonomic. Based on on-chain data, Ethena has made a purchase of a token named "USDe" on Hyperliquid. Or it may integrate its stablecoin USDe into the Hyperliquid network. The analysis shows that the wallet with the code for purchasing USDe, "0x4758...d605", has funds that can be traced back to the Ethena deployer (EOA), which further confirms the Ethena team's participation. In addition, Ethena recently transferred funds to Hyperliquid and set up 4 to 8 multi-signature wallets, indicating that they may be getting ready for deployment. A relevant proposal was submitted to the Ethena governance forum in October last year, but the team has not officially announced the progress. Currently, Ethena may be waiting to deploy USDe until after the launch of HyperEVM and HyperCore interoperability features.

Ethena's 24-hour Revenue Surges to $3.28 Million, Overtaking Jupiter

On March 14th, based on Defillama data, Ethena's revenue in the past 24 hours has increased to $3.28 million. It has surpassed various protocols and blockchains such as PancakeSwap, Jupiter, Meteora, and Tron. Currently, it ranks third on the crypto revenue leaderboard. Tether and Circle rank first and second respectively, with $18.31 million and $6.12 million in 24-hour revenue.

Ethena's stablecoin USDe experienced its largest single-day redemption ever on March 1st.

On March 3rd, based on Dune Analytics, the Ethena stablecoin USDe witnessed its largest single-day redemption on March 1st. Approximately 267.87 million USDe was redeemed on that day, resulting in a decrease of around 4.7% in the total supply of USDe.

MEXC Ventures Invests $16 Million in Strategic Investment in Ethena

On February 26th, as per official channels, the MEXC trading platform declared a $20 million investment in Ethena's synthetic dollar USDe with the aim of boosting the development of stablecoins. Additionally, MEXC's investment branch, MEXC Ventures, extended $16 million in strategic financing to Ethena.

Ethena will expand to the MoveVM ecosystem, and ENA staking users will receive a 5% Echelon airdrop.

On February 26th, Ethena made an official announcement stating that it is going to expand into the MoveVM ecosystem. It will initially collaborate with Aptos and the Movement ecosystem project Echelon. Commencing from today, sENA holders (ENA stakers) will start to automatically accumulate Echelon reward points. In the future, they will receive a 5% airdrop of Echelon tokens.

Ethena Stands with Bybit, Ready to Provide Any Assistance at Any Time

On February 22nd, Ethena Labs announced in a post update that "the previously stated $30 million unrealized profit has been decreased to $10 million, and we anticipate exposing the unrealized profit on Bybit to zero within the next hour." The current total supply of the USDe-backed stablecoin is $2 billion, and users can redeem it promptly if required. All USDe redemption functions are functioning normally. Our thoughts are with Bybit, and we are prepared to offer any possible assistance at any time.

Ethena: Bybit's hedge position-related PNL is less than $30 million, with USDC spot assets custodied outside of CEX

On February 22nd, Ethena Labs declared, "We have been keeping a close eye on the current situation that Bybit is experiencing and will continuously monitor the latest developments. A reminder: all USDe-supported spot assets are held in custody solutions outside the exchange, such as Bybit's custody via Copper Clearloop, in anticipation of such circumstances." "No USD-backed spot funds are deposited on any exchange, including Bybit. Currently, the unrealized total profit and loss (PNL) related to Bybit's hedging position is less than $30 million, which is significantly below half of the reserve fund." "USDe is currently still fully overcollateralized. We will offer updates as and when we receive more information."

Ethena Releases January USDe Asset Custody Attestation

On January 30th, Ethena issued the January USDe Asset Custody Proof. Based on official figures as of 18:00 Beijing time on January 22, 2025: · The supply of USDe is 5.739 billion. · The copper custodied funds are $2.573 billion. · The Ceffu custodied funds are $3.045 billion. · The Cobo custodied funds are $5.08 million. · Ethena holds $100 million in the Coinbase Web3 wallet. · Ethena's minting/redeeming contract has $30 million available to meet redemption demands, and there is $60.41 million in the reserve fund. · The total assets account for 101.30% of USDe.