Ethena Defies Bearish Sentiment with Strong Earnings, but Perp Shorts Weigh
Ethena (ENA) has just reported its strongest monthly earnings since September 2025, despite a negative funding rate threatening to derail its projected 30% rebound.
The synthetic dollar protocol generated roughly $605,000 in protocol earnings during the first 17 days of May, marking an eight-month high. This surge is confirmed by DefiLlama figures, which track revenue minus user incentives.
Total value locked has climbed by about $998 million since Apr. 23, indicating fresh capital entering the protocol as investors deepen their exposure to ENA and its broader ecosystem.
Rising TVL typically signals user confidence and growing demand for a protocol's core products, but this trend is at odds with the perpetual market, which has seen netflow outflows of $819 million over the past ten days.