Ethena Soars on Protocol Overhaul, StablecoinX Waiver

Ethena (ENA) has seen its price surge by approximately 9% over the last day, driven primarily by recent protocol developments and a major lockup change. One of the key factors contributing to this growth is Ethena Labs' restructuring of its synthetic dollar protocol USDe, along with the launch of Ethena Pay and a fee switch for ENA buybacks.

According to recent coverage, Ethena reallocated around $200 million of collateral into tokenized AAA-rated CLOs via a Janus Henderson Anemoy fund. This move aims to achieve more stable and less crypto-cycle-dependent yield. The launch of Ethena Pay on Avalanche allows USDe holders to spend via Visa cards while earning up to 6% yield plus ENA rewards.

Additionally, Ethena completed a SOC 2 Type II audit, an institutional trust signal that can matter for larger allocators and partners. Governance changes include a proposal to direct up to 95% of net protocol revenue to ENA buybacks once USDe supply reaches about $7.5 billion.

Another significant development is the legal and tokenomics change involving a large ENA holder, StablecoinX. The company obtained a permanent waiver ending a 48-month lockup on its ENA holdings effective October 5, 2026. This move reframed the supply overhang, potentially acting as a volatility catalyst.

With rising TVL and activity, Ethena's dollar products have expanded to multiple chains, including TRON. The combination of strong fundamentals, expansion, and high liquidity made ENA particularly sensitive to new information, turning recent headlines into a sizeable price move.