Ethena Hits $7.72B TVL, Climbs to Top 10 in Crypto
Ethena's TVL surges past $7.7B with $USDe dominance and anticipation of stablecoin_x launch.
- Ethena’s TVL grows 40% since July 1, reaching $7.72B
- $USDe makes up 73% of total TVL on the platform
- Ethena ranks #8 in all of crypto by total value locked
Ethena Labs has achieved a major milestone with its total value locked (TVL) hitting a new all-time high of $7.72 billion, reflecting more than 40% growth since July 1. This marks a major leap forward for the project, which is now ranked #8 among all crypto projects by TVL, according to DeFi tracking platforms.
The surge is largely driven by the popularity of Ethena’s native synthetic dollar, $USDe, which now accounts for 73% of the platform’s TVL. This strong demand signals growing user trust in the protocol’s mechanics and its ability to offer a scalable on-chain dollar alternative.
$USDe Dominates as Ethena Rides Momentum
Ethena’s recent growth can be attributed to both user demand and upcoming innovations. The platform’s $USDe stablecoin has rapidly gained market traction, giving users a decentralized alternative to traditional stablecoins. As $USDe’s usage spreads across DeFi protocols and exchanges, it is becoming a core asset within Ethena’s ecosystem.
This expansion has not only attracted more liquidity but also helped Ethena secure a position among the top 10 projects by TVL—an achievement that places it alongside giants like Lido, Aave, and MakerDAO.
New Stablecoin Launch Boosts Ecosystem Excitement
Another key factor in this momentum is the anticipated launch of @stablecoin_x, a new stablecoin initiative under Ethena’s umbrella. While details are still emerging, investor excitement around the launch is already having a visible impact on capital inflows and engagement on the platform.
With fresh innovation on the horizon and strong user adoption, Ethena continues to gain ground as a major player in decentralized finance. If the current pace continues, Ethena could soon challenge some of the longest-standing DeFi protocols in the space.
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