
ENA USD To $1? The Ethena Fee-Switch Is Significant
As of September 16, three products from Ethena Labs were ranked in the top 50. The platform’s proprietary algorithmic stablecoin, USDe, followed Hyperliquid (HYPE) within the top 20. Concurrently, ENA holds the 41st position, overtaking Bitget and Pepe. While ENA USD has faced some challenges in the past week of trading, holders of ENA crypto remain optimistic, anticipating a significant turnaround in the near future.
On Coingecko, the ENA price is trading at approximately $0.70, down -15% over the previous week but fairly stable in the last 24 hours. Despite this decline, ENA crypto has surged +230% year-to-date and is popular near last month’s close, experiencing selling pressure.
(Source: Coingecko)
In other announcement, DefiLlama indicates that Ethena is consistently drawing in more assets. The network currently oversees over $13.8Bn in assets. Remarkably, at this stage, the total assets under management have swiftly grown, climbing from approximately $5.4Bn in early July to more than double that, reaching a record high as of September 2025.
(Source: DefiLlama)
This surge in total value locked (TVL) is reflected in revenue growth. In Q3 2025, Ethena achieved $8.63M in revenue, a significant increase from $1.15M in Q2 2025.
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Is ENA USD Getting Ready For $1? Ethena Enthusiasts Bullish
On a technical level, ENA ▼-3.34% exhibits optimistic tendencies. The local price floor level hovers around $0.60, with price ceiling observed at September’s peak of approximately $0.90.
As the ENA price remains steady, the breakout direction will indicate whether it was accumulation or distribution. Ideally, a close above $0.90 would position ENA crypto towards $1, a significant milestone for the stablecoin issuer.
This will also affirm the uptrend trend that initiated in early July when ENA USD rose from about $0.25 to as high as $0.85 by mid-August 2025.
On X, one analyst highlights that the ENA USDT price movement appears to be forming a cup-and-handle pattern. Typically seen as a bullish setup, the break of the double top, which marks the cup, will determine the momentum of the upward trend.
(Source: eugenegeu, X)
According to the analyst, ENA crypto is poised for significant advancements soon, pointing out multiple positive developments.
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Ethena Labs Declares Fee Switch: A New Chapter For ENA Crypto?
The analyst emphasized that the news of the fee switch on September 15 was significant.
The proposed fee switch for 2024 intends to convert ENA from being a government crypto token into an asset that generates yield.
The Ethena Foundation can confirm that the parameters for the fee switch established by the Risk Committee have now been satisfied and the ENA fee switch is expected to be activated pending Ethena Risk Committee approval on the implementation aspects and further governance processes
The Ethena Risk…
— Ethena Foundation (@EthenaFndtn) September 15, 2025
With the initiation of the fee switch, Ethena will designate a portion of its revenue to ENA stakers.
Previously, the fees accrued from delta-neutral strategies were reinvested into ENA buybacks and ecosystem development.
Henceforth, Ethena Labs will direct between +10% and +20% of fees straight to sENA holders, or ENA stakers, providing annualized returns between +4.5% and +15%.
.@ethena_labs’s fee switch is on the horizon, potentially yielding 4.5%–15% APR for sENA holders.
The network generates approximately $50M–$60M in monthly revenue. With around $750M ENA staked, that equates to 4.5%–15% APR (depending on fee distribution).
This would reclassify ENA into a genuine revenue-sharing… pic.twitter.com/MbzRGPvN1O
— Tom Wan (@tomwanhh) September 9, 2025
The upcoming steps involve the Risk Committee finalizing the particulars, particularly the precise revenue division. Subsequently, ENA holders will take a vote on these proposals.
If passed, the fee switch could initiate more ENA buybacks, thereby lowering supply and elevating prices. In the meantime, ENA stakers will benefit from a favorable yield derived from Ethena’s stablecoin operations.
Adding to this momentum, StablecoinX, the DAT accumulating ENA, has enhanced its buyback initiative from $5M to $10M daily, ramping up its purchasing strategy as long as ENA USD stays below $0.70.
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ENA USD To $1? Ethena Fee-Switch Is A Significant Development
- ENA crypto facing challenges, yet traders remain bullish
- ENA USD has the potential to rise above $1
- Ethena’s TVL is experiencing rapid growth
- Risk Committee indicates readiness for a fee switch
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