The stablecoin market has hit an all-time high of $284 billion. New legislation in the United States supports this increase, and the USDe at Ethena is becoming one of the primary beneficiaries of this trend.
As per Dune Analytics data, the dollar-pegged stablecoin, USDe, issued by Ethena, grew significantly during the past month. Its supplies increased by +42% to an all-time high of $12.43Bn. Meanwhile, the protocol revenue grew in August to reach $61M. That was the month that Ethena had the highest this year.
The recent growth has also increased the interest in the long-debated fee switch of Ethena. The first time, ENA holders, the governance token, will be able to access the profits of the protocol. Fee switches have been regarded as significant accomplishments throughout DeFi. Only a week ago, Uniswap DAO proceeded with its plans to implement its own fee structure following a vote to adopt a new legal framework.
Ethena (ENA) Price Analysis: Could Fee Switch Pump ENA Price in Q4?
As of press time, ENA price is trading at $0.68, showing an increase of +7% in the last 24 hours. ENA price dropped as low as $0.6075, and made a brief touch at $0.7058 and consolidated. The trading activity has also increased rapidly, with the daily volume increasing by +137% to $890M.
This growth has raised the market cap of ENA to a figure of $4.47bN. Its circulation supply is 6.62Bn tokens as compared to a cap of 15Bn. In addition to that, the project indicates a high total value locked (TVL) of $12.56Bn, which is an indicator of sound fundamentals.
(Source – ENA USDT, TradingView)
From a technical perspective, ENA is consolidating around a breakout of $0.67. Its primary resistance is in the range of $0.7050-$0.7200, and the support is located in the range of $0.6300. If ENA price is able to defend this support then bullish sentiment remains in the charts.
When the price willingly surpasses the $0.70 mark, then it can provide an avenue to $0.75. At this point, there is a positive trend, although the volatility in the short term is most likely to fluctuate around the higher levels of resistance.
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Are Ethena Fees Pointing to Strong Long-Term Growth For ENA Price?
According to DeFiLlama, total fees since the inception have amounted to $492.05 million. The annual fees are $665.42M, while the protocol has produced $54.54M over the last 30 days and $14.81M over the last seven days. Ethena made $76,994 in fees in the previous 24 hours.
(Source – Ethena Fees, DeFiLlama)
Quarterly information shows stable performance with some significant peaks. Q4 2024 has been the highest quarter to date, with a fee of $145.54M.
Q2 2025 experienced a decline to $45.86M, but in the next quarter (Q3 2025), the firm experienced an increase to $97.82M. The previous quarters of 2025 of Q1 with $95.67M, and 2024 of Q2 with $55.11M, also show average activity. Those in late 2023 were initially much lower since the protocol was still developing early.
ENA price has durable potential because staking USDe offers approximately 9% yield, which is more than twice the 4.2% yield that USDC holders can receive on Aave.
(Source – Ethena TVL, DeFiLlama)
Recently, Crypto Stream reported that Ethena Labs has an ENA token with a 12.4BN USDe supply that has increased 4.6x within only twelve months without breaking its peg.
This expansion is attributed to its delta-neutral hedging system built upon staked ethers, a model also capable of powering weekly revenue of 53 million, a figure three times that of Hyperliquid.
The fundamentals of $ENA are too good to ignore:
– In the last 7 days, Ethena generated $53 million in revenue. That's twice as much as Hyperliquid.
– USDE supply is up 4.6x in the last 12 months and sits now at $12.4 billion, while not having a single major depeg in that time.… pic.twitter.com/7mrtqz2HZK
— Crypto Stream (@CryptoStreamHub) September 2, 2025
Several events may act as catalysts for ENA in the near future. These are likely rate reductions, the introduction of the HyENAtrade service, the introduction of Ethereal Dex, and even a possible listing on Nasdaq of StablecoinX.
An additional fee switch, sending the revenue to token holders, would be an added advantage. Ethena also announced on September 2, 2025, that it had reached above $500M in total revenue since its inception.
Even so, risks remain. Historical records on CoinMarketCap indicate that this type of occasion usually leads to a 10-20% price drop unless sufficient new buyers can offset the sell pressure. This may contradict the more optimistic price forecasts, even with the good fundamentals.
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