Ethena Korea AMA

The Ethena Korea event takes place on September 24, 2025, in Seoul, starting with a live AMA and Q&A session from 3:10 PM to 4:00 PM KST, hosted by web3 influencer Edward Park (@Edward__Park) alongside Ethena co-founder Guy Young (@gdog97_). The discussion will cover recent milestones like USDe's Binance listing and the impending fee switch, with community questions shaping the flow.

Following the AMA, attendees join DeFi deep dives with Morpho Labs and Pendle Finance, exploring yield strategies and integrations. The event wraps with a DJ afterparty, blending education and networking for 100-plus participants. The purpose is to engage Korea's vibrant crypto scene, addressing local queries on adoption, staking, and ecosystem expansions. Significance highlights Ethena's push for inclusive growth, as Korea drives 20% of global stablecoin flows. For the project, it fosters partnerships; for the community, it demystifies high-yield tools amid regulatory progress. Expected impacts include boosted USDe usage in Asia, clearer paths to airdrops, and heightened ENA trading, potentially lifting sentiment in a competitive stablecoin market.

Recent News

Ethena Labs has accelerated in the past three months, cementing USDe as DeFi's third-largest stablecoin. On September 9, 2025, Binance listed USDe for spot trading against USDC and USDT, enabling yield-bearing collateral on Binance Earn and unlocking broader liquidity. This followed a surge to $12 billion supply by late August, driven by leveraged yields on platforms like Pendle and Aave.

In early September, Ethena withdrew its bid for Hyperliquid's USDH issuance after community feedback emphasized native focus, showcasing responsive governance. Strategic investments included a multi-million dollar stake in Based on September 8, integrating USDe and USDtb into Hyperliquid's debit cards for real-world spending. Buybacks intensified, with 7.3% of ENA supply acquired in six weeks, supported by $250 million cumulative revenue and a $41 million reserve. Arthur Hayes, a key backer, highlighted the fee switch's potential for $500 million in ENA repurchases. ENA traded around $0.80 with a $1.2 billion market cap, up 20% weekly on listing hype, amid a stablecoin sector adding $17 billion TVL.

Future Plans

Ethena's 2025 roadmap targets $25 billion USDe supply, evolving into the Ethena Network for on-chain finance. Q4 focuses on the fee switch activation, allocating protocol revenue to perpetual ENA buybacks once milestones like full exchange integrations (OKX by late 2025) are met. iUSDe launches in February, a restricted sUSDe variant for TradFi, partnering with institutions for 20% APY savings products.

Telegram integration rolls out via TON for sUSDe payments and Apple Pay, tapping 900 million users. Converge network testnet follows in weeks, with mainnet later in 2025 for tokenized RWAs and gigagas throughput. New apps like Ethereal (perp exchange) and Derive (lending) build on this, aiming to rival Tether through cross-chain expansions and undercollateralized loans. Long-term, Ethena eyes $20 billion TradFi inflows, blending DeFi yields with compliant assets for global scale.

Onchain Data

Ethena's protocol shines with $3.5 billion TVL as of mid-September 2025, per DeFiLlama, spanning Ethereum and integrations like HyperEVM. USDe supply hit $12 billion, with sUSDe staking at 70% of that, yielding 15-20% APY from basis trades and staking returns. Daily transactions average 50,000, focused on mints, redemptions, and Pendle swaps, with $257 million 24-hour volume across 129 markets.

Dune dashboards show 1 million active addresses monthly, up 30% QoQ, while Etherscan logs 10,000 daily transfers for the ENA contract. Fees total $2 million quarterly, funding reserves; Glassnode notes 15 billion total supply, 3.1 billion circulating, with 40% staked for governance. USDtb adds $500 million TVL, underscoring diversified growth in a $150 billion stablecoin space.

Community Sentiment

X buzz around the Ethena Korea AMA builds strong excitement, with Korean users praising the event's accessibility and star power. Edward Park's post on his enthusiasm drew 100 likes, calling Ethena "impressive" for delivering on promises like $13 billion TVL and fee switch progress. Threads highlight the AMA's live stream and gifts, one noting "so many questions, time feels too short," gaining 50 engagements.

Global voices tie it to Binance listing wins, with "fee switch unlocks $500M buybacks" echoing Hayes' optimism. Some discuss Hyperliquid withdrawal as "smart listening to community," fostering trust. Pre-event RSVPs spike, with 200-plus interactions on announcements framing it as "Ethena's Asia push." Sentiment leans bullish, blending hype for yields with collaborative vibes on expansions.

AMAs like this may influence ENA volatility from shared updates, so monitor closely. DYOR.