Ethena's native token ENA surged 19.6% to $0.7363 on August 11, extending its 30-day gains to nearly 150% as its synthetic dollar stablecoin USDe surpassed $10 billion in market capitalization. This milestone was achieved in just 500 days since launch, making USDe the third-largest stablecoin and one of crypto's fastest-growing assets, having doubled its supply in the past month alone.
The rally coincided with a golden cross formation on ENA's daily chart, where the 50-day SMA crossed above the 200-day SMA - a technical pattern that preceded an 87% price surge in late 2023. Ethereum's breakout above $4,000 strengthened confidence in USDe's ETH-backed reserves, with ENA historically moving in tandem with ETH. Market data revealed an 18% spike in ENA open interest to $1.3 billion, while the protocol generated over $475 million in cumulative fees.
Four of five conditions to activate Ethena's "fee switch" (distributing revenue to ENA holders) have been met, needing only USDe listings on Binance or OKX to complete requirements. Regulatory hurdles eased as Binance off-boarded EU users, potentially clearing the path. However, liquidation heatmaps show dense liquidity clusters below current prices, creating vulnerability to sharp reversals.
Long-term developments include plans to launch the Converge blockchain with ENA as its native token and a potential Q4 Nasdaq listing of StablecoinX. Despite comparisons to Terra's collapse, Ethena emphasizes integrated risk controls and diversified DeFi collateral to maintain stability.