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As of September 16, three of Ethena Labs’ products were in the top 50. The platform’s native algorithmic stablecoin, USDe, trailed Hyperliquid (HYPE) in the top 20. At the same time, ENA is perched at 41st, flipping Bitget and Pepe. Even though ENA USD might be under pressure in the last week of trading, ENA crypto holders are upbeat and expect a sharp reversal in the coming days.
On Coingecko, the ENA price is changing hands at around $0.70, down -15% in the past week of trading but relatively stable in the last 24 hours. Even with this dump, ENA crypto is up +230% year-to-date and trending at around last month’s close, soaking in selling pressure.
(Source: Coingecko)
Meanwhile, on DefiLlama, Ethena continues to attract more assets. The protocol currently manages over $13.8Bn in assets. Notably, at this level, the total assets under management have rapidly expanded, rising from around $5.4Bn in early July to more than doubling to $13.8Bn, an all-time high as of September 2025.
(Source: DefiLlama)
Reflecting this expansion in total value locked (TVL) is the spike in revenue. In Q3 2025, Ethena generated $8.63M in revenue, up from $1.15M in Q2 2025.
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Is ENA USD Preparing For $1? Ethena Bulls Upbeat
Technically, 
ENA ▼-3.34% is bullish. The local support is at around $0.60, while resistance is at September highs of around $0.90.
As the ENA price moves sideways, the breakout direction will determine whether it was accumulation or distribution. Ideally, a close above $0.90 opens up ENA crypto to $1, a huge milestone for the stablecoin issuer.
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It will also confirm the bullish trend that began in early July, when ENA USD jumped from around $0.25 to as high as $0.85 in mid-August 2025.
On X, one analyst notes that ENA USDT price action is forming a cup-and-handle formation. This is usually a bullish pattern, and depending on how the double top, marking the cup, is broken, the pace of the uptrend will be set.
(Source: eugenegeu, X)
For the analyst, ENA crypto is set for major gains in the coming days, citing several developments.
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Ethena Labs Announces A Fee Switch: A New Era For ENA Crypto?
The analyst noted that the announcement of the fee switch on September 15 was at the top of the list.
The fee switch proposed in 2024 aims to transform ENA from being a government token into a yield-bearing asset.
The Ethena Foundation can confirm that the fee switch parameters set by the Risk Committee have now been met and the ENA fee switch is expected to be activated following Ethena Risk Committee sign off on the implementation details and further governance process
The Ethena Risk…
— Ethena Foundation (@EthenaFndtn) September 15, 2025
With the fee switch, Ethena will allocate a portion of its revenue to ENA stakers.
Until now, fees generated from delta-neutral strategies were plowed back into ENA buyback and ecosystem growth.
Now, Ethena Labs will funnel between +10% and +20% of fees directly into sENA holders, or stakers of ENa, offering annualized yields ranging from +4.5% to +15%.
.@ethena_labs’s fee switch is imminent, potentially bringing 4.5%–15% APR to sENA holders.
The protocol generates ~$50M–$60M in monthly revenue. With ~$750M ENA staked, that implies 4.5%–15% APR (depending on fee share).
This would transform ENA into a true revenue-sharing… pic.twitter.com/MbzRGPvN1O
— Tom Wan (@tomwanhh) September 9, 2025
The next steps involve the Risk Committee hashing out details, specifically the exact revenue split. Later, ENA holders will vote on their proposals.
If approved, the fee switch could trigger more ENA buybacks, reducing circulating supply and boosting prices. Meanwhile, ENA stakers will receive a decent yield from Ethena’s stablecoin activities.
Providing more tailwinds, StablecoinX, the DAT accumulating ENA, has increased its buyback program from $5M to $10M daily, intensifying its purchasing efforts as long as ENA USD remains below $0.70.
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ENA USD To $1? Ethena Fee-Switch Is A Big Deal
ENA crypto under pressure but traders upbeat
ENA USD could soar above $1
Ethena TVL rapidly rising
Risk Committee says its time for a fee switch
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