• Ethena Labs’ protocol revenue surpassed $500 million, which brought in $13.4 million last week.
• ENA USDe supply reached $11.7 billion, which has become the third-largest stablecoin, now growing by 86.6
• Over 140 million ENA tokens were withdrawn from exchanges in 96 hours, a demonstration of greater investor confidence.

Ethena Labs announced on Thursday that its ENA protocol has generated over $500 million in cumulative revenue. The company pointed to the fast growth since last July, which has been fueled by the growing need for synthetic stablecoins. The milestone highlights the protocol’s growing clout in the developing decentralized finance space.

Ethena Labs mentioned on X $13.4 million in protocol revenue in the last week. The circulating supply of ENA USDe also hit an all-time high of $11.7 billion, accompanying the former announcement. Both figures showcase the accelerating adoption of the project’s synthetic stablecoin in today’s competitive market.

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Ethena USDe Dominates Synthetic Stablecoins

According to DefiLlama data, Ethena USDe now ranks as the third-largest stablecoin by market capitalization. It leads synthetic stablecoins, posting an 86.6% market cap increase in one month.

The total value locked (TVL) of ENA continues its relentless rise, setting new all-time highs since launch. Today, it reached a record $11.90 Billion, possibly linked to Ethereum’s recent surge above $4,700. The 9% APY on Ethena’s stablecoin (USDe) also contributes, but the Snorter presale offering over 200% APY is generating massive excitement.

ENA Token Withdrawals Surpass 140 Million

Crypto analyst Ali Martinez highlighted that over 140 million ENA tokens were withdrawn from centralized exchanges within 96 hours. Such large withdrawals typically signal investor confidence, suggesting accumulation for long-term holding or staking. Reduced exchange supply often pressures prices upward when market demand strengthens.

This trend is typically interpreted as holders shifting assets to long-term storage instead of preparing to sell. If it continues, it may ease short-term selling pressure and support price stability.

Also Read: Ethena Price Prediction 2025: Will ENA Hit $1.37 or Crash Below $0.50?