The Ethena protocol has experienced impressive growth in 2024, particularly in the supply of its stablecoin, USDe. Beginning the year with a supply of 1.3 billion, USDe’s supply has surged to 3.5 billion by July.

This remarkable increase highlights the protocol’s promise of high returns to its users.

The rise in active addresses for USDe, ENA, and SUDE further underscores Ethena’s growing popularity. USDe’s active addresses skyrocketed from just 8 in January to 3,834 by April 10, 2024. This surge indicates a significant rise in interest and adoption of the Ethena protocol.

Ethena Transaction Volume Sees Notable Increase 

Transaction volumes on the Ethena network have also seen a dramatic increase. Daily volumes peaked at $4.2 billion on June 10, 2024, indicating strong user engagement and robust liquidity within the protocol.

However, whale concentrations remain high, particularly for ENA. A few large holders dominate the market, which could impact liquidity and price stability, posing potential risks for smaller investors.

The total value locked (TVL) on Ethena has surged, reaching over $3.5 billion by July 2024. This growth in TVL is a testament to the increasing trust and usage of the protocol among users. As Ethena continues to expand, it is poised to play a significant role in the DeFi landscape, attracting more users and increasing its influence in the market.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: itchaznong/123RF // Image Effects by Colorcinch