As of September 16, three of Ethena Labs’ merchandise have been within the high 50. The platform’s native algorithmic stablecoin, USDe, trailed Hyperliquid (HYPE) within the high 20. On the identical time, ENA is perched at forty first, flipping Bitget and Pepe. Though ENA USD may be beneath stress within the final week of buying and selling, ENA crypto holders are upbeat and count on a pointy reversal within the coming days.
On Coingecko, the ENA value is altering palms at round $0.70, down -15% up to now week of buying and selling however comparatively secure 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 stress.
(Supply: Coingecko)
In the meantime, on DefiLlama, Ethena continues to draw extra belongings. The protocol presently manages over $13.8Bn in belongings. Notably, at this degree, the full belongings beneath 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 growth in complete 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 Getting ready For $1? Ethena Bulls Upbeat
Technically, 
ENA ▼-3.34% is bullish. The native assist is at round $0.60, whereas resistance is at September highs of round $0.90.
Because the ENA value strikes sideways, the breakout route 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 should additionally affirm the bullish development 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 value motion is forming a cup-and-handle formation. That is normally a bullish sample, and relying on how the double high, 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 positive factors within the coming days, citing a number of developments.
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Ethena Labs Broadcasts A Charge Change: A New Period For ENA Crypto?
The analyst famous that the announcement of the charge swap on September 15 was on the high of the checklist.
The charge swap proposed in 2024 goals to remodel ENA from being a authorities token right into a yield-bearing asset.
The Ethena Basis can affirm that the charge swap parameters set by the Threat Committee have now been met and the ENA charge swap is anticipated to be activated following Ethena Threat Committee log off on the implementation particulars and additional governance course of
The Ethena Threat…
— Ethena Basis (@EthenaFndtn) September 15, 2025
With the charge 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 progress.
Now, Ethena Labs will funnel between +10% and +20% of charges immediately into sENA holders, or stakers of ENa, providing annualized yields starting from +4.5% to +15%.
.@ethena_labs’s charge swap is imminent, doubtlessly 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 charge share).
This is able to remodel ENA into a real revenue-sharing… pic.twitter.com/MbzRGPvN1O
— Tom Wan (@tomwanhh) September 9, 2025
The subsequent steps contain the Threat Committee hashing out particulars, particularly the precise income cut up. Later, ENA holders will vote on their proposals.
If authorized, the charge swap might set off extra ENA buybacks, lowering circulating provide and boosting costs. In the meantime, ENA stakers will obtain an honest yield from Ethena’s stablecoin actions.
Offering extra tailwinds, StablecoinX, the DAT accumulating ENA, has elevated its buyback program from $5M to $10M every day, intensifying its buying efforts so long as ENA USD stays beneath $0.70.
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ENA USD To $1? Ethena Charge-Change Is A Huge Deal
ENA crypto beneath stress however merchants upbeat
ENA USD might soar above $1
Ethena TVL quickly rising
Threat Committee says its time for a charge swap
The submit ENA USD To $1? Ethena Charge-Change Is A Huge Deal appeared first on 99Bitcoins.
