Token Ethena (ENA) surges after Deribit integrates USDe

The integration of USDe, Ethena's (ENA) stablecoin, by Deribit may lead to an increase in demand for USDe, which in turn positively affects the value of the ENA token. However, it is important to note that this integration is still under observation and has not officially gone live, so the actual impact cannot yet be accurately predicted. Additionally, although USDe's market capitalization has increased significantly and its market share has risen, the price of ENA has dropped considerably, indicating a lack of correlation between the value of USDe and the price of ENA. Moreover, the number of active addresses for ENA remains limited, suggesting that community participation is not yet truly widespread. Finally, Ethena's revenue-sharing with ENA holders through Wintermute's proposal may also influence the price of ENA, but details on the allocation mechanism have yet to be announced.