Ask about Ethena · freeTotal Value Locked$5.019b
TVL by Chain
Ethereum$5.017b
TON$2.38m
Key Metrics
Fees 30d$16.42m
Fees 30d by chain
Ethereum$16.42m
Fees 7d$4.4m
Ethereum$4.4m
Fees 24h$330
Ethereum$330
Cumulative Fees$1.07b
Ethereum$1.07b
Revenue 30d$55,450
Revenue 30d by chain
Ethereum$55,450
Revenue 7d$6,510
Ethereum$6,510
Revenue 24h$330
Ethereum$330
Cumulative Revenue$333.01m
Ethereum$333.01m
Incentives 1y$0
Incentives 30d$0
Incentives 7d$0
Incentives 24h$0
Cumulative Incentives$0
Earnings (Annualized)$2m
Earnings 30d$55,450
Earnings 7d$6,510
Earnings 24h$330
Cumulative Earnings$333.01m
Market Cap$2.617b
$ENA Price$0.20
Fully Diluted Valuation$2.928b
Outstanding FDV$2.609b
$ENA Volume 24h$313.98m
CEX Volume$167.93m
DEX Volume$262.88m(83.72% of total)
Total Raised$166m
Jul 17, 2023$6mRound: SeedInvestors: Dragonfly Capital, Maelstrom, Deribit, Bybit, Mirana Ventures, OKX Ventures, BitMEX, Gemini, Lightspeed Faction, Huobi Ventures, Nascent, BlockTower Capital, Delphi Digital, Wintermute Ventures, GSR, CMT Digital, Tangent, Finality Capital Partners, No Limit Holdings, Cobie, Anthony Sassano, Julian Koh, Jai Prasad
Feb 16, 2024$14mRound: StrategicInvestors: Dragonfly Capital, Maelstrom
Mar 8, 2024Round: PrivateInvestors: Binance Labs
Feb 24, 2025$100mRound: PrivateInvestors: Franklin Templeton Investments, Pantera Capital, Polychain Capital, Dragonfly Capital, STIX, F-Prime Capital
Feb 26, 2025$16mRound: StrategicInvestors: MEXC Ventures
Sep 30, 2025$30mRound: StrategicInvestors: MEXC Ventures
Jun 9, 2026Round: StrategicInvestors: Janus Henderson Investors
Protocol Information
Ethena is a synthetic dollar protocol built on Ethereum
- Ethena USDeBasis Trading
- Ethena USDtbRWA
- Ethena tsUSDeYield
- Ethena PayCrypto Card Issuer
Methodology
TVL: Total value of all coins held in the smart contracts of the protocol
Incentives: Tokens allocated to users through liquidity mining or incentive schemes, typically as part of governance or reward mechanisms.
Earnings: Revenue of the protocol minus the incentives distributed to users
Yields
Pools Tracked1
Average Supply APY5.11%
User Activity
Active Addresses (24h)35
Transactions (24h)43
Ethena history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Dec 14, 2023 to Oct 25, 2026.
All-time high TVL: $14.982b on Oct 3, 2025. All-time low TVL: $7.01m on Dec 14, 2023.
Daily TVL, Sep 26, 2026 to Oct 25, 2026
| Date | TVL |
|---|---|
| Sep 26, 2026 | $5.355b |
| Sep 27, 2026 | $5.379b |
| Sep 28, 2026 | $5.387b |
| Sep 29, 2026 | $5.334b |
| Sep 30, 2026 | $5.332b |
| Oct 1, 2026 | $5.297b |
| Oct 2, 2026 | $5.331b |
| Oct 3, 2026 | $5.325b |
| Oct 4, 2026 | $5.333b |
| Oct 5, 2026 | $5.338b |
| Oct 6, 2026 | $5.386b |
| Oct 7, 2026 | $5.407b |
| Oct 8, 2026 | $5.303b |
| Oct 9, 2026 | $5.234b |
| Oct 10, 2026 | $5.217b |
| Oct 11, 2026 | $5.192b |
| Oct 12, 2026 | $5.189b |
| Oct 13, 2026 | $5.196b |
| Oct 14, 2026 | $5.197b |
| Oct 15, 2026 | $5.19b |
| Oct 16, 2026 | $5.166b |
| Oct 17, 2026 | $5.145b |
| Oct 18, 2026 | $5.118b |
| Oct 19, 2026 | $5.119b |
| Oct 20, 2026 | $5.111b |
| Oct 21, 2026 | $5.107b |
| Oct 22, 2026 | $5.094b |
| Oct 23, 2026 | $5.065b |
| Oct 24, 2026 | $5.031b |
| Oct 25, 2026 | $5.023b |
TVL at each month end, Nov 2024 to Oct 2026
| Date | TVL |
|---|---|
| Nov 30, 2024 | $4.361b |
| Dec 31, 2024 | $5.889b |
| Jan 31, 2025 | $5.945b |
| Feb 28, 2025 | $5.898b |
| Mar 31, 2025 | $5.271b |
| Apr 30, 2025 | $4.709b |
| May 31, 2025 | $5.41b |
| Jun 30, 2025 | $5.458b |
| Jul 31, 2025 | $8.4b |
| Aug 31, 2025 | $12.507b |
| Sep 30, 2025 | $14.645b |
| Oct 31, 2025 | $9.675b |
| Nov 30, 2025 | $7.398b |
| Dec 31, 2025 | $6.466b |
| Jan 31, 2026 | $7.378b |
| Feb 28, 2026 | $6.81b |
| Mar 31, 2026 | $6.618b |
| Apr 30, 2026 | $4.342b |
| May 31, 2026 | $5.517b |
| Jun 30, 2026 | $4.835b |
| Jul 31, 2026 | $4.105b |
| Aug 31, 2026 | $4.522b |
| Sep 30, 2026 | $5.332b |
| Oct 25, 2026 (latest) | $5.023b |
TVL at each year end, Dec 31, 2023 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2023 | $84.76m |
| Dec 31, 2024 | $5.889b |
| Dec 31, 2025 | $6.466b |
Fees and revenue by UTC calendar month, Nov 2024 to Oct 2026
| Month | Fees | Revenue |
|---|---|---|
| Nov 2024 | $43.67m | $1.7m |
| Dec 2024 | $67.7m | $4.78m |
| Jan 2025 | $47.64m | $404,232 |
| Feb 2025 | $26.48m | $210,513 |
| Mar 2025 | $14.57m | $125,064 |
| Apr 2025 | $10.02m | $56,794 |
| May 2025 | $20.47m | $814,109 |
| Jun 2025 | $18.25m | $521,125 |
| Jul 2025 | $43.06m | $3.24m |
| Aug 2025 | $54.68m | $4.08m |
| Sep 2025 | $53.34m | $2.86m |
| Oct 2025 | $48.91m | $371,895 |
| Nov 2025 | $26.96m | $50,895 |
| Dec 2025 | $20.29m | $40,472 |
| Jan 2026 | $29.22m | $390,259 |
| Feb 2026 | $18.11m | $182,629 |
| Mar 2026 | $17.78m | $82,534 |
| Apr 2026 | $20.22m | $329,498 |
| May 2026 | $14.69m | $709,686 |
| Jun 2026 | $16.7m | $66,761 |
| Jul 2026 | $17.51m | $41,978 |
| Aug 2026 | $15.95m | $21,084 |
| Sep 2026 | $20.09m | $16,674 |
| Oct 2026 (to date) | $16.42m | $54,051 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/ethena
Frequently asked questions
What is Ethena's TVL?
As of Oct 25, 2026, Ethena has $5.019b in total value locked. TVL has decreased 5.7% over the past 30 days.
What chains does Ethena operate on?
Ethena operates on 2 chains: Ethereum and TON. Ethereum holds the largest share at 100%.
How much has Ethena generated in fees and revenue?
Over the past 30 days, Ethena generated $16.42m in fees. Of that, $55,450 was protocol revenue. Based on the trailing year, the annualized rate is $241.74m in fees and $2m in revenue.
What is the ENA token price and valuation?
ENA is currently trading at $0.20. Its circulating market capitalization is $2.617b, ranking it #52. Its fully diluted valuation is $2.928b. Supply currently stands at 13.406b circulating, 15b total supply, 15b maximum supply.
How has ENA performed recently?
ENA is up 3.5% over the past 7 days and down 14.2% over the past 30 days. Its all-time high is $1.52, reached on Apr 11, 2024. The token is currently 87.2% below that level.
Which protocols are included in Ethena?
Ethena is a parent protocol whose tracked products include Ethena USDe, Ethena USDtb, Ethena tsUSDe, and Ethena Pay.
How many yield pools does Ethena have?
DefiLlama tracks 1 Ethena yield pool with an average APY of 5.1%.