Ethena, a decentralized finance protocol, has been making significant strides in the stablecoin sector, initially joining the competitive race to issue Hyperliquid's stablecoin with a BlackRock-backed proposal. However, Ethena recently exited this race, potentially clearing the path for Native Markets as the favored contender. Despite this, Ethena's governance token, ENA, has seen a substantial rally, reaching a seven-month high following its listing on Binance and the anticipation of a $500 million buyback. This surge is further fueled by Mega Matrix's strong endorsement, positioning itself as a major supporter of the Ethena ecosystem amidst increasing stablecoin regulation. Additionally, Ethena's foundation is preparing for a governance vote to implement a fee switch that would allow revenue sharing with ENA holders, indicating a strategic focus on enhancing token holder value. These developments underscore Ethena's dynamic approach in navigating the evolving DeFi landscape and its potential to significantly impact the stablecoin market.
Ethena's ENA Token: Navigating the DeFi Landscape
September 16, 2025
1 min read
Ethena, a decentralized finance protocol, has been making significant strides in the stablecoin sector, initially joining the competitive race to issue Hyperliquid's stablecoin with a BlackRock-backed proposal. However, Ethena recently exited this race, potentially clearing the path for Native Markets as the favored contender.