Ethena gets a lot more interesting when crypto leverage starts heating up USDe is built around delta-neutral hedging, with short derivatives positions helping offset exposure to its backing assets when traders aggressively bid longs and funding turns positive, those short positions can generate additional yield that makes Ethena one of the protocols i’m watching as leverage and risk appetite come back into the market

Ethena Expands USDe Basis Strategy Into Tokenized Stocks With Binance Ethena is partnering with Binance as the first venue to extend USDe’s basis-trade strategy into equity perpetuals, with allocations beginning today. Binance bStocks will serve as tokenized spot collateral, while corresponding exposure is hedged through USDT-denominated equity perpetuals. The move extends USDe’s existing delta-neutral strategy beyond crypto-native assets into tokenized equities.

Ethena Labs Deploys $USDe and $sUSDe on TRON @Ethena Labs officially launches $USDe and $sUSDe on the TRON network, tapping into a stablecoin-dominated ecosystem with nearly $100B in circulating assets. The deployment, enabled by the cross-chain bridge @StargateFinance, integrates Ethena’s yield-bearing products into core TRON protocols, including @DeFi_JUST and @OfficialSUNio. By entering the TRON ecosystem, Ethena gains direct access to millions of global users who currently leverage the chain for high-volume, low-cost stablecoin transactions.

Ethena has now made more than $1 billion in fees... According to data from DefiLlama, @Ethena has now generated a staggering $1.039 billion in cumulative protocol fees, and $16.4 million in the last 30 days alone. The milestone is doubly impressive given that these fees have been generated in the space of less than three years...

Ethena's dollar earns yield by taking the other side of leveraged longs $USDe holds spot crypto and shorts the same amount in perpetual futures. Price moves on the two sides cancel out, so the token holds a dollar without holding dollars. Perpetual futures carry a funding payment between the two sides. When more money is betting on prices rising, longs pay shorts, and Ethena collects it. Staking rewards on the collateral add to the total. That flips when the market leans short, and Ethena pays instead. A reserve fund covers the gap, and @ethena shifts more of the backing into stablecoins, which pay a small, steady return closer to what short-term US government debt yields. Stakers never take a negative return. They also collect nothing while that lasts, and the reserve fund covering it is finite, per Ethena's documentation.

Ethena just made a huge push to align tokenholders, investors, and the protocol. • Bought out early investors who sold $ENA • Shifted protocol IP + value accrual exclusively to the Foundation • Proposed using net revenue to programmatically buy back ENA • Eliminated monthly VC unlock overhang • Kept team tokens on their original vesting schedules • Joined the Blockworks TTF This is exactly what crypto teams should be doing. @Ethena is cleaning up incentives, directing value toward tokenholders, and materially improving transparency. For a team this important to the industry, the hope is others take note.

Ethena Foundation buys out selling investors as 95% revenue buyback goes to a vote The @EthenaFndtn acquired the locked tokens of major investors who sold any ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 after the October 2025 peak, and remaining investor unlocks accelerate to October 5, ending the monthly schedule. Team tokens stay on their original vesting. A governance vote now underway would send 95% of net revenue to programmatic ENA buybacks once a ethereum:0x4c9edd5852cd905f086c759e8383e09bff1e68b3 supply milestone is hit, and protocol IP and upside would go to the foundation rather than shareholders of developer @ethena Labs, under a framework due in October. ENA jumped 22.67% to $0.169 following the announcement.

Ethena flips Lido and Canton in 24-hour fees. At time of writing @ethena has generated an outrageous $3.55M in protocol fees, placing it 6th in the entire industry and ahead of mainstays like @LidoFinance and @CantonNetwork. The protocol's native $ENA token has also been one of crypto's biggest winners from the recent market resurgence, now sitting with a market cap of nearly $1.4B. Data: DefiLlama