- ENA has gained more than 16% in the previous 24 hours.
- Ethena’s total value locked tops $8B after a 50% monthly increase.
- Bullish sentiments around the project fuel the upside.
While cryptocurrencies remained relatively calm after the Fed maintained interest rates, Ethena recorded impressive surges over the past 24 hours.
ENA climbed from $0.5444 to $0.6332 intraday high on the daily chart.
The 16.31% uptick has grabbed attention, especially as the broad market exhibits bearish sentiments.
The bullish outlook coincided with revelations that Ethena’s TVL (total value locked) increased by 50% in the past months to surpass the $8 billion milestone.
The metric has grown steadily since this month’s lows of $5.461 billion to $8.443 billion today, July 31.
For context, that’s bigger than the total value locked of some established DeFi projects, including BSC ($7.318B), Tron ($5.99B), and Base ($4.32B).
That reflects a massive growth for the synthetic dollar protocol, possibly boosted by the recent regulatory transformations in the USA.
What the $8 billion TVL means
Surpassing the $8 billion mark represents a key milestone.
Ethena’s TVL now ranks it among DeFi giants.
Meanwhile, the figure shows a significant amount of capital entered the ENA ecosystem in the past 30 days.
That underscores confidence from whales, institutions, and users in the protocol’s long-term value.
Also, the stable growth reflects the stickiness of ENA’s ecosystem.
Users aren’t just experimenting with products. They are staying and depositing.
With more funds flowing into Ethena’s ecosystem, the project will grow stronger.
That’s generally a bullish sign for holders and traders.
Native tokens often experience considerable gains when the networks’ growth outpaces the market average.
What propelled the growth
Ethena has carved a unique niche due to its advanced approach to synthetic dollar creation and yield strategies.
Stablecoin regulatory clarity after the United States signed the GENIUS bill into law boosted USDe’s (the synthetic dollar) appeal, fueling the protocol’s growth.
USDe has witnessed increased adoption in the DeFi sector, attracting platforms seeking stablecoin stability in the volatile markets.
Moreover, Ethena…