- Ethena’s TVL surged from $5.5B to $12.85B in 2025, supported by its growing USDe synthetic stablecoin adoption among nearly 800k users.
- StablecoinX raised $895M and plans an additional $530M, accumulating over 3B ENA tokens, fueling significant demand growth in the market.
- Ethena token formed bullish technical signals, including a double bottom and golden cross, setting up potential gains of up to 80% this year.
Ethena’s token rose to $0.7660 this week, marking a gain of more than 230 percent from its lowest point earlier this year. The rally lifted its market capitalization to over $5.8 billion while its fully diluted valuation increased to $11.1 billion. The recovery has come as demand across its ecosystem has strengthened.
The platform’s total value locked expanded to $12.85 billion, up from $5.5 billion at its yearly low. This is a sharp increase compared with the $79 million TVL recorded at the start of 2024. The rise has been fueled by the adoption of its USDe synthetic stablecoin, which now has nearly 800,000 holders and offers annual returns of 7 percent, higher than government bond yields.
Revenue expansion across the network
Network revenues also advanced in the current quarter. Fees have totaled $109 million so far, compared with $27 million recorded during the same period in 2024. Net revenue has reached $7.65 million, well above the $1.15 million posted in the previous quarter. The increase in revenues reflects both higher user participation and deeper liquidity in the ecosystem.
StablecoinX has continued to build positions in Ethena. The firm has raised $895 million to date and is targeting an additional $530 million. The funding will allow it to acquire more than three billion ENA tokens. This accumulation effort has coincided with large investors boosting their holdings, with whales adding 57 million tokens in the past month, representing a 32 percent rise.
Technical outlook and momentum
Technical indicators point to further upside for Ethena. The token recently completed a double bottom formation with a neckline at $0.4570. A golden cross pattern emerged in July as the 50-day moving average crossed above the 100-day moving average. More recently, ENA broke above a bullish flag pattern, opening the way to the next resistance levels at $0.8595 and $1.3255.
