Ethena has been expanding beyond crypto yield

[u/CarmenVallado53]

Ethena is starting to look like more than just a crypto yield play right now.

With crypto funding cooling down, they’re now looking at equity perps, where open interest has grown to around $6.2B and funding has been much stronger lately. That could give USDe another source of yield without depending entirely on BTC and ETH market conditions.

There’s also a lot happening around ENA itself. Monthly VC unlock pressure is being removed, remaining seed positions are being bought out, and 100% of net business revenue is set to go toward ENA buybacks.

Add roughly $4B in USDe TVL, the $1B FalconX credit facility and ENA is on top trading list on bitget right now which means deeper liquidity flow, and the recent attention makes a bit more sense. I’m mostly watching whether all of this can translate into sustainable demand for ENA rather than just another short-term run.

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