Overview

• Ethena reported surpassing $500 million in cumulative gross interest revenue, with USDe supply reaching a record $11.7 billion after $670 million in weekly mints and sUSDe APY near 9%.
• Total value locked has approximately doubled in recent weeks to about $11.9–$12 billion, with inflows of $2.9 billion in July and more than $3.5 billion so far in August, according to DefiLlama data.
• Roughly 140 million ENA moved off exchanges over the past four days, according to analyst Ali Martinez, indicating a sharp drawdown in immediately tradable tokens.
• Derivatives positioning has cooled, with open interest down a little over 3% to $1.26 billion and 24‑hour volume lower by nearly 27% to $1.48 billion, CoinGlass data shows.
• ENA traded near $0.66 and is retesting the $0.65 area highlighted by technicians, with mixed signals on momentum and a noted risk of a slide toward about $0.62 if support fails.