ENA (ENA)

Not many protocols in DeFi print more revenue than @ethena, and not many tokens are doing worse than ENA right now. • USDe is the 6th-largest stablecoin ($4.44B market cap) • sUSDe pays 11.1% • $363M in annualized fees But $ENA is still down ~95% from its ATH. The business and the token are telling completely different stories right now, so here's both sides ↓ 1️⃣ Bullish catalysts: → TradFi distribution TradFi stopped pitching Ethena and started building on it: - @RobinhoodApp picked USDe as the primary collateral for its earn product - @BlackRock integrated USDe into Aladdin (the risk system that runs $20T+ in institutional assets) - Janus Henderson ($480B AUM asset manager) is holding USDe in its treasury strategy - @Securitize added its tokenized credit fund to USDe's backing This is a stickier form of demand than DeFi TVL, because an asset manager that builds USDe into its stack doesn't rotate out on a bad funding week. → Regulated capital iUSDe is a version of USDe built for institutions that legally can't hold the regular version. @Anchorage, @maplefinance, and @coinbase Asset Management are lending against it, and @krakenfx became the first US exchange to offer USDe rewards to its users. That's the kind of buyer that doesn't sell when market conditions turn bad. Once a regulated player builds USDe into its product, they usually stick with it for a long time. 2️⃣ Bearish catalysts: → Cyclical yield USDe's yield comes from a basis trade, so it earns when perp funding is positive and struggles when it isn't. We already watched that play out. TVL round-tripped from ~$14.8B toward ~$4.8B and sUSDe APY fell from double digits to around 5.1%. sUSDe pays best in bull markets and thins out in bear markets. Not ideal for something people hold as a risk-off asset. → Sky competition Ethena's biggest competitor runs on lower-risk collateral. @SkyEcosystem's USDS is the 3rd-largest stablecoin with ~$8B market cap and the largest yield-bearing stablecoin. Its pitch is cleaner for institutions: RWA and Treasury-backed yield vs Ethena’s funding-rate-driven model. And the Robinhood win isn't even exclusive. @sparkdotfi is a launch partner too, putting the Sky Savings Rate in front of the same users. → Token overhang 62.6% of the 15B ENA supply is already unlocked, with 706.25M more (4.73%) unlocking in the next three months. The fee switch that was supposed to connect protocol revenue to ENA met all its triggers back in September 2025, and it still isn't live. The business prints ~$363M in annualized fees, and holders still don't have a real claim on any of it. Until the fee switch flips, the business and the token will keep moving separately.

Builders build Ethena ships

another one https://t.co/mxS6DnkQOP

NEW: @RobinhoodCrypto has tapped Ethena for its first crypto earn product on Robinhood Chain. Ethena will serve as the primary collateral asset issuer after being selected by Steakhouse, the vault's curator. The product is set to become the first decentralized lending offering available directly inside the Robinhood app.

$ENA is always the first to make a new low even though most the altcoins are showing relative strength against Bitcoin. I think the majority of the sell pressure come from their monthly token unlocks. https://t.co/HpjMSR9JPz

A single chart to grasp the major Web3 events of July 2026 The United States will release non‑farm payrolls, CPI data, and Fed meeting minutes； EU MiCA transition period ends； ENA, PUMP and other token unlocks； Robinhood teases new crypto product, Securitize plans an IPO； Botanix and other projects cease services； Shanghai Embodied Intelligence Expo, WebX 2026, World Cup final and other events intensify； SpaceX added to Nasdaq‑100 index, ASML and TSMC release Q2 earnings.

Altcoins took a heavy hit, and several projects were hit especially hard 📉 The biggest drop was recorded by MemeCore $M, which according to the data lost over 75% in a week. The main issues are low liquidity, high supply concentration and aggressive liquidation of long positions. Ethena $ENA was also heavily affected, with the market still fearing pressure from token unlocks and questioning whether protocol development will translate into real demand for the token. Mantle $MNT and Cosmos $ATOM are falling mainly due to weak sentiment towards altcoins, capital outflows towards Bitcoin and a lack of strong short‑term catalysts. Worldcoin $WLD looks a bit different — its decline resembles profit‑taking after previous gains rather than a typical panic sell. The entire altcoin market is now under pressure: Bitcoin dominance is rising, the Altcoin Season Index is low, and investors are clearly avoiding higher risk. The question is: are these already buying opportunities, or can altcoins still face another wave of declines? #KryptoEkipa #kryptowaluty #Bitcoin

🚨UPDATE: @ethena and @BlackRock have deepened their collaboration by bringing USDe to the Aladdin platform while expanding the role of BlackRock's tokenized Treasury fund, BUIDL, within Ethena's ecosystem. https://t.co/bX2gpgLukg

Yesterday Ena announced Blackrock partnership and since then the token has done - 20% That too from the low levels it was fighting already. Tell me how this token is not the massive exit liqudity scam