ENA Pulse
Investment monitor for Ethena ($ENA)
More green than red, but a few things need watching.
Trends (last 90 days)
Weekly KPIs
Supply is stable, not growing. The business is holding steady, not expanding.
The yield edge over T-bills is thin. USDe is only mildly more attractive than cash.
Funding is positive but modest. The engine is running, just not at full power.
Backing is now overwhelmingly Treasuries and RWA, not perp trades. Ethena today behaves more like a credit vehicle than a basis-trade engine. That changes the risk profile.
Perp funding is 6.3% annualized right now. A richer funding rate is what would draw backing back toward the perp trade.
A large, permanent public-market holder owns a big chunk of supply. That is a structural buy-side anchor for the token.
USDe usage is spread across many venues. No single lending market can trigger a supply shock alone.
Staking participation is moderate. The per-token fee-switch yield has room to improve as more ENA gets staked.
Converge is too new to be indexed by public trackers yet. This will populate automatically once it is.
The insurance cushion is comfortably sized relative to USDe supply. The protocol can absorb a rough patch of negative funding.
$41.98M USDtb + $20.02M USDtb-USDC LP. Roughly 9x the March 2026 conservative tail-risk requirement of $7M.