According to @AggrNews, Ethena Foundation has proposed a fee switch after meeting previously set requirements, as noted in a governance proposal update dated Sep 15, 2025, source: @AggrNews on X, Sep 15, 2025. The source does not provide parameters, distribution details, or an activation timeline, indicating no confirmed immediate implementation in the post, source: @AggrNews on X, Sep 15, 2025.

According to @OnchainLens, a whale withdrew 2,329 ETH valued at USD 10.01M from Binance, source: @OnchainLens on X. The same address holds 5,552 ETH, 3.11M USDT, and 2,815,339 USDe in a Uniswap V4 liquidity pool, source: @OnchainLens on X. It also has 32M USDe with Pendle V2, source: @OnchainLens on X. Wallet address: 0x1fc75ad0511DDC3A23B9583BA1C285b8292FAEd5, source: @OnchainLens on X.

According to @secondswap_io, USDe’s market cap has reached $12B and is described as the fastest digital dollar to achieve that scale, indicating rapid adoption velocity for Ethena Labs’ stablecoin product; source: @secondswap_io. Cumulative interest revenue tied to the product is reported at over $500M, highlighting sizable yield flows within the ecosystem; source: @secondswap_io. Rewards distributed in the last 30 days exceed $30M, signaling sustained incentive emissions relevant for yield strategies; source: @secondswap_io. TVL connected to USDe on Pendle is reported at over $7B with 70% dominance, underscoring market share concentration and liquidity depth on that venue; source: @secondswap_io. These data points are directly relevant for traders tracking USDe liquidity, Pendle yield opportunities, and reward-driven flows across DeFi; source: @secondswap_io.

According to Cas Abbé, Ethena Labs’ USDe reached 10 billion in circulating supply in roughly 500 days, which he describes as the fastest stablecoin to hit that milestone, source: Cas Abbé on X, Aug 10, 2025. He attributes the acceleration to approval of the GENIUS Act, which he says prohibits issuers from paying yields on stablecoins, source: Cas Abbé on X, Aug 10, 2025. For traders, expansion of USDe typically requires larger delta-hedged short exposure on BTC and ETH perpetual futures to back the asset, which can dampen funding rates and impact basis trades, source: Ethena Labs documentation. Monitor USDe circulating supply, sUSDe yield, and BTC and ETH funding-rate trends as leading indicators for liquidity flows and carry opportunities, source: Ethena Labs dashboard and major exchange funding data.

According to @MilkRoadDaily, ENA rose 13% today, fueled by robust on-chain fundamentals. The supply of USDe has increased by $3.1 billion within just two weeks, signaling significant demand growth. Additionally, Ethena’s total value locked (TVL) has reached an all-time high, reinforcing market confidence. These metrics indicate strong momentum for ENA, suggesting continued trading interest based on real asset growth and positive market sentiment (source: @MilkRoadDaily).

According to @CoinbaseIntExch, Ethena Labs has been named a day one launch partner for the platform. This partnership implies that Ethena's products, such as its ENA token, will be integrated and potentially available for trading from the start of a new service on Coinbase International Exchange. For traders, this early integration on a major exchange could significantly enhance ENA's liquidity, visibility, and market access, potentially creating notable trading opportunities upon launch.

According to Miles Deutscher, USDe's circulating supply increase is directly scaling the protocol's revenue. The launch of USDe's own blockchain in collaboration with Securitize is a strategic move to support its expansion. These developments are crucial for traders focusing on the stablecoin market as they could impact USDe's trading volume and market cap.

According to @milesdeutscher, Ethena's stablecoin, USDe, holds 2.3% of the total stablecoin market. The revenue model involves a unique strategy of backing USDe with delta-hedged positions on staked Ethereum (such as stETH) and short perpetual futures, providing stability and potential profit avenues for traders.

According to IntoTheBlock, traders can now monitor key economic risk indicators for $USDe via their platform. This tool provides valuable insights into potential risks impacting the cryptocurrency, facilitating informed trading decisions. The platform offers data on factors such as macroeconomic trends, market volatility, and liquidity metrics, which are crucial for assessing USDe's market behavior. Access to these indicators allows traders to make strategic decisions based on current economic conditions, enhancing trading efficiency and risk management. Source: IntoTheBlock.

According to IntoTheBlock (@intotheblock), USDe, a stablecoin by @ethena_labs, demonstrated significant resilience during the Bybit hack incident by maintaining its peg throughout the market volatility. The stability was attributed to the team's transparency, precise execution, and successful arbitrage activities.

According to Ai 姨, ENA and Bybit have a deep collaborative relationship where 21% of USDe executes a Delta neutral hedging strategy on Bybit. Following a hack on Bybit, ENA's price temporarily fell by 11%, and USDe experienced a slight discount. However, after Bybit's commitment to compensation and assurance from ENA that all spot assets supporting USDe are held in custody outside of the exchange, the price has gradually recovered from a low of $0.4078 to the current price of $0.453.

According to Ai 姨 (@ai_9684xtpa), Ethena has announced that all spot assets supporting USDe are held in custody solutions outside of exchanges, with no funds stored on any exchange, including Bybit. This indicates a secure approach to asset management.

According to Ai 姨 (@ai_9684xtpa), USDe experienced a temporary discount, dropping to a low of $0.9933 but has since rebounded to $0.9975. The discount of 0.25% is within a manageable range, and with Bybit's promise of compensation, it is unlikely to pose significant issues.

According to Ai 姨, Ethena has 21% of its USDe engaged in a Delta neutral hedging strategy on Bybit, with the ETH portion valued at $227 million. Following Bybit's confirmation of a breach, ENA has fallen by 11.5%, erasing today's gains.

According to Ai 姨, a wallet that previously made a profit of $1.27 million by buying ETH during a price drop has recently transferred $6.94 million worth of ENA to Binance, suggesting a potential sell-off. This wallet had earlier staked 41.95 million USDe with Ethena, receiving an airdrop of 4.35 million ENA valued at $7 million during Season 1. The wallet is still unlocking rewards weekly due to its top 2000 ranking in Season 2.

According to IntoTheBlock, the liquidity distribution in the Ethena USDe-USDC market is a critical factor for market stability. With liquidity widely spread and only 29% controlled by whales, the market is less prone to abrupt shifts, offering a more resilient trading environment.

According to @ai_9684xtpa, an article explains that if a user's USDe balance falls below the minimum required balance, their locked ENA will be proportionally reduced. For example, if a user's USDe balance is 10% lower than the minimum required balance, they will lose 10% of their locked ENA.

According to @ai_9684xtpa, Ethena has updated the details for their Phase 2 airdrop. Key changes include: 1) The previous rule requiring 50% of ENA tokens to be re-staked has been removed, allowing all airdropped tokens to be withdrawn. 2) The USDe balance must be at least equal to the 30-day average balance as of the 09.01 snapshot; otherwise, the airdrop amount will be proportionally reduced. 3) The top 2000 recipients still need to lock up 50% of their airdropped tokens, which will be linearly unlocked over six months.

According to @OnchainDataNerd, a wallet belonging to Amber Group claimed 3.125 million ENA tokens (~$1.29 million) 9 hours ago. Currently, this wallet holds 21.875 million ENA tokens (~$8.82 million) and 19.94 million USDE tokens.