Here’s What Happened at Ethena Labs

Key Points:

• Ethena Labs surpasses $12B USDe market cap and $500M in interest revenue.
• Institutional and DeFi integrations expand across Aave, Coinbase, and CoinList.
• ENA forms bullish pennant with a potential breakout target of $0.95.

Ethena Labs achieved key milestones in August as USDe exceeded a $12 billion market cap, setting a new record. It became the fastest-growing digital dollar, outpacing all USD-backed assets in notional supply growth.

The protocol distributed over $30 million in USDe rewards in 30 days and crossed $500 million in gross interest revenue. Ethena assets on Aave reached $6.6 billion in deposits, while Liquid Leverage alone grew to $2 billion.

Platform Expansion and Market Integrations Accelerate

Institutional support expanded as Coinbase Institutional added direct USDe access and CoinList offered 12% APY via its Earn program. Meanwhile, sUSDe launched on Aave through Aptos, increasing asset diversity and network reach.

The Risk Committee approved BNB as collateral under its new Eligible Asset Framework, with XRP and HYPE meeting onboarding thresholds. Liquid Leverage setups became seamless through DeFiSaver, with rewards distribution powered by Merkl.

Strata launched leveraged pUSDe PT markets on Gearbox, offering up to 11X leverage and reaching $100 million in pre-deposits in 25 days. Infinifi grew to $95 million in TVL, while Terminal’s PT-tUSDe vault filled quickly on Euler at 16%+ APR.

WildcatFi introduced USDe lending at 11.5% APR with bonus Ethena Points, while Ethereal DEX finalized Season Zero and readied for mainnet. Re-launched a points program for reUSD and reUSDe holders, adding more incentive layers to the growing ecosystem.

ENA Price Action Signals Bullish Breakout

ENA showed strong momentum, trading between $0.6796 and $0.6812 with weekly and daily gains both above 8%. The token formed a bullish pennant pattern on the 4-hour chart just under the key $0.70 resistance.

If price breaks and holds above $0.70 with rising volume, ENA could target $0.95, implying a 37.5% potential rally. However, failure to break resistance may pull price back to support between $0.61 and $0.62.