ENA Price Rally Fueled by Modest TVL Growth and Record Deposits

Ethena's price surged to $0.09 as market sentiment turned bullish, but on-chain activity did not fully match the price move.

Capital inflows improved, but Ethena's earnings and daily active users continued to lag, leaving some wondering if fresh demand was broadening or concentrating among existing users.

Total Value Locked (TVL) increased by $114 million between August 18th and press time, pushing Ethena's TVL to $4.398 billion.

However, the inflow remained modest against the size of Ethena's existing TVL, suggesting investors were depositing assets for yield opportunities and potential price upside.