AMA Session: Bridging Ethena on TON

Ethena, a synthetic dollar protocol on Ethereum, will unlock 40.63 million ENA tokens, valued at roughly $24.6 million at current prices of $0.6055. This represents 0.64% of the circulating supply (6.35 billion ENA) and is part of a vesting schedule extending to 2028, with 42.36% of the total 15 billion ENA supply currently unlocked. The tokens, allocated to the Ethena Foundation, follow a cliff vesting mechanism, meaning they’re released all at once after a set period, potentially increasing sell-side pressure. Historically, Ethena’s unlocks have been absorbed without significant price drops, but low trading volume or weak demand could test support levels around $0.50. Investors should monitor market conditions, as unlocks can boost liquidity but may spark short-term volatility. Disclaimer: Token unlocks can lead to price fluctuations; always research and assess your risk tolerance before trading.Recent NewsEthena’s been making waves in DeFi. In July 2025, its USDe stablecoin hit a $7 billion supply, cementing its place as the fourth-largest stablecoin. A partnership with Anchorage Digital launched USDtb, a U.S.-compliant stablecoin, driving a 5% ENA price rally. Additionally, a $260 million ENA buyback program (8% of supply) signaled strong confidence in the protocol’s growth. However, a massive 2.07 billion ENA unlock in March 2025 (66.19% of supply) triggered an 18% price drop, showing the market’s sensitivity to supply shocks. Despite this, ENA rebounded 17% post-unlock, hinting at resilience.Future PlansEthena’s roadmap is ambitious. Q1 2025 saw the launch of iUSDe, a staked USDe variant for institutional investors, and plans for a dedicated Ethena blockchain using ENA as the gas token are nearing completion. New DeFi apps like Ethereal DEX and Strata tranching aim to boost ENA’s utility, offering triple-stacked points for users. The protocol’s focus on regulatory compliance and liquidity expansion positions it to capture a slice of the $130 billion stablecoin market, competing with giants like Tether and USDC.Onchain DataOnchain metrics reflect Ethena’s growing adoption. USDe’s $7 billion supply underscores strong demand, with 268 million USDe redeemed on March 1, 2025, reducing supply by 4.7%. ENA’s 24-hour trading volume is $1.12 billion, with a market cap of $3.66 billion, ranking it #45 by popularity. The Average True Range (ATR) of 0.30 indicates rising volatility, while On-Balance Volume (OBV) shows fading flow, suggesting potential distribution. Data on active wallets is unavailable, but ENA’s integration with MetaMask and Coinbase supports seamless trading and staking.Community SentimentX posts reveal bullish vibes for ENA. Influencers like @QhaledS and @RyanWatkins_ highlight USDe’s $7 billion supply and the buyback program as growth drivers. @kirha_crypto notes low whale sell pressure and backing from heavyweights like Arthur Hayes, fueling optimism. However, some caution persists due to past unlock-related dips, with traders eyeing resistance at $0.60–$0.65. Overall, 47.2% of X posts express bullish sentiment, 52.8% are neutral, and only 5.09% are bearish, reflecting confidence in Ethena’s DeFi vision.Why It MattersThis unlock tests Ethena’s ability to balance supply growth with demand. With USDe’s rise and new DeFi integrations, ENA’s utility is expanding, but price stability hinges on market absorption. For crypto enthusiasts, this is a chance to assess Ethena’s role in redefining stablecoins and DeFi yields. Stay sharp, track onchain trends, and keep an eye on exchanges like Binance and MEXC for price action.