ENA

ENA

2026-10-03 06:20:10

Dormant ENA whale moves 30 million tokens to Binance

A dormant ENA whale transferred 30 million ENA to Binance on Oct. 3, according to monitoring data cited by BlockBeats. The transfer was routed through BitGo and was valued at about $6.98 million based on the figures in the report. The wallet had reportedly been inactive for more than a year before the move. After the deposit, the whale still holds 157.55 million ENA, worth about $36.74 million. The update was attributed to TradingBeats monitoring.

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ARK Invest

2026-10-01 15:17:46

ARK Invest says tokenized stocks are reshaping Ethena’s runway

ARK Invest Director of Digital Asset Research Lorenzo Valente said tokenized equities are changing the setup for Ethena and its ENA ecosystem. In his view, USDe supply bottomed at $3.8 billion and has since risen by about 30% to nearly $5 billion. He said inverted or weak crypto funding rates had previously pushed more USDe collateral into off-chain yield sources such as Treasuries, while sUSDe’s average annualized return at one point approached or fell below SOFR. Valente also said market cap stagnation and limited open interest had constrained growth. He added that basis trading has recovered to about 20% of collateral and is growing quickly, while the roughly $70 trillion U.S. equity market, with average annual gains of more than 8%, could support persistent long demand, positive funding, lower volatility, and cheaper hedging. Based on that shift, he said USDe now has its first clear path to scale beyond $20 billion in supply, and reaching $30 billion to $40 billion over the next 12 to 18 months would not be surprising. He also expects Ethena Pay to add support from the demand side.

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Standard Char

2026-09-30 20:57:32

Standard Chartered projects Ethena’s USDe at $40 billion by 2028, with ENA seen at $2

Standard Chartered has started coverage on Ethena’s ENA token and says the protocol’s USDe stablecoin could expand to $40 billion in supply by the end of 2028. In a research report shared with Cointelegraph on Wednesday, the bank set a year-end 2028 target of $2 for ENA, about seven times the $0.28 reference price cited in the note. It also said USDe could grow slightly faster than the broader stablecoin market over the same period. The bank’s thesis rests on Ethena broadening its yield sources beyond the crypto basis trade that has historically supported USDe. Standard Chartered said lower returns from the strategy of holding spot crypto while shorting perpetual futures have pushed Ethena toward DeFi, institutional lending, real-world assets, and basis trades linked to equities and commodities. Those activities currently produce a blended yield of 5.2%, according to the report. A second pillar of the bank’s view is ENA buybacks. Standard Chartered said a fee switch approved by Ethena governance in early September directs 95% of net revenue from business lines to ENA buybacks once USDe reaches certain supply thresholds. The bank argues that if USDe scales as projected, buybacks could become large enough to support a higher ENA valuation.

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Standard Char

2026-09-30 10:00:58

Standard Chartered Starts Coverage on Ethena With $2 Target as 1.4 Billion ENA Unlock Nears

Standard Chartered initiated coverage on Ethena on Sept. 30, with Geoff Kendrick, the bank’s global head of digital assets research, setting a $2 price target for ENA by the end of 2028. The report’s thesis rests on three pillars cited in the source article: projected growth in on-chain real-world assets from $40 billion to $2 trillion by late 2028, the expansion of yield-bearing stablecoins, and Ethena’s revised tokenomics that would direct protocol net revenue toward ENA buybacks and burns. The article argues that the long-term case does not remove near-term execution and supply risks. Under Ethena’s current design, the revenue-sharing mechanism that can support ENA buybacks does not begin until USDe circulating supply reaches $7.5 billion. The source says USDe is currently around $4.9 billion, meaning the buyback mechanism has not yet started. Even after that threshold is crossed, only 5% of total revenue at the first tier would be allocated to the foundation, with 95% of that net income used for ENA buybacks. A more immediate issue is token supply. According to the article, 1.4 billion ENA, equal to about 14% of current circulating supply and worth more than $300 million, is scheduled to unlock on Oct. 5 after a restructuring of investor release terms described by the Ethena Foundation.

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RootData

2026-09-30 07:32:14

RootData flags Q4 token unlocks as ALLO and HUMA approach first major insider releases

RootData has mapped out a new round of token unlock schedules heading into the fourth quarter of 2026, highlighting a sharp contrast between projects facing concentrated insider releases and those that have reworked token supply through delays, buybacks, burns, or revised lockups. The report, based on RootData data and project disclosures, draws from a broader sample of 1,537 projects with unlock plans. Among the most closely watched names, Allora’s ALLO and Huma’s HUMA are set for first-time cliff unlocks tied to investors, teams, and core contributors. deBridge’s DBR and LayerZero’s ZRO continue on quarterly and monthly release schedules, while Ethena’s ENA is set to accelerate the release of remaining investor allocations into a single batch on Oct. 5. RootData also notes that Story, now renamed DATA Network, and 0G have pushed back internal unlocks, while Jupiter has reduced net supply through a mix of token burns, halted emissions, and buybacks. The report does not treat unlock ratios as price forecasts. Instead, it frames them as a measure of supply entering circulation. Across 90 deduplicated front-end samples, 87 had valid next-unlock value ratios, and 16 of those were at or above 10%, accounting for about 18.4%.

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Standard Char

2026-09-30 08:16:17

Standard Chartered Initiates Coverage on ENA, Sees $2 Price by End of 2028

Standard Chartered has initiated coverage on Ethena’s ENA token for the first time, according to The Defiant, and projects the token could reach $2 by the end of 2028. Geoff Kendrick, the bank’s global head of digital assets research, said Ethena sits at the intersection of perpetuals, tokenization and stablecoins, positioning ENA to benefit from growth across those segments as well as from a newly launched buyback program. Kendrick also described Ethena as the fourth-largest stablecoin issuer, behind Tether, Circle and Sky, and the second-largest yield-bearing stablecoin issuer after Sky. He added that USDe, Ethena’s stablecoin, was the fastest stablecoin to reach a $10 billion market capitalization. The note marks Standard Chartered’s first formal research coverage of ENA.

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Standard Char

2026-09-30 08:23:47

Standard Chartered Starts Coverage on Ethena, Sees ENA at $2 by End-2028

Standard Chartered has initiated research coverage on Ethena, according to a report issued by Geoff Kendrick, the bank’s global head of digital assets research. The report projects that ENA could rise to $2 by the end of 2028. It also describes Ethena as the world’s fourth-largest stablecoin issuer, behind Tether, Circle, and Sky. Standard Chartered said USDe, launched at the end of 2023, became the fastest stablecoin to reach a $10 billion market capitalization. The bank added that yield-bearing stablecoins currently account for about 5% of the broader stablecoin market and said that share is expected to grow as demand for yield increases. On the revenue side, the report said USDe has moved beyond its early dependence on crypto basis trading, which once delivered annualized yields above 20%, and has expanded into real-world assets and equity perpetual futures basis strategies. Standard Chartered also forecast that on-chain RWA could grow from about $40 billion today to $2 trillion by the end of 2028, which it said would support ENA buybacks and price appreciation.

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Token Unlocks

2026-09-30 07:36:26

Q4 2026 token unlocks: ALLO, HUMA, ENA and JUP show diverging supply paths

A new round of token supply events is approaching in Q4 2026, with several closely watched projects set to follow very different release schedules. According to RootData data and project disclosures cited by MarsBit, Allora’s ALLO and Huma’s HUMA are heading into their first major internal cliff unlocks tied to investors, teams, and core contributors, while deBridge’s DBR and LayerZero’s ZRO continue on quarterly and monthly release cycles. Ethena’s ENA stands out for a different reason: part of the remaining investor allocation is scheduled to be released in a single batch on Oct. 5 instead of being spread across later months. The report also tracks how tokenomics have shifted over the past two years. Story, now renamed DATA Network, and 0G both pushed back internal unlock timelines, though 0G also shortened the later release window. Jupiter’s JUP reduced net supply through a mix of token burns, paused emissions, and buybacks. Other projects, including UNITE, BABY, STABLE, LISTA, Aptos, and Wormhole, adjusted vesting structures, lockup rules, or value distribution mechanisms in ways that changed either total supply, circulating supply, or buy-side demand. The result is a Q4 landscape where headline unlock size alone does not fully capture how supply may enter the market.

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