Crypto
Ethena's Fundamentals vs Derivatives: A Tense Market Moment
Ethena (ENA) has reported its strongest monthly earnings since September 2025, but a negative funding rate threatens to derail a projected 30% rebound in price.
The synthetic dollar protocol generated $605,000 in protocol earnings during the first 17 days of May, an eight-month high according to DefiLlama figures. This marks a significant increase from previous months and suggests growing demand for ENA and its ecosystem.
Total value locked has climbed by about $998 million since April 23, indicating fresh capital entering the protocol. However, this is not reflected in the perpetual market, where netflow outflows reached $819 million over the past ten days, with short positions stacking up.