The Ethena protocol has seen a noticeable increase in the supply of its stablecoin USDe; The supply increased from 1.3 billion at the beginning of 2024 to 3.5 billion by July. This growth points to the protocol's promise of high returns to its users.
Transaction volumes on the rise: Daily volumes reached up to $4.2 billion on June 10, 2024. This high level of activity indicates strong user interaction and liquidity within the protocol.
Active addresses for USDe,#ENAand SUDE increased significantly; USDe's active addresses increased from 8 in January to 3,834 by April 10, 2024. This increase shows that interest and adoption of the Ethena protocol is increasing.
Whale concentration remains high, especially for $ENA; A few large holders dominate the market. This concentration may affect liquidity and price stability, creating potential risks for small investors.
The total value locked (TVL) on Ethena has increased significantly, reaching over $3.5 billion as of July 2024. This growth in TVL evidences the increasing trust and usage of the protocol among users.
Source: @intotheblock
https://app.intotheblock.com/perspectives/ethena
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