On June 18, Ethena logged 5,057 daily active addresses, the highest since November 2025, according to Santiment. At the same time, new wallet creation hit 2,968, the strongest single-day reading since the protocol launched in April 2024.
Two Metrics Rise Together
Santiment highlighted that both active addresses and network growth accelerated in tandem — a pattern analysts often interpret as a sign of real adoption. New users are entering while existing users remain engaged. The two indicators had stayed within narrow ranges for most of 2026 before the sharp June spike.
Interest in Ethena's synthetic dollar and DeFi infrastructure has grown despite broader market headwinds. Traders are increasingly paying attention to the protocol's expanding role.
USDe Adoption and ENA Governance Proposals Drive Activity
Santiment cited several ongoing developments that may have fueled the jump. Discussions around proposed ENA buyback-and-burn mechanisms are drawing investor attention, as they aim to align protocol revenue with token holders. Meanwhile, Ethena continues to expand staked ENA utility, giving users more reasons to engage.
The flagship synthetic dollar product USDe remains central to the strategy. Its growing adoption supports higher on-chain activity. Upcoming restaking initiatives also played a part; restaking has become a hot category in DeFi, encouraging users to explore platforms offering extra yield.
New and Existing Users Both Contribute
The June 18 surge came from both retention and expansion. Networks often struggle to grow both active addresses and new wallets at the same time, making Ethena's latest performance notable. While market conditions remain uncertain, the data points to rising interest in the protocol, underpinned by USDe adoption, governance innovation, and broader utility for ENA holders.