As of September 16, three of Ethena Labs’ merchandise have been within the prime 50. The platform’s native algorithmic stablecoin, USDe, trailed Hyperliquid (HYPE) within the prime 20. On the identical time, ENA is perched at forty first, flipping Bitget and Pepe. Regardless that ENA USD is likely to be below strain within the final week of buying and selling, ENA crypto holders are upbeat and anticipate a pointy reversal within the coming days.
On Coingecko, the ENA worth is altering fingers at round $0.70, down -15% previously week of buying and selling however comparatively steady within the final 24 hours. Even with this dump, ENA crypto is up +230% year-to-date and trending at round final month’s shut, soaking in promoting strain.
(Supply: Coingecko)
In the meantime, on DefiLlama, Ethena continues to draw extra property. The protocol presently manages over $13.8Bn in property. Notably, at this stage, the overall property below administration have quickly expanded, rising from round $5.4Bn in early July to greater than doubling to $13.8Bn, an all-time excessive as of September 2025.
(Supply: DefiLlama)
Reflecting this enlargement in whole worth locked (TVL) is the spike in income. In Q3 2025, Ethena generated $8.63M in income, up from $1.15M in Q2 2025.
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Is ENA USD Making ready For $1? Ethena Bulls Upbeat
Technically, 
ENA ▼-3.34% is bullish. The native help is at round $0.60, whereas resistance is at September highs of round $0.90.
Because the ENA worth strikes sideways, the breakout course will decide whether or not it was accumulation or distribution. Ideally, a detailed above $0.90 opens up ENA crypto to $1, an enormous milestone for the stablecoin issuer.
It is going to additionally affirm the bullish pattern that started in early July, when ENA USD jumped from round $0.25 to as excessive as $0.85 in mid-August 2025.
On X, one analyst notes that ENA USDT worth motion is forming a cup-and-handle formation. That is often a bullish sample, and relying on how the double prime, marking the cup, is damaged, the tempo of the uptrend will probably be set.
(Supply: eugenegeu, X)
For the analyst, ENA crypto is about for main features within the coming days, citing a number of developments.
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Ethena Labs Proclaims A Payment Change: A New Period For ENA Crypto?
The analyst famous that the announcement of the price swap on September 15 was on the prime of the record.
The price swap proposed in 2024 goals to rework ENA from being a authorities token right into a yield-bearing asset.
The Ethena Basis can affirm that the price swap parameters set by the Danger Committee have now been met and the ENA price swap is anticipated to be activated following Ethena Danger Committee log off on the implementation particulars and additional governance course of
The Ethena Danger…
— Ethena Basis (@EthenaFndtn) September 15, 2025
With the price swap, Ethena will allocate a portion of its income to ENA stakers.
Till now, charges generated from delta-neutral methods have been plowed again into ENA buyback and ecosystem development.
Now, Ethena Labs will funnel between +10% and +20% of charges instantly into sENA holders, or stakers of ENa, providing annualized yields starting from +4.5% to +15%.
.@ethena_labs’s price swap is imminent, probably bringing 4.5%–15% APR to sENA holders.
The protocol generates ~$50M–$60M in month-to-month income. With ~$750M ENA staked, that means 4.5%–15% APR (relying on price share).
This is able to rework ENA into a real revenue-sharing… pic.twitter.com/MbzRGPvN1O
— Tom Wan (@tomwanhh) September 9, 2025
The following steps contain the Danger Committee hashing out particulars, particularly the precise income break up. Later, ENA holders will vote on their proposals.
If authorised, the price swap might set off extra ENA buybacks, decreasing circulating provide and boosting costs. In the meantime, ENA stakers will obtain a good yield from Ethena’s stablecoin actions.
Offering extra tailwinds, StablecoinX, the DAT accumulating ENA, has elevated its buyback program from $5M to $10M day by day, intensifying its buying efforts so long as ENA USD stays beneath $0.70.
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ENA USD To $1? Ethena Payment-Change Is A Massive Deal
ENA crypto below strain however merchants upbeat
ENA USD might soar above $1
Ethena TVL quickly rising
Danger Committee says its time for a price swap
The submit ENA USD To $1? Ethena Payment-Change Is A Massive Deal appeared first on 99Bitcoins.
