Open interest in ENA futures roughly doubled to $237 million while the token price surged approximately 69%, climbing from $0.08 to around $0.13-$0.14. On August 19, Ethena announced a $1 billion secured warehouse lending facility in partnership with FalconX designed to expand USDe-backed institutional loan opportunities. USDe supply reportedly reached around $4.5 billion during this period, with active addresses and trading volume surging over eight times. Daily futures volumes frequently exceeded $1 billion, with Binance capturing the largest share of ENA derivatives trading activity, followed by Bybit and Hyperliquid. Funding rates remained neutral despite the massive increase in open positions, suggesting an equilibrium between buyers and sellers.
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