ethena

Ethena's on-chain activity jumped to multi-month highs on June 18, even as ENA kept trading near the bottom of its range. The surge landed on the same day Ethena joined a major Avalanche payments initiative, a timing that may not be coincidental.
Key Takeaways
Ethena hit 5,057 daily active addresses on June 18, a 7-month high.New wallet creation reached 2,968, the highest since April 2024.ENA traded near $0.088, close to multi-month lows.Ethena joined the Avalanche Payments Collective the same day.Network activity is rising while price stays in a downtrend.
According to Santiment data, Ethena recorded 5,057 daily active addresses on June 18, its highest level since November 2025, a seven-month peak. On the same day, new wallet creation reached 2,968, the strongest network-growth reading since April 2024, a 26-month high. At the time of the spike, ENA was trading near $0.088, still close to multi-month lows despite the sudden jump in activity.
The detail that stands out is not the address count on its own. It is that both metrics moved together: existing users became more active while new users entered the ecosystem at the same time. Many on-chain spikes are driven by current holders simply shuffling funds between wallets. Here, active addresses and fresh wallet creation surged in tandem, which can point to genuine user expansion rather than internal transfers.
Why the Divergence Is Worth Watching
The strongest network expansions in crypto have historically shared a pattern: existing users step up activity, new users keep arriving, and price has not yet caught up. That sequence never guarantees a rally, but it can signal that network fundamentals are improving before market sentiment reflects it.
Ethena fits that shape unusually well right now. ENA's price sits near the low end of a prolonged downtrend while user activity has suddenly accelerated. The open question is whether the June 18 reading was a one-day anomaly, a campaign-driven blip, or the start of sustained growth. If active addresses and wallet creation stay elevated over the coming weeks, the surge starts to look less like noise and more like renewed ecosystem interest.
The Payments Angle That Adds Context
Data suggests a direct correlation between Ethena’s integration into the Avalanche Payments Collective and the 26-month high in new wallet creation. Institutional participation from firms like Franklin Templeton and Anchorage Digital suggests this may mark a shift toward utility-driven settlement rather than speculative yield-chasing.
https://twitter.com/avax/status/2067593945241223376
Ethena's inclusion is notable because of what it does. The project is named specifically among the stablecoin members enabling round-the-clock settlement, which places it in the part of the stack meant to move real value rather than just generate yield. That reframes the address surge: rather than another DeFi partnership, this is positioning within real-world payment rails, a sector many investors see as a driver of the next phase of crypto adoption.
Where ENA's Stands
The market has not priced in any of this yet. ENA still trades below its 50-day simple moving average near $0.10 on the daily chart from TradingView, below its 100-day SMA around $0.1002, and well under its 200-day SMA at roughly $0.1391. At about $0.0875 at the time of writing, the technical structure could be described firmly bearish despite the improving network metrics.
That gap is the heart of the story. Network activity and a fresh institutional alignment are pointing one way, while price continues to trade near lower levels. It is the kind of divergence that resolves eventually, either fundamentals drag price up, or weak price action proves the activity was a passing spike.
A Possible Tokenomics Shift on the Horizon
Beyond the recent surge in network participation, governance focus has shifted toward the activation of a protocol 'fee switch.' According to the Ethena Foundation’s governance portal, the protocol’s Risk Committee has finalized the parameter modeling necessary to support revenue-sharing mechanisms.
If advanced through a formal community vote, the fee switch would redirect a percentage of protocol revenue toward open-market ENA buybacks and distributions to staked ENA (sENA) holders. This would represent a structural evolution for the token, transitioning ENA from a governance-reliant asset into a revenue-capturing instrument. With the protocol maintaining an annualized revenue run-rate that reached approximately $234 million as of April 2026, the potential for direct value accrual remains a primary focus for institutional stakeholders.
The Risk
The one-day spikes can mislead. Sustainable trends need follow-through, and a single elevated reading, even a 26-month high, does not by itself make a recovery. If active users and new wallet creation fade over the next days and weeks, the signal could prove temporary and leave little mark on price.
The Avalanche Payments Collective strengthens the case that something real is happening, but its payoff, if any, would unfold over months, not days. For now, the spike is an early signal worth tracking, not confirmation of a turn.
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$ENA
Ethena (ENA) tiếp tục thu hút sự chú ý trong không gian DeFi nhờ vào hệ sinh thái dollar tổng hợp sáng tạo của nó. Nếu việc áp dụng tiếp tục tăng và điều kiện thị trường vẫn giữ đà tăng, ENA có thể thấy tiềm năng tăng giá mạnh trong những năm tới. Tuy nhiên, các nhà đầu tư nên theo dõi sát sao xu hướng thị trường, sự cạnh tranh và các phát triển về quy định.
📈 Hệ sinh thái đang phát triển + tính hữu dụng tăng lên = một triển vọng dài hạn đầy hứa hẹn cho ENA.

Ethena $ENA đã trở thành một trong những dự án được thảo luận nhiều nhất trong lĩnh vực tài chính phi tập trung (DeFi), nhờ vào giao thức đô la tổng hợp sáng tạo và sự chấp nhận ngày càng tăng của hệ sinh thái. Khi các nhà đầu tư tìm kiếm đồng tiền điện tử tăng trưởng cao tiếp theo, nhiều người đang tự hỏi liệu ENA có tiềm năng mang lại lợi nhuận đáng kể trong những năm tới không.
Ethena là gì?
Ethena là một giao thức dựa trên blockchain được thiết kế để tạo ra một đô la tổng hợp gốc crypto hoạt động độc lập với cơ sở hạ tầng ngân hàng truyền thống. Dự án nhằm cung cấp cho người dùng một lựa chọn thay thế ổn định và kháng cản có thể mở rộng so với các stablecoin thông thường, đồng thời tạo ra lợi nhuận thông qua các chiến lược phòng ngừa sáng tạo.