The ENA token reached $0.09, a new local high, driven by improved market sentiment across the crypto sector. Ethena’s Total Value Locked increased by $114 million to $4.398 billion, according to DeFiLlama, indicating fresh capital entering the protocol. However, Ethena’s Earnings dropped to $136,000 during the first 19 days of August, down from $709,000 in May, while daily fees collapsed to $84.11. Net Deposits hit a new record of $214 million, yet Daily Active Users fell from 2,700 to 1,400 over the same period, suggesting capital concentration rather than broad adoption. This divergence between price appreciation and weak fundamental metrics raises questions about the sustainability of the rally.
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