Ethena, a DeFi protocol best known for the USDe stablecoin, saw its ENA token rise more than 7% over 24 hours, from $0.18 to $0.20, with daily trading volume exceeding $405 million. The protocol has generated more than $1 billion in real fees, rather than emissions of printed tokens, and plans to use those fees to fund a buyback mechanism. Its total value locked grew by $1.32 billion since early August, while daily fees exceeded $4 million. Janus Henderson Investors, which took a position in ENA in June, plans to use its staked USDe for cash management following the integration of the firm’s tokenized AAA CLO strategy. Technically, ENA has reclaimed $0.20 and could confirm a bullish reversal by breaking above $0.215, with $0.30 as the next target if the uptrend continues, while a full retracement to $0.135 remains possible if the move fails.
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