Ethena (ENA) Price Today

Ethena's all-time high is $1.52, reached on April 11, 2024. At today's price of $0.0806, ENA trades 94.7% below that peak. Its lowest recorded price was $0.0702 on June 30, 2026.

Over the past 30 days ENA has moved +5.24% and over the past 90 days −19.80%.

Circulating supply is 9,560,937,500 ENA , against a maximum supply of 15,000,000,000 ENA. ENA's total supply is 15 billion, with roughly 9.6 billion (about 64%) circulating by mid-2026. The rest unlocks monthly through approximately April 2027 from the core-contributor (30%), ecosystem (28%), investor (25%), and foundation (15%) allocations — a steady overhang that the market prices in around each cliff, including a roughly 172 million ENA unlock in early July 2026 that coincided with the token's all-time low.

What moves Ethena's price

• Perpetual funding rates: USDe's yield comes from shorts collecting funding from longs, so the whole engine tracks market-wide leverage appetite. When funding is high, sUSDe yield draws deposits and revenue; when funding flips negative — as in past stress episodes — the position bleeds and the reserve fund (about $62 million in late 2025, against a multi-billion float) is the buffer. Critics call the model a bull-market machine for exactly this reason.
• USDe supply: protocol revenue scales with the float, which has swung violently — from a $14.5 billion peak in late 2025 (briefly the third-largest stablecoin) to roughly $5.5 billion by mid-2026 after about $8.3 billion of post-crash outflows.
• The Terra comparison, stated factually: USDe's double-digit yields draw recurring UST parallels, and the structural difference matters — UST was algorithmic, backed only by mint-and-burn arbitrage against LUNA, while every USDe is backed by real collateral plus an offsetting short. The comparison survives because both models advertise yield that depends on market conditions holding; the failure modes differ (negative funding and exchange counterparty risk, not a self-referential death spiral).
• The October 10–11, 2025 episode: during crypto's largest-ever liquidation cascade, USDe printed $0.65 on Binance — and only Binance, whose internal oracle priced off its own thin order book with no direct mint-redeem link to Ethena. On-chain the peg held near $1, about $2 billion of redemptions processed smoothly, and Binance compensated wrongly liquidated users, but the confidence damage drove months of outflows.
• Token unlocks: monthly vesting until roughly April 2027 adds supply against a price that fell about 95% from its April 2024 high; unlock weeks are watched events.
• Regulatory action, on the record: Germany's BaFin barred Ethena's local entity from offering USDe in March 2025 — the first MiCA enforcement — finding the delta-hedged structure could not meet the 1:1 reserve rule and flagging sUSDe as a possible unregistered security. Ethena abandoned its EU license bid and wound down the German arm in 2025; EU users now face the British Virgin Islands entity.

About Ethena

Ethena Labs, founded by Guy Young and backed by Dragonfly, Arthur Hayes' Maelstrom, and the venture arms of Binance, Bybit, and OKX, launched USDe on Ethereum in February 2024. The mechanism is a tokenized basis trade: spot BTC, ETH, staked ETH, and stablecoins sit with off-exchange custodians while equal short perpetual positions on major exchanges cancel the price exposure. Funding payments plus staking rewards flow to holders who stake USDe as sUSDe — yield that at times exceeded 10–20% and made "is this UST again?" the protocol's defining debate.

The ENA token launched in April 2024 via Binance Launchpool and an airdrop, hitting its $1.52 high within days. Since then the protocol's fortunes have tracked its stress tests: it grew USDe to the third-largest stablecoin by late 2025, absorbed the October 2025 Binance mispricing episode without breaking the on-chain peg, lost roughly 60% of its float in the aftermath, and exited the EU after BaFin's MiCA enforcement. Ethena also issues USDtb, a separate Treasury-backed stablecoin whose reserves sit largely in BlackRock's BUIDL fund.

ENA tokenomics

ENA governs the protocol and, since the fee switch activated in early 2026, captures revenue directly: a share of protocol fees flows to staked ENA (sENA), with modeled yields in the mid-single to low-double digits at prevailing revenue of $50–60 million a month. The switch — proposed by market maker Wintermute in November 2024 — required meeting Risk Committee benchmarks (over $5 billion USDe supply and $250 million cumulative revenue, confirmed September 2025), and followed roughly $890 million of ENA buyback commitments during 2025. Against that demand side stands the unlock schedule: about 36% of the 15 billion supply was still vesting as of mid-2026.