Ethena (ENA) rallies 16% as $8B TVL sparks bullish momentum – Crypto News – Crypto News
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Ethena (ENA) rallies 16% as $8B TVL sparks bullish momentum Ethena (ENA) rallies 16% as $8B TVL sparks bullish momentum

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Ethena (ENA) rallies 16% as $8B TVL sparks bullish momentum – Crypto News

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6 months ago

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  • ENA has gained more than 16% in the previous 24 hours.
  • Ethena’s total value locked tops $8B after a 50% monthly increase.
  • Bullish sentiments around the project fuel the upside.

While cryptocurrencies remained relatively calm after the Fed maintained interest rates, Ethena recorded impressive surges over the past 24 hours.

ENA climbed from $0.5444 to $0.6332 intraday high on the daily chart.

The 16.31% uptick has grabbed attention, especially as the broad market exhibits bearish sentiments.

The bullish outlook coincided with revelations that Ethena’s TVL (total value locked) increased by 50% in the past months to surpass the $8 billion milestone.

The metric has grown steadily since this month’s lows of $5.461 billion to $8.443 billion today, July 31.

For context, that’s bigger than the total value locked of some established DeFi projects, including BSC ($7.318B), Tron ($5.99B), and Base ($4.32B).

That reflects a massive growth for the synthetic dollar protocol, possibly boosted by the recent regulatory transformations in the USA.

What the $8 billion TVL means

Surpassing the $8 billion mark represents a key milestone.

Ethena’s TVL now ranks it among DeFi giants.

Meanwhile, the figure shows a significant amount of capital entered the ENA ecosystem in the past 30 days.

That underscores confidence from whales, institutions, and users in the protocol’s long-term value.

Also, the stable growth reflects the stickiness of ENA’s ecosystem.

Users aren’t just experimenting with products. They are staying and depositing.

With more funds flowing into Ethena’s ecosystem, the project will grow stronger.

That’s generally a bullish sign for holders and traders.

Native tokens often experience considerable gains when the networks’ growth outpaces the market average.

What propelled the growth

Ethena has carved a unique niche due to its advanced approach to synthetic dollar creation and yield strategies.

Stablecoin regulatory clarity after the United States signed the GENIUS bill into law boosted USDe’s (the synthetic dollar) appeal, fueling the protocol’s growth.

USDe has witnessed increased adoption in the DeFi sector, attracting platforms seeking stablecoin stability in the volatile markets.

Moreover, Ethena has attracted considerable investments from industry leaders like Arthur Hayes.

Strategic collaborations, including with TON and Anchorage, expanded ENA’s utility and reach.

The TON alliance brings USDe to Telegram’s massive user base of around one billion, whereas Anchorage Digital supports the USDtb stablecoin launch in the US.

Furthermore, StablecoinX raised $360 million to invest in ENA, reflecting conviction in Ethena’s future.

In decentralized finance, rapid TVL surges often indicate soaring user optimism, massive deposits, and amplified on-chain activity.

ENA price outlook

Ethena’s token hovers with a bullish bias at $0.6310.

Its 24-hour trading volume has jumped by a notable 270% to $1.27 billion, suggesting intensified user activity.

ENA has gained over 130% in the past 30 days and appears ready for further gains amid ecosystem stability.

Meanwhile, enhanced sentiments around the project’s growth kept the digital coin afloat over the past 24 hours.

While the current broad market outlook indicates short-lived gains, Ethena’s robust TVL positions ENA for stable performance in the coming weeks and months.

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