ENA Surges 20% on $750 Million Protocol Inflow, Boosted by Higher Crypto Funding Rates

Ethena’s ENA Rallies 20% as $750M Inflows Push USDe Supply Near All-Time High

July 21, 2025 — Ethena’s native token ENA surged more than 20% on Sunday, hitting $0.50 for the first time since February, as the protocol recorded over $750 million in fresh inflows amid rising crypto funding rates and renewed DeFi momentum.

The rally comes as Ethena’s core product, the synthetic dollar USDe, sees accelerating demand. Backed by BTC, ETH, and SOL, and paired with equivalent short perpetual futures, USDe’s design enables yield generation when funding rates turn positive — a key trend playing out as crypto markets climb.

Funding rates across major crypto exchanges have jumped in recent days after a prolonged period of stagnation, according to CoinGlass data. Ethena’s strategy now delivers nearly 10% annualized yield to users — more than double the payout from traditional money market funds — attracting yield-hungry capital back into the DeFi space.

Fueled by this surge, USDe supply has grown to $6.09 billion, just shy of its February peak of $6.1 billion, based on data from Ethena’s dashboard and DeFiLlama.

ENA, which serves as Ethena’s governance token, is riding the wave of ecosystem growth. The price breakout above $0.50 reflects renewed investor confidence in the protocol’s sustainable yield model and its potential role in a broader DeFi resurgence.

With ETH, BTC, and SOL rallying and funding rates continuing to climb, Ethena appears well-positioned to capitalize on the shifting dynamics of yield-focused DeFi — and ENA’s market performance is starting to reflect that.