ENA Rally Sparks Concerns Over Conviction Among Depositors
Ethena (ENA) recorded an unexpected surge over the past 24 hours, climbing by 13% on the charts. However, this growth had little to do with the protocol's performance.
According to DeFiLlama data, Ethena's Total Value Locked (TVL) increased by approximately $160 million, hitting $4.719 billion at press time. This indicates growing interest in the asset, but also suggests that conviction among depositors remains slim.
In fact, the protocol generated minimal fees over the last 24 hours, with a revenue of just $56.91. Over the last 30 days, revenue has remained minimal as well, at $21,317.
Despite this, spot market bid has shown signs of growing conviction among traders. According to CoinGlass, Spot Market Netflow recorded around $100,000 in Net Inflows over the past day, marking a turnaround from previous selling pressure.