ENA (Ethena) rose 10.94% in the last 24 hours.

Gate News Bot news, on October 13, according to CoinMarketCap data, as of the time of writing, ENA (Ethena) is currently priced at $0.40, having risen 10.94% in the last 24 hours, with a peak of $0.61 and a low of $0.19. The current market capitalization is approximately $2.889 billion, an increase of $285 million compared to yesterday.

Ethena is a digital dollar platform designed for the internet economy. Its token USDe currently has a supply of 12.6 billion USD, with an average annual yield of 19%. Ethena also offers the sUSDe token, allowing users to earn an annual yield of 5.5% by staking USDe. The platform has attracted 832,000 users and covers 24 blockchain networks. Ethena emphasizes transparency, providing real-time asset support information, weekly reserve proofs, and monthly custodian certifications.

Important news about ENA recently:

1️⃣ USDe decoupling triggers market volatility On October 12, Ethena's USDe stablecoin temporarily depegged to 0.66 USDT, raising concerns about its stability in the market. The price of ENA experienced significant fluctuations, dropping to a low of $0.34 within 24 hours, a decline of 22.38%. This event caused a certain impact on the stability of the Ethena ecosystem.

2️⃣ Ethena releases reserve proof to address concerns In response to market skepticism, Ethena Labs released a reserve proof on October 11. According to confirmation from a third-party independent verification agency, USDe still has about $66 million in excess collateral. Ethena emphasizes that its minting and redemption functions have always operated normally without any downtime, and stated that market turbulence has actually brought more additional gains to USDe.

3️⃣ Launch Solana ecosystem stablecoin in collaboration with Jupiter Ethena announces a partnership with the DeFi trading aggregator Jupiter to jointly launch the native stablecoin JupUSD on the Solana blockchain. This move demonstrates Ethena's strategic layout in expanding its ecosystem and cross-chain collaboration, which is expected to bring new rise opportunities for ENA.

From a technical perspective, ENA has rebounded after a significant decline, with a rise of over 10% in 24 hours, indicating that market confidence in Ethena is gradually recovering. However, considering the recent volatility, investors still need to closely monitor the stability of USDe and the subsequent developments of Ethena.

This message is not an investment advice, and investors should be aware of market volatility risks.