Ethena Fee Switch Strategy Clarified: Is ENA Price Set to Surge in Q4?
The stablecoin sector has reached a historic peak of $284 billion. Recent regulations in the United States contribute to this surge, with the USDe at Ethena emerging as a key benefactor of this momentum.
According to Dune Analytics data, the dollar-backed stablecoin, USDe, from Ethena, has seen notable growth over the past month. Its token supply increased by +42% to an unprecedented $12.43Bn. In contrast, the protocol’s revenue for August reached $61M, marking the most prosperous month for Ethena this year.
This recent surge has also sparked renewed interest in Ethena’s long-discussed fee switch. For the first time, ENA coin holders will have the opportunity to benefit from the protocol’s profits. Fee switches are seen as major milestones in the Decentralized finance space. Just a week ago, Uniswap DAO advanced its plans to implement its own fee structure following a vote to adopt new legal guidelines.
Ethena (ENA) Price Overview: Will Fee Switch Boost ENA Price in Q4?
At the time of writing, ENA is priced at $0.68, reflecting a +7% increase over the last 24 hours. ENA’s price dropped to a low of $0.6075 but briefly peaked at $0.7058 before consolidating. Furthermore, trading activity surged, with daily volume rising by +137% to $890M.
This growth has elevated ENA’s market cap to approximately $4.47bN. The circulating supply stands at 6.62Bn tokens against a total cap of 15Bn. Moreover, the project proudly displays a robust total value locked (TVL) of $12.56Bn, indicating strong fundamentals.
(Source – ENA USDT, TradingView)
From a technical standpoint, ENA is stabilizing around a upward movement level of $0.67. Its main barrier level appears to be between $0.7050 and $0.7200, with support situated around $0.6300. If ENA can maintain this base level, uptrend sentiment will continue.
Should the price successfully break the $0.70 threshold, it may pave the way to $0.75. Currently, a favorable trend is evident; however, short-term volatility is likely to hover around the upper resistance levels.
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Are Ethena Fees Indicating Strong Long-Term Growth For ENA Price?
As per DeFiLlama, total fees accrued since the beginning have reached $492.05 million. The annual fees are noted at $665.42M, while the protocol has generated $54.54M over the last 30 days and $14.81M in the past week. Ethena earned $76,994 in fees within the last 24 hours.
(Source – Ethena Fees, DeFiLlama)
Quarterly data shows steady performance with notable peaks. Q4 2024 recorded the highest fees to date at $145.54M.
Q2 2025 saw a dip to $45.86M, but the following quarter (Q3 2025) rebounded to $97.82M. The previous quarters of 2025 showed average activity, with Q1 at $95.67M and Q2 2024 at $55.11M. The figures from late 2023 were considerably lower due to the protocol being in early development.
ENA holds promise due to staking USDe offering approximately 9% yield, which exceeds the 4.2% yield available to USDC holders on Aave.
(Source – Ethena TVL, DeFiLlama)
Recently, Crypto Stream reported that Ethena Labs possesses an ENA crypto token with a supply of 12.4BN USDe that has surged 4.6x within just twelve months without breaching its peg.
This expansion is attributed to a delta-neutral hedging model based on staked ethers, which is capable of generating weekly revenue of $53 million, three times that of Hyperliquid.
The fundamentals of $ENA are impressive:
– Over the last week, Ethena generated $53 million in revenue. That’s double what Hyperliquid achieved.
– The USDE supply has risen 4.6x in the past year and currently stands at $12.4 billion, all while maintaining its peg.… pic.twitter.com/7mrtqz2HZK
— Crypto Stream (@CryptoStreamHub) September 2, 2025
Several developments could serve as catalysts for ENA in the near future, including potential rate cuts, the launch of the HyENAtrade service, the debut of Ethereal Dex, and a possible Nasdaq listing for StablecoinX.
Moreover, an additional fee switch that directs revenue to token holders would represent a significant benefit. Ethena also announced on September 2, 2025, that its total revenue has exceeded $500M since its inception.
However, risks persist. Historical data from CoinMarketCap suggests that such events often lead to a 10-20% decrease in price unless enough new buyers can counterbalance the selling pressure. This could potentially contradict the more uptrend price predictions despite the solid fundamentals.
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