Ethena

ENA#41DeFi Ethereum

Confirm official data

$0.1710

-46.7%past year

Code is moving, $17.3M in fees this month, sources agree.

Code

35 commits in 90 days from 6 people

Human commits in the five most recently pushed repos.

Nov 9Nov 1

Last push: Nov 2, 2026

ethena-labs · official site, DefiLlama, CoinMarketCap

Usage

$17.3M in fees over 30 days

Fees include what users pay to everyone, not just the protocol. Source: DefiLlama.

Nov 4Nov 3

Revenue, 30d: $93.3K
TVL: $5.03B

Numbers

CoinGecko and CoinMarketCap agree

CGCMC

Price$0.18$0.1796Agree

Supply13.5B13.5BAgree

Mcap$2.43B$2.43BAgree

Volume$348M$458M×1.32

We show both and don’t say which is right. CoinGecko, CoinMarketCap

Paper → real

About $2.43B of $2.7B is real

Selling everything at 2% a day would take 87 days.

Paper (all tokens)$2.7B

Market cap$2.43B

Real$2.43B

Real is the market cap scaled down when its order-book depth is below what is typical for a token of its size. An estimate, not a price. Venues we didn’t believe: BitDelta.

Where it lives

12 tokens under its ticker that no list knows

Home contract: Ethereum 0x57e1…606118 official deploymentsGalaConnect Bridged ENA (GalaChain)

HomeEthereumENA 0x57e1…6061$1.83M

UnknownTONENA EQAFhZ…Hh1S$53K

OfficialSolanaEthena 72QvBV…TwD1$34.8Kclaims $112K

UnknownSolanaEthena 78xWPQ…eXn9$16Kclaims $208M

UnknownSolanaEthena HKcn49…saN8$56.1claims $126M

UnknownSolanaEthena Cj9KUB…9E21$48.8claims $88.1M

Copies are what DEX search finds under the same ticker. Liquidity counts only pools against real assets; a pool against a made-up token can claim any figure.

Leverage

$257M in open futures, 11% of the market cap

Closing them all by force would take 9.2 days of 2% sell depth.

Funding, 8h: +0.0041% · longs pay shorts
Futures volume: $538M · 1.5× the spot volume · open interest turned over 2.1×
Liquidated, 24h: longs $81.4K · shorts $58.3K
Venues: Bybit, OKX, Hyperliquid, Binance

Perpetual futures on Binance, Bybit, OKX and Hyperliquid, read hourly; CME and other venues are not counted. Liquidations from Bybit (every one), Binance (the largest per second) and OKX (its latest orders each hour): a lower bound.

Where Hyperliquid positions get liquidated

longs, closed below the priceshorts, closed above

within 5%: longs $0 below · shorts $0 above

7 open positions of the largest accounts and busiest traders, whose liquidation prices Hyperliquid publishes. Exact, not a model, but Hyperliquid only.

On-chain