US pre-market trading sees broad gains in semiconductor, storage, and optical communication sectors, with NOK rising nearly 5%.
According to market data from BIT (bit.com), U.S. pre-market trading on Wednesday saw modest strength in the semiconductor, storage, and optical communications sectors. Semiconductor stocks rose broadly: Lam Research (LRCX) gained 0.91%, Applied Materials (AMAT) climbed 0.41%, and Arm (ARM) advanced 1.12%. The storage sector also trended higher, with SK Hynix (SKHY) up 1.63%, Micron Technology (MU) rising 0.84%, Western Digital (WDC) gaining 0.38%, SanDisk (SNDK) increasing 1.19%, and Seagate Technology (STX) adding 0.39%. Optical communication-related stocks led the gains: Astera Labs (ALAB) rose 1.31%, Applied Optoelectronics (AAOI) gained 0.98%, Coherent (COHR) advanced 0.79%, Credo (CRDO) up 0.95%, Lumentum (LITE) climbed 0.5%, and Nokia (NOK) jumped 4.79%.
5 minutes ago
Bernstein maintains Robinhood's "Outperform" rating, sets price target at $160.
Bernstein analysts have retained their "Outperform" rating on Robinhood Markets, along with a $160 price target, noting that the firm’s newly launched Layer 2 network has quickly become a profit driver. In a Tuesday report sent to clients, the team led by Gautam Chhugani pointed out that Robinhood Chain has grown rapidly since its July 1 launch. The network currently holds a Total Value Locked (TVL) of roughly $1.5 billion, with Decentralized Exchange (DEX) trading volume exceeding $50 billion. The analysts wrote: “This chain is now capable of generating profits.” They added that Robinhood Chain’s daily transaction fees currently range from $2 million to $4 million. Over the past 15 days, the chain ranked first among all blockchains in fee revenue, totaling roughly $33 million—surpassing Solana’s ~$11 million and BNB Chain’s ~$9 million.
5 minutes ago
Arthur Hayes: Flop Labs to Launch KOL Ranking Program
Arthur Hayes announced in a post that Flop Labs will launch a KOL ranking program, assigning each participating KOL a unique referral link. KOLs can embed this link in their content, and the platform will use it to track their referred users’ contributions to FLOP and network usage. Additionally, users who create wallets via a KOL’s exclusive referral link will be eligible to participate in regular FLOP giveaways. The program will be open to all users in the future, with more event details to be announced soon.
5 minutes ago
Lithium Americas gains over 5% in US pre-market trading
According to market data from BIT (bit.com), Lithium Americas' US stock gained over 5% in pre-market trading, following JPMorgan Chase assigning the stock an "overweight" rating.
5 minutes ago
Runway acquires Paris-based AI firm Kinetix, as world models begin their foray into robotics.
Beating AI Insight News Brief: AI video and world model company Runway has acquired Paris-based AI research firm Kinetix. Seven Kinetix employees are joining Runway, with the acquisition amount undisclosed. Kinetix specializes in research on 3D human motion and physics-compliant video generation. The team will join Runway’s Paris research center, focusing on developing world models for robotics.
5 minutes ago
Runway's annual recurring revenue (ARR) has doubled to $200 million over five months, with the company targeting $350 million by year-end.
Beating AI News reports: Anastasis Germanidis, co-founder and co-CEO of AI video and world model firm Runway, stated that the company’s annual recurring revenue (ARR) topped $200 million last week, doubling from $100 million in April over five months. Bloomberg, citing insiders, noted Runway expects its ARR to exceed $350 million by the end of this year. A large portion of recent growth stems from enterprise clients. Runway disclosed in August its net revenue retention (NRR) surpassed 300%, with one Fortune 20 client seeing usage grow 17 times this year. Enterprises including Amazon, Microsoft, Adobe, and Robinhood are all using Runway.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Franklin Templeton digital asset veteran takes helm at StablecoinXLatest NewsPublishedSep 8, 2026
Former Franklin Templeton digital asset executive Christopher Jensen will lead StablecoinX, the largest corporate holder of Ethena’s ENA token.
StablecoinX appointed former Franklin Templeton digital asset executive Christopher Jensen as CEO, putting him in charge of the largest corporate holder of Ethena’s ENA token.
Jensen succeeds Ted Chen, who led StablecoinX through its public listing in June and will remain chairman of the company’s board.
StablecoinX, which trades on Nasdaq under the ticker USDE, is a publicly listed company focused on the Ethena ecosystem. Ethena issues USDe, a synthetic dollar that ranks as the fifth-largest stablecoin with nearly $4.4 billion in circulation, according to DefiLlama data. ENA, Ethena’s governance token, gives holders voting rights over changes to the protocol.
StablecoinX holds about 3.03 billion ENA tokens, roughly 20% of the token’s total supply, which the company says makes it ENA’s largest corporate holder.
Before joining StablecoinX, Jensen was a portfolio manager and director of digital asset research at Franklin Templeton, where he helped build the firm’s digital asset group after its launch in 2018. The asset manager’s blockchain venture fund participated in Ethena’s seed round, giving Jensen exposure to the protocol from its early stages.
The appointment comes about a week after Ethena launched Ethena Pay, a self-custodial app that lets users spend, save and transfer its USDe synthetic dollar.
The ENA token remains down about 20% year to date but has rebounded sharply in recent weeks, gaining more than 80% over the past month to trade around $0.16, according to CoinGecko.
ENA token price over the past month. Source: CoinGecko
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Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Aave’s newly launched V4 protocol on Ethereum is now distributing USDe rewards through its dedicated Ethena ecosystem market, giving DeFi users a fresh set of incentives to park capital in one of the most actively used synthetic dollar systems in crypto.
The activation marks a significant operational milestone for both protocols. Aave V4 rolled out with a purpose-built Ethena environment featuring two “Spokes,” the largest ecosystem-specific deployment at launch, supporting USDe, sUSDe, PT-sUSDe, and PT-USDe as collateral assets.
What the Ethena Spokes actually do Inside those Spokes, users can deposit Ethena’s synthetic dollar USDe and its staked variant sUSDe to borrow against, earn rewards, or engage in what the community has affectionately dubbed “Aavethena” strategies. These are recursive borrowing loops where a user deposits USDe, borrows against it, converts the borrowed funds back into USDe, and repeats the cycle to stack yield.
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USDe is designed as a delta-neutral synthetic dollar, meaning Ethena Labs backs it with productive assets hedged through perpetual futures positions. The net exposure stays close to zero while the underlying positions generate yield.
During peak periods, Aave has supported over 50% of the total USDe supply, making Aave the single most important liquidity venue for Ethena’s flagship asset.
USDe’s growth trajectory USDe supply recently surpassed $12 billion. USDe reportedly crossed the $10 billion mark in under 500 days from its inception, a pace of growth driven in large part by the leveraged looping strategies enabled by Aave’s lending infrastructure.
Ethena distributes discretionary incentives that accrue to sUSDe holders through a token vault structure. As rewards accumulate, they increase the USDe value backing each unit of sUSDe, creating a compounding dynamic that draws in yield-seekers.
New features reduce friction One of the notable additions accompanying the V4 launch is Liquid Leverage, a feature that allows users to make 50/50 USDe/sUSDe deposits. The practical upside: it enhances liquidity and rewards while reducing the cooldown period that typically applies when unstaking sUSDe.
Aave’s governance has also implemented structural safeguards for the partnership. Whitelisted redemption mechanisms are in place to manage inter-protocol risk, essentially creating controlled exit channels that prevent a bank-run scenario where mass redemptions could destabilize either protocol.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Analysis: Bitcoin spot demand continues to turn negative, with retail investor selling likely the main cause.
CryptoQuant community author CW8900 published an analysis noting that Bitcoin (BTC) spot demand has turned increasingly negative, while futures demand has also seen a slight decline. The current market rally is primarily driven by futures demand, while spot demand remains in negative territory — a concerning sign, as a sustained uptrend cannot be maintained without spot demand. Despite BTC’s price rebound, the volume of spot BTC outflows has risen further; if this trend persists, the current upward momentum could be derailed. Therefore, it is critical to determine the specific reasons behind the negative spot demand. From a position structure perspective, holdings by large holders continue to increase, while retail investor holdings keep declining. CW8900 believes that retail investors have continued selling even during BTC’s price rally, likely having adjusted to the previous downturn and opting to take profits or reduce positions during rebounds. Currently, BTC’s negative spot demand is mainly driven by sustained retail selling, while a notable point is that large investors remain net buyers.
5 minutes ago
The largest short seller on the PONS blockchain, Loracle, is under siege, as the whale-hunting team claims it has secured an eight-figure funding commitment.
On-chain analyst MLM publicly announced that he is assembling a team to target Loracle, the largest PONS short seller on Hyperliquid, and invited users with large capital who wish to participate to contact him via private message. He later noted that those with seven-figure capital can reach out via private communication, and has so far secured eight-figure capital commitments. According to TradingBeats monitoring, the address starting with 0xefe4, labeled as a "Loracle sub-address", currently holds approximately 25.1892 million PONS short positions, with a position value of around $21.0961 million, using 3x leverage, accounting for roughly 19.1% of Hyperliquid’s total PONS open interest. The average entry price of this address is approximately $0.6562, with PONS currently trading at $0.8374, resulting in an unrealized loss of about $4.5655 million. The liquidation price for PONS on this address is roughly $1.8288; without additional margin, PONS would need to rise by around 118.4% from its current level to trigger liquidation.
According to official announcements, Binance announced that its bStocks product has surpassed $30 billion in cumulative trading volume in the nearly three months since its launch on June 11. Currently, Binance offers 24/7 trading, covering over 7,000 popular assets including stocks, options, and cryptocurrencies, and supports trading methods such as long and short positions, providing global users with a more flexible channel to trade stocks and other traditional financial assets. This growth also reflects that as traditional financial assets gradually enter on-chain trading scenarios, market attention toward new trading formats like stock tokens is steadily rising.
5 minutes ago
Huawei’s 30B-parameter edge-side Mixture of Experts (MoE) model is officially deployed on the Mate XT 2.
Beating AI News Flash: Huawei has officially deployed a 30B total-parameter, 2B activated-parameter edge-side Mixture of Experts (MoE) large model in its new-generation tri-fold smartphone Mate XT 2. The company calls this the "industry’s first edge-side MoE multimodal large model". The model runs on the newly launched Kirin 9050 Pro, powered by the Da Vinci architecture NPU for edge computing. This 30B/2B edge model was actually previewed as early as June. Back then, Huawei said it was optimized specifically for Kirin chips, cutting memory usage and boosting inference throughput via techniques like expert prediction, with plans to roll it out for Kirin chips and smartphones in the fall.
5 minutes ago
BonkGuy: Unrealized losses of $3.6 million due to FOMO over the past 24 hours, but not concerned about this round of pullback.
Well-known trader BonkGuy posted that his portfolio on FOMO has incurred an unrealized loss of around $3.6 million over the past 24 hours — a loss even larger than the combined PNL of the top two traders on FOMO in the same period. He noted that he shared this to reveal the other side of trading: portfolios don’t always rise, and traders must endure significant volatility and drawdowns. BonkGuy added that he is not concerned about this drawdown, and believes his current portfolio could double in value over the next several months, reaching at least $50 million, even without purchasing any new tokens.
5 minutes ago
Changxin Technology: Global DRAM product supply will remain tight in the second half of the year.
ChangXin Memory Technologies held its 2026 semi-annual performance briefing. An investor asked about the company’s Q3 DRAM price trends, and Huang Danyang, Senior Vice President and Chief Financial Officer of ChangXin, stated that looking ahead to the second half of 2026, the global DRAM supply shortage pattern will persist.
Ethena [ENA] recorded a major surge over the past 24 hours, with the crypto climbing by 13% on the charts.
However, while this may seem bullish on the surface, most of the growth had little to do with the protocol’s performance. In fact, a call for a massive rally may be too early as it stands.
Ethena capital remains slim The strength of ENA’s press time price had little to do with the protocol as limited capital flowed into Ethena and the protocol generated minimal fees. In fact, DeFiLlama data revealed that the Total Value Locked (TVL) increased by roughly $160 million, hitting $4.719 billion at press time.
TVL measures the health of a protocol, and when there is a surge in its value, it alludes to greater interest in the asset and its long-term value.
Source: DeFiLlama Likewise, the scale is often reflective of the conviction depositors hold.
For Ethena, that conviction has been slim so far. Interestingly, the protocol’s revenue has been minimal too, with DeFiLlama showing that Ethena generated just $56.91 in the last 24 hours.
Over the last 30 days, revenue has remained minimal as well, with just $21,317 generated.
What about the spot market bid? There may be growing conviction among spot traders in the market as they flip the script. According to CoinGlass, Spot Market Netflow recorded around $100,000 in Net Inflows.
This marks a gradual turnaround from the previous two days, when traders sold roughly $4.7 million worth of the asset between 2-3 September.
The last 24 hours saw the Netflow turn negative, with the outflow worth $27.41 million – A sign of strong buying interest. In fact, buyer strength has grown, especially over the last 12 hours, with Netflow at -$358,000.
Source: CoinGlass And yet, when viewed over a longer timeframe, selling pressure has largely dominated the market.
Over the last two weeks, the seven-day Netflow was the only negative reading with figures of -$4.82 million. However, across the other periods, there has been significant selling too.
Perp direction needs to be watched The direction of the perpetual market remains one to watch, especially through the lens of the Open Interest-Weighted funding rate.
The OI-Weighted Funding Rate measures whether a majority of the capital in the perpetual market is positioned long or short. At the time of writing, the majority of positions were net long, with a reading of 0.0023% on the chart.
Source: CoinGlass However, the concern remains that between the peak on 3 September and press time, the OI-Weighted Funding rate dropped from 0.0059% to 0.0023%. This suggested that short positions were expanding.
A sustained decline in the OI-Weighted Funding Rate would imply a higher chance of it weighing on the asset’s performance and potentially pushing the price lower. However, if the indicator flips upward, there is a chance that ENA’s price could rise significantly.
Final Summary ENA rose by 13%, but Ethena’s TVL and revenue growth remain limited. Spot buying has strengthened, while falling funding rates could weigh on ENA.
Ethena's $USDe is not a stablecoin in the conventional sense. According to Ethena's own documentation, it is a synthetic dollar that maintains its peg through a delta-neutral position rather than holding fiat in reserve. In practice, that means the protocol holds spot crypto collateral and simultaneously shorts an equivalent notional value in perpetual futures markets, so that price moves on both sides cancel each other out.
How the yield is generated The income comes from how perpetual futures markets are structured. When more traders are betting on prices rising, the market charges long positions a periodic fee paid to the short side to keep the futures price anchored to spot. Ethena sits on the short side of that trade and collects those payments. Staking rewards on the underlying collateral, primarily liquid-staked Ethereum, add a second layer of income on top. Together, these two streams are passed through to holders of sUSDe, the staked version of the token.
Independent analysis from Coin Metrics found that staked USDe accrues yield from perpetual funding rates, ETH staking rewards, and liquid stablecoins, with returns tied closely to exchange funding dynamics and on-chain yields. Headline sUSDe APY has historically ranged from low single digits to above 30%, depending on how aggressively the market is positioned on the long side.
What happens when the market turns The model only earns when longs are dominant. When sentiment flips and shorts outweigh longs, Ethena pays funding rather than collecting it. In that scenario, Ethena's reserve fund steps in as a buffer, absorbing the cost of negative funding so that stakers do not receive a negative return. Per Ethena's documentation, the reserve fund is seeded with a portion of protocol revenue and also acts as a buyer of last resort for USDe in open markets if the peg comes under pressure.
During those periods, @ethena also shifts more of the backing into stablecoins, which generate a smaller but steadier return closer to short-term government debt yields. Stakers earn nothing while the reserve fund is covering losses, but they do not go below zero. That protection, however, is only as deep as the reserve fund itself. As Ethena's own risk disclosures make clear, the fund is finite, and a prolonged period of negative funding could eventually exhaust it.
The structure is more transparent than many alternatives. Collateral positions are published in real time, and the mechanics are fully documented. But the yield is not passive income detached from market conditions. It is a direct function of how leveraged the crypto market is at any given moment.
Sources:
Ethena Labs: USDe Overview
Ethena Labs: Reserve Fund Documentation
Coin Metrics: Ethena and the Mechanics of USDe
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Analyst: Bitcoin is on the verge of entering a bull market, with its rally primarily driven by futures leverage.
CryptoQuant analyst Axel Adler Jr. stated that Bitcoin is approaching the threshold to enter a bull market. Over the past 24 hours, BTC’s price rose 3.9%, while open interest increased by roughly 11,200 BTC, a 3.4% jump, signaling the current upward momentum is primarily driven by the derivatives market. Data shows open interest once surged by 15,200 BTC within 6 hours, pushing the leverage flow pressure index to 63; long positions were added for 15 of the past 24 hours. Adler pointed out that if a rally is mainly fueled by short covering and liquidations, open interest typically declines, but this time it has risen notably instead, meaning new futures leverage is the key driver of the price increase. His one-year model has not yet officially flipped to bull market territory. Confirmation signals require Bitcoin to close above the model’s dynamic threshold on a daily basis and hold that level without a rapid unwinding of leverage; the main risk is that accumulated leverage could be liquidated suddenly, triggering a market reversal.
8 minutes ago
U.S. stock AMC rises more than 18% in pre-market trading, currently at $3.02.
According to market data from BIT (bit.com), U.S.-listed AMC (the U.S. cinema chain operator) is up more than 18% in pre-market trading, currently trading at $3.02.
8 minutes ago
OpenAI’s next-generation image generation model GPT-Image-2.5 is set to launch, as Codex has already prepped its release page.
Dongcha Beating AI News Flash: OpenAI may soon update its image generation model. Community researchers unearthed strings including "imagegen-25-announcement-modal" and "imageGen25Announcement" in the latest Codex Desktop frontend, and forced the hidden announcement pop-up to display. The pop-up reads "Major upgrade for image creation", highlighting higher image quality, faster generation speeds, and smarter creation tools.
8 minutes ago
Binance will add watchlist tags for AVA, GNS, SCR, and TOWNS.
According to an official announcement, Binance will add watch tags for AVA (AVA), Gains Network (GNS), Scroll (SCR), and Towns Protocol (TOWNS). Compared to other listed tokens, watch-tagged assets have higher volatility and greater associated risk. Trading these tokens is risky, as they no longer meet the exchange’s listing standards and are subject to potential delisting.
8 minutes ago
Ansem: Over 10 billion-dollar crypto protocols could emerge in the next 18 months.
Crypto KOL Ansem published a post stating that over the next 12 to 18 months, the crypto industry will see more than 10 protocols grow from scratch to a valuation of over $1 billion. He attributes this trend primarily to the ongoing migration of real-world assets (RWA) onto blockchains. Meanwhile, more skilled developers are coming to recognize that the crypto sector enables immediate incentive alignment, boosting their willingness to participate; continuously evolving AI models will also lower the barriers to protocol development.
8 minutes ago
Crypto meme project GME briefly surges past $11 million, hitting an all-time high.
According to GMGN data, the stock-meme project GME (Greatest Meme Ever) on Robinhood Chain saw its market cap briefly surge past $11 million within five hours of launch, before pulling back to $7.1 million, with trading volume reaching $8.7 million. GME uses stock trading platform Robinhood, pairing its liquidity pool with the tokenized version of U.S. stock GameStop (ticker: GME), and provides liquidity via a GME/GME trading pair. BlockBeats Note: Stock Meme is an emerging concept that combines traditional meme coins with tokenized U.S. stocks: instead of pairing meme coins with USDT or ETH, they are directly matched with on-chain U.S. stock tokens (such as NVDA, TSLA, AAPL, etc.). This model retains meme coins' high volatility and community-driven speculative attributes, while leveraging the popularity and narrative of real stocks. A portion of transaction fees is often channeled back to the community treasury to accumulate corresponding U.S. stock tokens, forming a dual-driven model of "sentiment speculation + real asset anchoring". Prices are highly volatile; investors should exercise caution.
Bitcoin (BTC) is trading above $80,000 on Friday, sustaining the broader cryptocurrency market's risk-on sentiment. Federal Reserve (Fed) Governor Christopher Waller signaled support for a potential pause in interest rates on Thursday, lowering the odds of a September rate hike to 50%. Zcash (ZEC) and Ethena (ENA) emerge as top performers over the last 24 hours.
Dovish Fed fuels Bitcoin’s recoveryUS Fed Governor Christopher Waller could support a pause in rate hikes to keep the policy rate steady at the September policy meeting if the August inflation data suggest easing pressures, as previously reported by FXStreet. The dovish comments lowered the odds of a rate hike to 50%, from nearly 70% earlier this week.
FedWatch tool. Source: CME GroupBitcoin trades above $80,762 at press time on Thursday, maintaining a bullish near-term bias after a 5% rise the previous day. The King Crypto holds well above the 50-, 100-, and 200-day Exponential Moving Averages (EMAs), which cluster between roughly $69,700 and $72,500.
The pair is advancing toward the 78.6% Fibonacci retracement of the latest downswing from $97,924 to $57,800 at $87,476. A confirmed breakout above this zone could target the previous swing high at $97,924.
The Relative Strength Index (RSI) hovers near 71 in overbought territory, and the Moving Average Convergence Divergence (MACD) remains positive with a mildly expanding histogram, suggesting strong but potentially stretched upside momentum.
BTC/USDT daily price chart.On the downside, initial support is seen at the 50% retracement at $75,233, ahead of a broader demand band defined by the 200-day EMA at $72,493, with the 50- and 100-day EMAs at $71,122 and $69,695 reinforcing the underlying bullish structure.
Zcash and Ethena sustain bullish momentumZcash holds steady on Thursday following a 16% surge the previous day to a record high of $979. The privacy coin extends a strong bullish phase as price approaches the $1,000 milestone.
ZEC trades well above the 50-day and 100-day EMAs at $651 and $569, respectively, as well as the longer-term 200-day EMA near $485. The rally has pushed decisively past the previous swing high at $888, targeting the 127.2% Fibonacci extension level at $1,058, measured from $465 to $888. A confirmed breakout above this level could target the 161.8% Fibonacci extension level at $1,322.
The RSI hovers in overbought territory around 74, and the MACD bounces off its signal line, extending its upward trend and suggesting robust but increasingly stretched upside momentum.
ZEC/USDT daily price chart.On the downside, initial support emerges at the prior Fibonacci anchor around $888, ahead of a dense cluster formed by the 78.6% retracement at $773 and the 50% retracement near $643, which aligns with the 50-day EMA at $651.
Ethena holds firm above $0.1600 at press time on Friday after a 12% rise the previous day. ENA firmly trades above the 50-, 100- and 200-day EMAs at $0.1185, $0.1090, and $0.1279, respectively, underpinning the broader bullish structure.
The 50% retracement level of the $0.2633 to $0.0699 range at $0.1356 has just been reclaimed as a nearby floor, while the 78.6% Fibonacci retracement level at $0.1982 serves as the overhead resistance. A confirmed breakout above $0.1982 could target the previous swing high near $0.2633.
The RSI around 66 and MACD line marginally holding above the signal line hint that upside momentum remains in play, albeit at a more measured pace after the recent surge.
ENA/USDT daily price chart.On the downside, initial support is seen at the 50% retracement near $0.1356, followed by the 200-day EMA at roughly $0.1279.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Ansem on Shifting Mindsets Between Bull and Bear Markets: To Capture Maximum Profits in a Bull Market, You Have to Relearn to 'Dream'
Crypto trader Ansem says the hardest part of transitioning from a bear market to a bull market is that the strategies that helped you survive and profit in a bear market will end up losing you money in a bull market. If you’re still making money from short-term, high-frequency trading right now, that demonstrates strong trading skills. But to capture the largest gains of a bull market, you need to re-learn to "dream"—meaning daring to hold spot assets and embrace long-term positions. Ansem’s advice for those already profitable is to allocate a portion of their positions to long-term holdings, while using the remaining capital to continue short-term trading as usual. Meanwhile, Ansem once again posted to call for buying ZEC, stating that purchasing ZEC at $948 is equivalent to buying Bitcoin at $948. Per HTX market data, ZEC is currently trading at $948, with a 24-hour increase of over 16%.
6 hours ago
28x surge in a single day! Apple-linked meme coin ICOIN crosses $5.5 million in market cap
According to GMGN market data, Robinhood Chain’s crypto-stock meme token ICOIN has hit a market cap of over $5.5 million, reaching a recent high and approaching its all-time peak of $5.8 million. The token has rallied more than 28 times in 24 hours, with a trading volume of $8.9 million. ICOIN is paired with tokenized U.S. stock Apple (AAPL). BlockBeats Note: Crypto-stock meme (Stock Meme) is an emerging concept merging traditional meme coins with tokenized U.S. stocks. Unlike standard meme coins paired with USDT or ETH, these tokens form trading pairs directly with on-chain U.S. stock tokens (e.g., NVDA, TSLA, AAPL). This model retains meme coins’ high volatility and community-driven speculative traits while leveraging real stocks’ popularity and narratives. A portion of transaction fees often flows back to the community treasury to accumulate corresponding U.S. stock tokens, creating a dual-driven framework of "sentiment speculation + real asset anchoring". Price volatility is significant; investors should exercise caution.
6 hours ago
Robinhood-linked meme token NUDES hits a new all-time high as its market cap tops $23 million.
According to GMGN data, the stock-meme project NUDES on Robinhood Chain has hit a new all-time high with a market cap exceeding $23 million, surging over 113% in 24 hours and logging a trading volume of $13.9 million. NUDES is paired with tokenized US stock Snap, trading under the ticker SNAP. BlockBeats Note: Stock Meme is an emerging concept that combines traditional meme coins with tokenized US stocks: instead of pairing meme coins with USDT or ETH, they are matched directly with on-chain US stock tokens (such as NVDA, TSLA, AAPL, etc.). This model retains meme coins’ high volatility and community-driven speculative traits while leveraging the popularity and narrative of real stocks. A portion of transaction fees often flows back to the community treasury to accumulate corresponding US stock tokens, forming a dual-driven model of "sentiment speculation + real asset anchoring". Prices are highly volatile; investors should exercise caution.
6 hours ago
Trader Loracle’s unrealized losses on short positions in CASHCAT and PONS have expanded to $2.4 million.
According to TradingBeats’ monitoring, trader Loracle has opened 3x leveraged short positions on CASHCAT and PONS, with a combined short position value of roughly $13 million. As CASHCAT’s market cap breaks through $300 million to a new all-time high, and PONS nears its own $600 million peak, the trader’s unrealized loss has climbed to approximately $2.4 million. The CASHCAT short position is valued at around $6.6 million, with an average entry price of $0.23, leading to an unrealized loss of about $1.1 million. The PONS short position is worth roughly $6.3 million, with an average entry price of $0.47, and an unrealized loss of approximately $1.3 million. On-chain perpetual contract and address analysis tool TradingBeats is now live, supporting real-time access to Hyperliquid data, with in-depth analysis covering everything from address tracing to whale operations, all available at a glance.
6 hours ago
Jiang Zhuoer recapped his trading operations: He bought 4,000 ETH at the $2,380 bottom, but closed his position too early, missing out on potential profits.
Jiang Zhuoer, founder of BTC.TOP (莱比特矿池), shared his recent trading operations, announcing he will no longer trade ETH perpetual contracts, citing excessive candlestick wicks that disrupt his trading mindset. For instance, he bought 4,000 ETH at $2,380 last night in a bottom-fishing move, originally setting a take-profit order at $2,493. However, a sharp candlestick wick pushed ETH down to $2,367 this morning, prompting him to decide to close his position once ETH rebounded to $2,403. ETH indeed rallied to his $2,493 take-profit target tonight. Crucially, BTC’s candlestick did not have such a wick. Going forward, he plans to use WBETH as margin, trade BTC perpetual contracts without leverage (maxing out at a full position), and hold all funds in ETH spot when not actively trading.
6 hours ago
Oman Rejects Iran's Proposal to Impose Fees on the Strait of Hormuz
According to a New York Post report, Oman has quietly rejected Iran’s proposal to charge commercial vessels fees in the Strait of Hormuz. A regional official with knowledge of the matter stated that Oman refused to agree to collecting environmental and security fees, even if they were voluntary. Iran’s Revolutionary Guard Corps’ earlier claim that the two sides had reached an agreement is untrue. A U.S. official noted that the terms of Iran’s proposed revenue-sharing agreement had not even been finalized by Tehran. Earlier, after Iranian Foreign Minister Hossein Amir-Abdollahian and Omani Foreign Minister Badr bin Hamad Al Busaidi held talks in Tehran, Revolutionary Guard Corps spokesperson Hossein said the two countries had reached an agreement on the division of waters in the Strait of Hormuz and revenue sharing.
A significant governance decision has been made within the Ethena ecosystem that could directly impact the ENA token. According to a statement from the Ethena Foundation, the “fee conversion” proposal, which envisages using protocol revenues for ENA buybacks, was approved with 100% support.
Following the decision, it was announced that programmatic ENA buybacks would be launched. The foundation stated that the buyback program would be gradually expanded as specified performance metrics and milestones are met. Thus, it is planned that a portion of the revenue generated by the Ethena protocol will be used to directly purchase ENA from the market.
This development also had a positive impact on the ENA price. According to market data, ENA rose by approximately 15 percent in the last 24 hours, reaching $0.172. The token ranks 45th in market capitalization.
This latest decision is a continuation of the broader token economic changes announced by the Ethena Foundation on August 27. In that announcement, the Foundation revealed four significant changes, including the buyback of locked tokens held by early investors, increased economic alignment between the ENA token and company equity, the initiation of a governance process for ENA buybacks using protocol revenues, and the cancellation of future monthly token unlocks for venture capital investors.
*This is not investment advice.
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Ethereum fiyatı 2.400 dolar civarında seyrederken Arthur Hayes, 2026 sonu için oldukça iddialı bir tahmin paylaştı. BitMEX’in kurucu ortağı ve Maelstrom CIO’su Hayes, Ethereum’un yıl sonuna kadar 10 bin dolara ulaşabileceğini öngörüyor. Hayes’in yükseliş senaryosunda Ethena (ENA) için 0,50 dolar, Ether.fi (ETHFI) için ise 2 dolar hedefi bulunuyor.
Hayes’in 2 Eylül’de yayımladığı “Atención” başlıklı yazıda Maelstrom’un kısa vadeli 2026 sonu tercihleri değişmedi. Hayes, Bitcoin’deki yapısal uzun pozisyonun portföyün temelini oluşturduğunu, daha spekülatif tarafta ise Ethereum, Ethena ve Ether.fi’yi öne çıkardığını belirtti.
Ethereum İçin 10 Bin Dolar Senaryosu Nereden Geliyor? Hayes’in Ethereum tahmini doğrudan fiyat grafiğine değil, küresel likidite beklentisine dayanıyor. Ünlü yatırımcı, EUR/JPY paritesinin yaklaşık 185 seviyesinden 140 veya daha aşağıya gerilemesini bekliyor. Bu hareketin 2027 ortasına kadar gerçekleşmesi halinde finansal sistemde önemli bir likidite etkisi oluşabileceğini savunuyor.
Hayes’in tezinde ABD Hazine politikası ve Japonya Merkez Bankası da önemli rol oynuyor. Hayes, ABD Hazine Bakanı Scott Bessent’in euro satıp yen almasını ve Japonya Merkez Bankası’nın faiz artırmasını bekliyor. Böyle bir süreç, onun değerlendirmesine göre dolar likiditesinde ciddi bir artış yaratabilir.
Bu beklentinin arkasındaki gelişmelerden biri de ABD Hazinesi’nin 12,5 milyar dolarlık borç geri alımı. Söz konusu işlem, Hazinenin yaklaşık 1 trilyon dolarlık nakit tamponunu kullanarak tahvil geri alımlarını artırma planıyla ilişkilendiriliyor. EUR/JPY de bu gelişmelerin ardından 182,45 seviyesine kadar geriledi.
Hayes’in senaryosunda Fed bilançosunun genişlemesi ve Hazine’nin tahvil alımlarıyla birlikte piyasaya daha fazla likidite girmesi, riskli varlıkların değer kazanmasını destekleyebilir. Ethereum için 10 bin dolarlık hedefin temel dayanağı da bu makroekonomik varsayım.
ENA ve ETHFI İçin de 3 Kata Yakın Yükseliş Hedefi Hayes’in yükseliş beklentisi Ethereum’la sınırlı değil. Maelstrom’un 2026 sonu için daha spekülatif hedefleri arasında Ethena (ENA) için 0,50 dolar ve Ether.fi (ETHFI) için 2 dolar bulunuyor.
Kaynakta ENA yaklaşık 0,153 dolar seviyesinde bulunuyor ve token son bir ayda yaklaşık %70 yükselmiş durumda. ETHFI ise yaklaşık 0,57 dolardan işlem görüyor. Token, son 24 saatte %4,5 gerilerken son üç ayda yaklaşık %90 değer kazandı.
Mevcut seviyeler üzerinden bakıldığında 0,50 dolarlık ENA hedefi yaklaşık %227, 2 dolarlık ETHFI hedefi ise yaklaşık %251 yükseliş gerektiriyor. Hayes’in sözünü ettiği güçlü rallinin gerçekleşmesi halinde her iki token da mevcut fiyatlarına kıyasla yaklaşık üç katına çıkmış olacak.
Hayes’in ENA ve ETHFI’ye ilgisi de yeni değil. Daha önceki değerlendirmelerinde Ethena ve Ether.fi’yi öne çıkaran Hayes, özellikle stablecoin ve DeFi piyasasındaki büyümenin bu projeler için önemli bir fırsat yaratabileceğini savunmuştu.
Ethereum Fiyatında 2.500 Dolar Seviyesi İzleniyor Ethereum tarafında ise 10 bin dolarlık hedef henüz oldukça uzak. Kaynakta ETH’nin 24 saat içinde 2.357 dolara kadar geriledikten sonra 2.415 dolar civarında toparlandığı ve işlem hacminin de hafif düştüğü belirtiliyor.
Kısa vadeli piyasa beklentileri de Hayes’in uzun vadeli senaryosundan daha temkinli. Polymarket verilerine göre yatırımcılar Ethereum’un eylül ayında 2.000 dolara dokunma ihtimalini yaklaşık %25 olarak fiyatlıyor. Buna karşılık ETH’nin aynı ay içinde 2.500 dolara ulaşma ihtimali %71 seviyesinde bulunuyor.
Bu tablo, piyasadaki kısa vadeli beklentinin önce 2.500 dolar seviyesine odaklandığını gösteriyor. Hayes’in 10 bin dolarlık hedefi ise mevcut fiyat hareketinden bağımsız bir sıçrama değil, likidite koşullarının önemli ölçüde değişeceği daha geniş bir makro senaryoya dayanıyor.
Ethena Pay ve Piyasadaki Diğer Katalizörler Ethena tarafında projeye ilişkin önemli gelişmelerden biri Ethena Pay’in piyasaya sürülmesi oldu. Avalanche üzerinde geliştirilen ürün, USDe’nin 48 ülkede saklanması, harcanması, transfer edilmesi ve getiri elde etmek amacıyla kullanılmasını hedefleyen bir kripto ödeme ve finans uygulaması olarak konumlanıyor.
Makro tarafta ise ABD Başkanı Donald Trump’ın İran savaşıyla ilgili açıklamaları da risk iştahı açısından takip ediliyor. Trump’ın, devam eden ekonomik baskının İran yönetimini nükleer programını dağıtmaya veya rejimin çökmesine götürebileceğini düşündüğü ve savaşın sona erdirilmesini değerlendirdiği aktarılıyor.
Hayes’in tahmininin gerçekleşmesi için önümüzdeki dönemde özellikle dolar likiditesi, Fed bilançosu, ABD Hazine politikası ve Japonya’nın faiz politikası yakından izlenecek. Ethereum açısından 10 bin dolar hedefi bugün için bir piyasa fiyatı değil, bu koşulların Hayes’in öngördüğü yönde gelişmesi halinde ortaya çıkabilecek agresif bir senaryo.
Bu içerik genel piyasa verilerine dayanır ve yatırım tavsiyesi değildir. Kendi araştırmanızı yapmanızı öneririz.
Son Dakika kripto para haberleri için hemen tıkla.
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Crypto billionaire Arthur Hayes predicts Ethereum price will reach $10,000 by year-end amid fresh liquidity into the crypto market from Fed balance sheet expansion and Treasury bond buybacks. He also forecasts sharp gains in Ethena (ENA) and Ether.fi (ETHFI).
Ethereum Price Could Reach $10,000 by 2020-End, Arthur Hayes Predicts Arthur Hayes, BitMEX co-founder and Maelstrom CIO, has issued new year-end 2026 outlook in his latest Substack article “Atencion,” predicting Ethereum price to reach $10,000.
The outlook is based on the expectation that EURJPY will fall from around 185 to 140 or lower by mid-2027. Notably, EURJPY dropped to 182.45 today as the US Treasury announced a $12.5 billion debt buyback on Thursday. This comes as part of the US Treasury’s plan to buy back bonds using a $1 trillion cash cushion.
JUST IN 🚨: U.S. Treasury is forecasted to buy back $12.5 Billion of their own debt tomorrow pic.twitter.com/AyJBxYGqEn
— Barchart (@Barchart) September 2, 2026
Arthur Hayes claimed that US Treasury Secretary Scott Bessent wants to sell Euros and buy Yen, with the Bank of Japan (BOJ) also looking to hike rates. This will massively increase US dollar liquidity.
Ethereum price is rebounding from a 24-hour low of $2,357, currently trading at $2,415. Trading volume has decreased slightly in the last 24 hours.
Ethena (ENA) and ETHFI to Rally Arthur Hayes also predicted a massive rally to $0.50 for Ethena (ENA) and $2 for ETHFI. Hayes has repeatedly called Ethereum his top near-term crypto pick, he had invested many times in ENA and ETHFI.
ENA price is trading around $0.153, with an almost 70% rally in a month. Meanwhile, ETHFI is moving near $0.57, down 4.5% today after a 90% rally in the last 3 months. Arthur Hayes pointed to potential three-times rallies if the forecasts materialize.
Recently, Ethena launched Ethena Pay to enter crypto neobanking built on Avalanche that lets users save, spend, transfer and earn with USDe across 48 countries.
Meanwhile, US President Donald Trump is discussing declaring the Iran War over. Trump told aides that continued economic pressure will force the Iranian regime either to dismantle its nuclear program or collapse.
Prediction market traders on Polymarket are pricing roughly a one-in-four odds of Ethereum touching $2,000 during September. The upside is currently more favored, with odds showing a 71% chance the price hits $2500 this month.
Arthur Hayes says his family office Maelstrom’s crypto positioning is unchanged, anchored by a structural Bitcoin (BTC) long. He also set a $10,000 price target for Ether (ETH) by the end of 2026.
The BitMEX co-founder made the call in a September 3 newsletter centered on euro-yen macro dynamics. He set similar year-end targets for Ethena (ENA) and Ether.fi (ETHFI).
Hayes’ Ether Price Target and Other CallsHayes is chief investment officer of Maelstrom, the family office he runs after co-founding and formerly running BitMEX. Maelstrom holds positions across established majors and earlier-stage tokens alike. He publishes portfolio views as asides inside longer macro essays on his newsletter, rather than as standalone calls.
As one of crypto trading’s most closely watched voices, Hayes’ price targets often shape market chatter. This particular newsletter offered no valuation model behind any of the three altcoin figures.
Hayes called the BTC long structural, with no price target attached. He labeled the ETH, ENA, and ETHFI targets more speculative. Those goals are $10,000 for ETH, $0.50 for ENA, and $2 for ETHFI.
A Long Way to Go for ETHETH traded near $2,379 per token at publication time. That puts Hayes’ target roughly 320% above current levels.
ENA changed hands at $0.159, and ETHFI at $0.562, both far below his goals. BTC held near $77,258.
Since surging in August, ETH is on a downturn. Image Source: BeInCryptoThe newsletter’s core argument focused on the euro weakening against the yen. That thesis ties French bank stress and Bank of Japan policy to faster Fed money printing. Hayes links that view to his broader claim that Bessent’s buyback playbook will boost dollar liquidity.
Hayes has also been an active ETHFI buyer this year. He bought back into ETHFI in August after exiting the position earlier in 2026.
Ethena has launched Ethena Pay, a self-custodial mobile finance app the company calls "the internet money neobank," combining dollar savings, card spending, international transfers and fiat onramps into a single product built entirely on Avalanche.
The app holds user balances in USDe, Ethena's synthetic dollar, and lets users move between fiat and digital dollars, send money domestically and abroad, and spend through Visa's network of more than 130 million merchants, according to a joint announcement from Ethena and Avalanche developer Ava Labs. Deposits made by bank transfer or in crypto are converted into USDe, and withdrawals to external bank accounts settle in the recipient's local currency.
"Avalanche was focused on RWAs and tokenized assets before almost anyone else was talking about them," said Ethena founder Guy Young. "Ethena Pay can plug into the liquidity and applications already in the Avalanche ecosystem, then serve those products through a simple experience where users never have to interact directly with DeFi."
Avalanche's role is to move value behind the interface: it settles the transfers, payments and money movement that the app abstracts away from users, who never select a network or interact with onchain infrastructure directly. Ava Labs frames the arrangement as a template other neobanks and fintechs could copy, pairing a company's own product and customer relationship with Avalanche as the settlement layer underneath.
The rollout is limited at launch. Ethena Pay opened with an initial early-access list of roughly 400 users and plans to expand that list weekly as it moves out of beta through September. The app is live on iOS in more than 50 countries, with Android support, multi-currency accounts, and access in the United States and European Union still to come. Ethena has said the card is not available to US persons, reflecting the regulatory constraints still facing the launch in its largest potential market.
The product gives Ethena a consumer distribution channel it has not previously had. USDe's circulating supply stood at roughly $4 billion at launch, down from a peak of about $15 billion in September 2025, as competition from bank-issued and fintech stablecoins has intensified and Ethena has faced regulatory pushback in Europe, including an order from Germany's BaFin last year to wind down its EU-facing USDe business. Ethena has already processed more than $30 billion through its mint and redemption systems and says USDe is integrated across more than 100 platforms, but that activity has been concentrated in trading and DeFi rather than everyday spending. ENA, Ethena's governance token, rose following the announcement and was trading around $0.158 on Tuesday.
Whether Ethena Pay changes that mix will depend on how far the company can extend the rollout beyond its initial access list, and whether it can bring the product into the US and EU markets that remain excluded from this first phase.
The fee switch is priced as if the buying has already started. It hasn’t, and the revenue that would fund it is what currently pays for the growth the switch is waiting on.
One of these removes discretion from the cash. The other is discretion.
Posted September 2, 2026 at 5:31 am EST.
Crypto projects have started returning value to their tokenholders, buying back tokens with real revenue the way public companies buy back stock, and voting to cut new supply. Ethena proposed a buyback program last week and ENA rose as much as 27% over the two days that followed. Solana’s validators voted to cut the supply of new SOL. And Hyperliquid already spends nearly all of its trading fees buying back its own token, every day, automatically.
Buybacks themselves aren’t new. Binance was burning BNB with a fifth of its quarterly profits years ago. What changed is that paying tokenholders stopped looking legally radioactive in the U.S., and value-return programs became standard in about a month.
These programs are not alike. Some are rules: written into code or a fixed schedule, automatic, easy to verify. Some are pens: decisions a foundation makes privately, on terms it sets. And the one that moved the market most last week hasn’t bought anything: Ethena’s buyback does not switch on until USDe, its synthetic dollar, grows 78% from here.
What Ethena Actually Proposed Ethena’s proposal would activate a “fee switch,” routing a share of the protocol’s revenue into ENA purchases. Ethena runs USDe, a $4.22 billion synthetic dollar that earns yield from the basis trade: hold an asset, short its perpetual future, collect the funding longs pay.
The terms are a staircase. The take rate (the share of protocol revenue directed to buybacks) starts at 5% when USDe supply reaches $7.5 billion and scales to 25% at $25 billion, per the milestone table in the governance post. At the first milestone, that’s roughly $22.5 million a year of buying, by the post’s own illustrative math; at $20 billion of supply, $240 million.
The number that traveled last week was 95%: the share of the Foundation’s revenue take that buys ENA once the first milestone hits. The number that matters is the take itself, and the governance post sets it two ways that never reconcile: the milestone table directs a share of protocol revenue, starting at 5%; the text below it commits 95% of the net revenue Ethena’s three business lines pay the Foundation. An equity buyback comes wrapped in board authorization, securities filings, and liability. This one is a governance post and a vote.
That vote is live on Snapshot and closes Sept. 2 at 13:59 UTC. As of Tuesday evening it ran 17.8 million ENA in favor, none against, across 87 votes. ENA trades near $0.158, below the proposal day’s peak but up roughly 77% in 30 days.
Why serious investors subscribe:
Clear thinking during macro regime changes
Fewer trades, better decisions
Avoiding one bad allocation often matters more than finding one great trade
The ENA price is suddenly giving traders something to watch, with the token rising 10% intraday as Ethena’s network activity and whale transactions point to stronger participation. The timing is interesting: a golden cross has also formed on the daily chart between the 50-day and 200-day EMA bands.
Ethena Network Activity Starts Looking StrongerThe network’s active-address metrics are climbing across the 24-hour, seven-day and 30-day periods, showing broader activity rather than a single short-lived spike.
At the same time, whale transaction counts above $100,000 and $1 million have also increased, suggesting larger transactions are becoming more frequent.
That doesn’t automatically mean whales are accumulating. Still, combined with rising network activity, the data gives the ENA price a stronger fundamental backdrop than it had previously.
Ethena Pay Brings A Bigger Product PushEthena is also expanding beyond its existing ecosystem with the launch of Ethena Pay, described as an internet money neobank. The product offers 5% card-spend cashback, a 6% dollar savings rate, free global money transfers and free onramps in USD, GBP, EUR and local currencies.
It also includes multi-currency savings accounts, IBAN integration with self-custodial stablecoin accounts and a “Buy Now Pay Never” feature where savings rewards can cover daily expenses. The service is live for iOS users.
ENA Price Faces A Critical Technical TestTechnically, the ENA price now sits at a key decision zone between $0.13 and $0.19. If bullish demand pushes the token above this range, the next potential levels are $0.25 and $0.40.
But there’s plenty of room for disappointment. A failure below $0.13 could expose $0.10 and potentially $0.07.
For now, the golden cross and rising activity make the ENA price setup increasingly interesting, but the $0.13-$0.19 range still needs to resolve before the next major move becomes clearer.
Story Ends Here
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Ethena has launched a global money app built around its USDe synthetic dollar, expanding the crypto-native asset into everyday payments, savings and cross-border transfers.
According to Tuesday’s announcement, the self-custodial Ethena Pay app allows users to hold USDe through a dollar-denominated balance, earn as much as 6% in annualized rewards and spend funds through a payment card, while supporting fiat onramps.
The beta rollout includes 48 countries across Latin America, the Caribbean, Africa, Asia and other regions, though the initial rollout is limited to 400 users, with access set to expand weekly, Ethena said in a Tuesday thread on X. Avalanche will serve as the exclusive settlement layer for payments and transfers.
Source: Ethena
Users can deposit fiat or crypto, with funds converted into USDe (USDe). The app enables using IBAN details to move money to and from external bank accounts into local currencies. MoonPay-owned Iron provides backend infrastructure.
Ethena Pay is not initially available in the US, EU, Canada, Taiwan or South Korea, though Ethena expects to expand into those markets during the beta, subject to regulatory approval.
Ethena’s USDe grows as ENA ralliesEthena is an Ethereum-based protocol behind USDe, a synthetic dollar designed to maintain its value near $1 without relying on traditional banking infrastructure.
USDe uses crypto collateral alongside hedging strategies, including derivatives positions, to help maintain its peg. The asset has grown to a market capitalization of about $4.1 billion, making it the sixth-largest stablecoin, according to DefiLlama data.
USDe market cap. Source: DefiLlama
Ethena also operates ENA, the protocol’s governance token, which has a market capitalization of roughly $1.5 billion. The token has rallied sharply over the past month, gaining about 68%, but remains well below its previous highs.
On Friday, the Ethena Foundation proposed directing 95% of the net revenue it receives from Ethena’s core businesses toward ENA buybacks once USDe’s circulating supply reaches $7.5 billion. ENA rose more than 10% following the proposal and gained 27% over the week.
The token recorded about $595 million in trading volume over the past 24 hours, up 16% from the previous day, and was trading around $0.16 on Tuesday, according to CoinGecko.
Magazine: Does the Bitcoin rally mean we haven’t wasted our lives in crypto?
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Ethena has launched a global money app built around its USDe synthetic dollar, expanding the crypto-native asset into everyday payments, savings and cross-border transfers.
According to Tuesday’s announcement, the self-custodial Ethena Pay app allows users to hold USDe through a dollar-denominated balance, earn as much as 6% in annualized rewards and spend funds through a payment card, while supporting fiat onramps.
The beta rollout includes 48 countries across Latin America, the Caribbean, Africa, Asia and other regions, though the initial rollout is limited to 400 users, with access set to expand weekly, Ethena said in a Tuesday thread on X. Avalanche will serve as the exclusive settlement layer for payments and transfers.
Source: Ethena
Users can deposit fiat or crypto, with funds converted into USDe (USDe). The app enables using IBAN details to move money to and from external bank accounts into local currencies. MoonPay-owned Iron provides backend infrastructure.
Ethena Pay is not initially available in the US, EU, Canada, Taiwan or South Korea, though Ethena expects to expand into those markets during the beta, subject to regulatory approval.
Ethena’s USDe grows as ENA ralliesEthena is an Ethereum-based protocol behind USDe, a synthetic dollar designed to maintain its value near $1 without relying on traditional banking infrastructure.
USDe uses crypto collateral alongside hedging strategies, including derivatives positions, to help maintain its peg. The asset has grown to a market capitalization of about $4.1 billion, making it the sixth-largest stablecoin, according to DefiLlama data.
USDe market cap. Source: DefiLlama
Ethena also operates ENA, the protocol’s governance token, which has a market capitalization of roughly $1.5 billion. The token has rallied sharply over the past month, gaining about 68%, but remains well below its previous highs.
On Friday, the Ethena Foundation proposed directing 95% of the net revenue it receives from Ethena’s core businesses toward ENA buybacks once USDe’s circulating supply reaches $7.5 billion. ENA rose more than 10% following the proposal and gained 27% over the week.
The token recorded about $595 million in trading volume over the past 24 hours, up 16% from the previous day, and was trading around $0.16 on Tuesday, according to CoinGecko.
Magazine: Does the Bitcoin rally mean we haven’t wasted our lives in crypto?
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Ethena launches Ethena Pay, offering USDe yields, card rewards, global transfers, and new utility for ENA.
Ethena is taking USDe directly to consumers with Ethena Pay, a self-custodial money app offering savings rewards, global transfers, and card spending.
What’s the Scoop?Ethena Pay Goes Live: Ethena launched Ethena Pay, a self-custodial neobank built on Avalanche. The app lets users hold USDe, earn rewards, spend through Visa, and send fiat or crypto globally. The beta starts with 400 users across 49 countries, with the U.S., EU, U.K., and Canada coming later.Tiered Rewards: Standard users earn 5% on up to $5K with 4% cashback, while Pro and VIP offer 6% yields with higher balance limits and up to 5% cashback. Cashback is paid in AVAX.New ENA Utility: Users can unlock Pro by locking $2K of ENA or referring 10 users, while VIP requires $10K of ENA or 50 referrals, tying ENA directly into Ethena Pay’s rewards system.Ethena’s Busy Week: The launch follows several ENA-focused changes, including investor lockup restructuring, a proposed ENA buyback mechanism, and plans to expand USDe’s basis trade into equity perps. Ethena Pay now adds a consumer distribution layer for USDe while creating another use for ENA.Introducing @EthenaPay: the internet money neobank.
→Card spend cashback at 5.0%
→Best-in-class 6.0% dollar savings rate
→Borderless, free, instant global money transfers
→Free global onramps in USD, GBP, EUR and local FX
→Multi-currency high-rewards savings accounts in… https://t.co/d76b1Gul4V pic.twitter.com/1gpw7zS2cZ
— Ethena (@ethena) September 1, 2026
David Christopher 695 posts
David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
Ethena has launched Ethena Pay, a mobile financial application that brings its USDe digital dollar into everyday use, from holding and sending money to making purchases and earning savings. According to an announcement from Ava Labs, the product is built exclusively on Avalanche, which handles USDe transfers, payments and settlement behind the scenes while users see a familiar consumer experience.
A Digital-Dollar Account for Daily Spending Ethena Pay combines a traditional account with a digital-dollar balance held in USDe, letting users move between fiat and digital dollars locally and globally, transfer funds and make purchases. Balances can be spent through Visa’s network of more than 130 million merchants. The launch builds on Ethena’s earlier work bringing USDe into payments and gives the protocol a direct channel to put the stablecoin to work in recurring activity rather than leaving it confined to trading and DeFi platforms.
Avalanche as the Settlement Layer The launch leans on Avalanche for the speed, low transaction costs and scalability needed to move value inside a consumer app, with users never required to select a network or interact directly with blockchain infrastructure. Ethena founder Guy Young framed the move as a bet on tokenized assets. “Avalanche was focused on RWAs and tokenized assets before almost anyone else was talking about them,” he said, adding that Ethena Pay can plug into liquidity and applications already live in the Avalanche ecosystem.
Why Digital Dollars Are Moving Beyond DeFi The product is positioned as part of a broader shift in which digital dollars stop behaving like crypto assets and start functioning like money that consumers can earn, hold, move and spend. Ava Labs argues that many neobanks and fintechs still depend on fragmented banking and payment infrastructure, while Ethena Pay runs on a single programmable layer that stays out of view. Digital-dollar balances in the app are held in USDe, creating a path from issuance into holding, sending, spending and saving.
What Comes Next Ethena says the app is available on iOS in more than 50 countries, with Android access, availability in the United States and European Union, and multi-currency accounts expected to follow. The rollout extends an existing business that has already processed more than $30 billion through its mint and redeem systems, integrated USDe across more than 100 platforms and protocols, and secured a USDe backing facility with FalconX, a scale the company now aims to direct toward everyday payments and savings.
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Per monitoring by ai_9684xtpa, address 0x980…19c9D withdrew 44.19 million ENA tokens from Coinbase four hours ago, valued at roughly $6.82 million, and staked all the tokens to Ethena three hours ago.
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TLDR Ethena launched Ethena Pay, a consumer finance app combining stablecoin savings, card spending, transfers, and fiat onramps. The app offers a 6% dollar savings rate and 5% cashback on eligible card purchases. ENA rose about 9% after the announcement, outperforming a broadly flat crypto market. Ethena selected Avalanche as the exclusive settlement network for payments, transfers, and money movement on the app. Ethena Pay supports dollar, pound, and euro onramps, local currencies, and fiat IBANs linked to self-custodial stablecoin accounts. Ethena has launched Ethena Pay, a consumer finance app that brings stablecoin savings, payments, transfers, and fiat access into one platform. The product expands Ethena beyond its yield-focused dollar products and gives users a way to manage digital dollars.
The app went live on Apple’s App Store on Tuesday. Ethena said the service offers a 6% dollar savings rate and 5% cashback on card purchases. ENA, the protocol’s native token, rose about 9% after the announcement while the wider crypto market stayed flat.
Ethena Expands Beyond USDe Savings Ethena Pay connects savings with daily spending. Users can hold funds, earn rewards, make card purchases, and transfer money without moving assets between several platforms. The app supports free dollar, pound, and euro onramps. It adds local currency access and international bank account numbers linked to self-custodial stablecoin accounts. These features make stablecoins easier to use for financial needs.
Ethena has expanded its product range during 2026. The protocol previously focused on USDe, a synthetic dollar token with $4 billion in circulation. Its yield model relied mainly on crypto basis trades. Ethena Pay also includes a feature called “Buy Now Pay Never.” The system uses rewards earned on savings to cover purchases while leaving the user’s main balance untouched.
This setup links the app’s savings and payments functions. A user can keep funds in one account, earn returns, and use those rewards for spending without transferring money elsewhere. Earlier this year, Ethena introduced a savings product with Coinbase. That agreement gave Ethena another distribution channel through a crypto exchange with more than 100 million users.
Avalanche Handles Ethena Pay Settlement Ethena selected Avalanche as the exclusive settlement network for Ethena Pay. Avalanche will process transfers, payments, money movement, and settlement across the app. The choice expands Ethena’s infrastructure beyond the Ethereum-focused systems that supported its earlier growth. Avalanche will now serve as the core network behind the consumer finance product.
Ethena has limited initial access to 400 users. The project plans to add more users each week as it moves the app out of beta during September. The launch gives Ethena a consumer product combining stablecoin savings with payment tools. The company is positioning Ethena Pay as an “internet money neobank” built around digital dollars and self-custodial accounts.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
USDe backing is entering a potentially important transition as equity perpetuals emerge as a much larger basis-trade opportunity than crypto markets. Ethena says equity perpetual futures have reached $6.2 billion in open interest across venues, while its transparency dashboard currently shows about $4.6 billion in backing assets. The numbers are still small relative to global equities, but the direction is hard to ignore.
Equity Perpetuals Are Finally Big EnoughThe equity perp market wasn’t always this interesting. Contracts first appeared on Hyperliquid in December 2025 with roughly $90 million in open interest, while Binance followed in January 2026 with a Tesla contract carrying about $11 million.
That changed quickly. By August 11, aggregate equity perpetual open interest had reached $6.2 billion, a tenfold increase from March. And the demand isn’t exactly subtle: memory and AI hardware-related contracts account for roughly half of the open interest across both major venues.
For Ethena, that matters because the basis trade itself isn’t complicated. Hold the spot asset, short the perpetual, and collect the funding premium paid by leveraged longs. The same framework already applies to crypto assets.
USDe Backing Could Follow Higher Funding RatesHere’s where things get interesting for USDe backing. Crypto funding has become considerably less attractive compared with previous years. Bitcoin funding averaged 11% annualized in 2024, fell to 4.9% in 2025 and averaged only 2.2% year-to-date through August 11, according to Ethena’s data.
Equity perpetuals, meanwhile, have been paying considerably more. From May 20 to August 11, Hyperliquid’s open-interest-weighted funding averaged 14% annualized, while Binance averaged 17.5%. Bitcoin averaged 4.1% over the same period.
Better yet, the funding streams aren’t simply moving together. Their daily correlation was just +0.08 on Hyperliquid and +0.14 on Binance, suggesting equity perpetual funding has been largely independent from crypto funding.
The Potential Market Size Is Hard To IgnoreThe scale argument is even more striking. Crypto perpetual open interest currently sits around $94 billion against $6.2 billion for equity perps, but global equity capitalization reached $166.5 trillion in July 2026 versus roughly $2.2 trillion for crypto.
Ethena estimates that applying a 2.5% perpetual-open-interest penetration to equities could imply roughly $4 trillion in potential equity perpetual open interest. That’s nearly 40 times larger than crypto’s previous peak.
For USDe backing, however, the opportunity comes with execution and custody requirements. Ethena says it has processed more than $30 billion in mint and redeem flows without losses impacting the protocol, while operating multi-billion-dollar hedged books and using off-exchange custody. The company expects RWA perpetual allocations to eventually surpass crypto allocations, but the next few weeks are when the first partner exchange deployments are expected to begin.
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The announced rollout is still forthcoming, with the first partner exchange announcements and deployments expected in the coming weeks.
Ethena said Friday that it plans to add equity-perpetual basis trades to USDe’s backing strategy, extending the synthetic dollar into stock-linked derivatives markets. Etherscan listed USDe’s circulating supply at about 4.063 billion tokens when checked.
The announced rollout is still forthcoming. Ethena said its first partner exchange announcements and deployments would begin “over the course of the next few weeks.” It did not name the venues or disclose a current equity allocation in the announcement.
For USDe users, the immediate change is therefore a planned addition to the backing strategy rather than a disclosed portfolio shift. The size of the allocation, eligible contracts, partner exchanges and detailed risk parameters remain unspecified.
Ethena’s documentation says volatile assets, including tokenized equities, are generally paired with corresponding short futures positions of approximately the same notional size. It says movements in the spot asset are generally offset by movements in the hedge. The announcement did not detail whether the planned rollout would use tokenized equities, another form of spot exposure or a different trade construction.
Ethena said equity perpetuals now carry more than $6 billion of open interest across 200 contracts and have paid average funding rates of 15% to 20%. It also projected that real-world-asset perpetuals would exceed crypto allocations in USDe’s backing within 12 to 24 months.
Binance’s TSLAUSDT perpetual showed about $41.0 million of open interest and an eight-hour funding rate of 0.00436% when checked. Hyperliquid’s ORCL-USDC market showed about $16.1 million of open interest and displayed funding of 0.0010%.
Ethena said the first exchange announcements and deployments will begin in the coming weeks.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Ethena’s foundation just dangled a carrot in front of ENA holders: automated buybacks funded by nearly all of the protocol’s net revenue. The catch is that USDe, Ethena’s synthetic dollar, needs to roughly double its circulating supply first.
The proposal, put to a governance vote that closes September 2, would activate a “fee switch” once USDe reaches $7.5 billion in circulation. At that point, 95% of net revenue from Ethena’s operations would flow into automated ENA purchases on the open market. Current USDe supply sits somewhere around $4 billion to $4.6 billion, meaning the trigger requires approximately 85% growth from where things stand today.
Markets responded before the ink was dry. ENA surged roughly 16-23% intraday to around $0.17, capping off a broader rally that saw the token climb more than 70% over the preceding week.
The full restructuring package The buyback proposal is the flashiest piece, but it sits inside a larger restructuring effort the Foundation unveiled on August 27. The package addresses three distinct pressure points that have weighed on ENA’s price trajectory.
First, the Foundation is conducting OTC buyouts of locked ENA from seed investors who hold allocations greater than 0.25% of total supply. These are investors who had already sold their stakes after ENA hit a peak on October 10, 2025. Buying out their locked positions removes a known overhang of future selling pressure.
Second, upcoming investor token unlocks are being consolidated and accelerated into a single phase on October 5, 2026. Rather than letting unlocks drip out over multiple months, the Foundation is compressing the pain into one event. Team tokens, notably, remain locked.
Third, an in-principle agreement expected in October 2026 would secure Ethena’s protocol intellectual property and economic benefits primarily for the Foundation itself, creating separation from Ethena Labs’ equity holders.
The math behind the fee switch The fee switch operates on an incremental model. At the $7.5 billion USDe threshold, the Foundation estimates approximately $22.5 million in annualized revenue would be available for buybacks, assuming a 6% APY on the protocol’s underlying positions. Higher USDe supply milestones would unlock progressively larger buyback allocations.
There is a trade-off baked into this structure. Routing 95% of net revenue toward ENA buybacks means reducing USDe distributions, the yield payments that have been one of the protocol’s primary draws for stablecoin holders.
USDe’s circulating supply peaked at around $15 billion in October 2025, roughly three times higher than where it sits now. The subsequent contraction, losing more than two-thirds of its supply, is a reminder that synthetic dollar demand can evaporate quickly when market conditions shift. Getting back to $7.5 billion would still represent just half of that prior peak.
What this means for ENA holders and DeFi broadly The conditional nature of the buyback is worth sitting with. Unlike protocols that simply announce buybacks and execute them regardless of conditions, Ethena is making its token holders root for the underlying product’s growth. If USDe doesn’t expand, the buyback never activates.
The OTC buyout of seed investors addresses one of the most reliable sources of selling pressure in crypto markets. By proactively purchasing locked allocations from investors who have already demonstrated willingness to sell — they offloaded positions after the October 2025 peak — the Foundation is trying to remove the most motivated sellers from the equation before they ever hit the open market.
The consolidation of remaining unlocks into a single October 2026 event eliminates months of drip-feed uncertainty but concentrates potential selling pressure into one window.
One risk worth flagging: the entire buyback mechanism depends on Ethena’s revenue, which itself depends on the basis trade that underpins USDe’s yield. In periods where funding rates compress or turn negative, that revenue shrinks. A scenario where USDe reaches $7.5 billion but funding rates have collapsed would produce buybacks too small to meaningfully support ENA’s price — a possibility the annualized $22.5 million estimate doesn’t fully capture since it assumes a steady 6% APY.
The governance vote concludes September 2. For a protocol that once commanded $15 billion in synthetic dollar circulation, reaching half that number would still require approximately 85% growth from current supply levels.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Ethena is expanding USDe into equity perps as it overhauls ENA tokenomics and looks to reignite ecosystem growth.
Ethena is expanding USDe’s yield engine beyond crypto while overhauling ENA’s tokenomics as momentum returns to the ecosystem.
What’s the Scoop?From HyENA to Equities: Ethena is expanding USDe’s basis trade into equity perps just as HyENA, the USDe-margined HIP-3 exchange it backed, shuts down, stifled by Hyperliquid’s increasing alignment with USDC. All HyENA markets will be shuttered by Sept. 2.ENA Gets an Overhaul: Yesterday, the Ethena Foundation announced a series of changes aimed at tightening ENA’s economics. It bought out locked tokens from certain seed investors, shifted protocol IP and economic value toward the Foundation, pushed remaining original investor unlocks to Oct. 5, and proposed an ENA fee switch that would begin buybacks once USDe supply returns above $7.5B.Momentum Returns: USDe supply has climbed back above $4B over the last month while ENA has rallied alongside the announcements. The token is up roughly 15% over the past week and over 100% the past month.
David Christopher 692 posts
David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
Quick Take 1. Ethena Foundation opened a governance vote to route 95% of net protocol revenue into ENA buybacks once USDe supply reaches tiered milestones, alongside ending future monthly investor unlocks.
2. The first milestone sits at $7.5 billion of USDe supply, while current supply is below $5 billion, down from a peak near $15 billion in October, meaning the mechanism needs roughly 50% supply growth before it activates.
3. ENA trades at $0.1677, up 10.4% and leading the trending list on a day when 87 of 100 tracked assets fell.
Ethena Foundation announced four changes to ENA’s economics on August 27, and the market responded immediately. The token rose 10.4% to $0.1677 while most of the market declined, making it the strongest large mover on the board.
Live price data via CoinGecko. The proposal is substantial and addresses the two criticisms that have followed this token since launch. It also contains a condition that most coverage has not connected to the current data.
What did Ethena actually propose? Four changes, of which two are structural and two are conditional.
The structural ones take effect regardless of market conditions. Ethena Foundation will buy locked ENA from certain seed investors, and it will end future monthly investor unlocks. That removes the recurring supply overhang that has capped ENA rallies since 2024, which is the more immediately valuable of the two announcements.
The conditional ones depend on growth. A governance vote, which anyone can read in full on Ethena’s governance forum, would activate a fee switch allocating between 5% and over 15% of gross revenue to the Ethena Foundation as USDe hits issuance milestones ranging from $7.5 billion to over $15 billion. Of the funds collected, 95% would go to secondary-market ENA buybacks and 5% to growth. A separate agreement would place most of the intellectual property and economic benefit tied to the protocol with the foundation and ecosystem rather than with shareholders in Ethena Labs.
Why does the milestone matter more than the 95%? Because 95% of nothing is nothing, and the trigger has not been reached.
USDe supply has fallen below $5 billion, down from a peak near $15 billion in October and $11.7 billion in August 2025. Stablecoin supply by issuer is tracked publicly on DefiLlama. The first fee-switch milestone starts at $7.5 billion. That requires supply to grow by roughly 50% before the mechanism produces a single buyback.
The 95% figure is doing enormous work in the headlines, and it is real. But it is the share of a pool that only opens above a threshold the protocol is currently well below. This site has made the same point about other buyback mechanisms: an authorization is a ceiling, not a schedule, and what matters is the pace of actual execution.
A fee switch is a governance decision to redirect a share of protocol revenue toward token holders, usually through buybacks or distributions, rather than leaving it entirely with users or the operating company.
Can USDe supply grow back to $7.5 billion? It has been higher before, which is the strongest argument for it, and the reason it fell is the reason to be cautious.
USDe is a synthetic dollar backed by a delta-neutral position: Ethena holds spot crypto assets while shorting equivalent perpetual futures, capturing the funding rate paid by leveraged longs. That funding rate is the revenue, and it scales with bullish leverage; current funding across major venues is visible at CoinGlass.
The contraction from $15 billion to under $5 billion followed weaker conditions in crypto derivatives markets. When funding compresses, the yield on staked USDe falls, and deposits leave for better returns elsewhere. Supply growth therefore depends on sustained bullish positioning across derivatives, which is exactly the condition that has been absent.
This site flagged that dependency on August 21, when ENA traded at $0.1323 and we calculated the token at roughly 1.1 times annualized revenue. The point then was that the multiple looked impossibly cheap because the market was pricing revenue it expected to be cyclical. The supply contraction since is that cyclicality made visible.
What is ENA’s revenue multiple now? Roughly 1.2 times, still among the lowest readings this site has measured on any token with real revenue.
Ethena recorded $4,034,157 in fees over 24 hours, all of it registering as protocol revenue, which annualizes to about $1.47 billion. Protocol fee and revenue tables update daily on DefiLlama. Against a market capitalization near $1.8 billion at the current price, that puts ENA at approximately 1.2 times annualized revenue.
For comparison from our own running record: Hyperliquid trades near 41 times, having been at 24 times three weeks ago. Most top-100 tokens have no revenue to divide by at all.
The boundary on this figure is the same one we stated a week ago and it has not changed. A single day’s revenue annualized during favorable conditions is not a stable base. It is a snapshot of what the model earns when funding is positive, and the USDe contraction demonstrates what happens when it is not.
What are the risks to this plan? Emissions, timing, and the possibility that the buybacks are too small to matter even when they start.
Independent analysis has estimated that ENA still faces over $300 million in scheduled emissions during 2026 at current prices, and modelled an annualized buyback in the region of $26 million under one scenario. On those numbers, buybacks would represent roughly 0.1% of daily trading volume, well short of the 1% to 2% generally considered necessary to move a market.
Ending future monthly investor unlocks changes part of that arithmetic, which is why it may prove the more important of yesterday’s announcements. But the emissions already scheduled do not disappear because the future ones stop.
There is also a structural tension the proposal cannot fully resolve. Revenue redirected to ENA buybacks is revenue not paid to staked USDe holders, and sUSDe yield is what attracts the deposits that grow supply toward the milestone. Pulling harder on one lever weakens the other.
Bottom line Ethena has proposed routing 95% of net protocol revenue into ENA buybacks, but the first milestone requires USDe supply to reach $7.5 billion against a current level below $5 billion, meaning roughly 50% growth is needed before any buyback occurs.
Ending investor unlocks is real and immediate. The buyback is real and conditional. The market has priced both as though they were the same thing, and the difference between them is a 50% expansion in a supply base that has contracted by two thirds since October. Watch USDe supply, not the 95% headline; it is the number that decides whether any of this reaches the token.
This article is for information only and is not investment advice. Crypto assets are extremely volatile and you can lose your entire stake. Always do your own research.
The Ethena Foundation has published a package of four changes aimed at two long-running questions around the project: monthly selling pressure from early backers, and who ultimately captures the economic value the protocol produces.
First, the Foundation completed over-the-counter purchases of remaining locked ENA from a group of large seed investors.
The buyers targeted holders originally allocated more than 0.25% of total supply who had sold any ENA after the market peak on 10 October 2025.
Investors who had not sold during that window were offered a repurchase at their original cost with no discount; none accepted.
One wallet among those who had sold also declined, citing conviction in the project.
After the transactions, the Foundation said those who had been selling no longer hold unvested tokens that could later hit the market.Second, the Foundation and lead investors agreed to bring the remaining original investor vesting to an early close.
From 5 October 2026, no investor tokens will stay locked, ending the monthly unlock calendar that had weighed on sentiment.
Team allocations keep their original lock and vesting terms.
After the change, about 12% of supply remains locked and unvested, and that remainder sits with the team, ecosystem, and Foundation.
A large related holder, StablecoinX, continues to hold roughly 20% of supply under a separate lockup disclosed in its SEC filings.
Third, Ethena Labs and the Foundation reached an agreement in principle on a Master Framework Agreement.
Under the contemplated terms, material protocol intellectual property would be assigned or exclusively licensed to the Foundation and its ecosystem rather than to Labs equity holders.
Economic upside, residual profit, and any future sale of the underlying business would also accrue to the Foundation and token-governed ecosystem. Labs equity holders would receive no residual cash flow from the protocol.
The Foundation stressed that Labs shareholders have never taken protocol revenue through dividends or similar distributions.
The full agreement is expected in October 2026.
Fourth, a governance proposal is live to implement a fee-switch schedule already reviewed by the Ethena Risk Committee.
The share of protocol revenue routed toward ENA buybacks would rise as circulating USDe supply hits successive milestones, with the design described as supporting a return toward prior scale while still funding expansion.
Once the first milestone is reached, 95% of net revenue paid to the Foundation from three core lines—USDe savings, white-label stablecoins, and Ethena [X], slated to launch shortly—would go to programmatic ENA purchases, with 5% reserved for growth.
Buybacks would be tracked on the protocol’s transparency dashboard.
Ethena also said it has filed under the Blockworks Token Transparency Framework, an open disclosure standard covering structure, supply, vesting, insider allocations, and value retention. Taken together, the Foundation framed the package as closing the investor unlock calendar, buying out recent sellers, placing protocol economics in a public framework for token holders, and putting revenue-backed buybacks to a vote.
Ethena’s yield product, USDe, will receive another expanded collateral backing from basis on equity perpetuals (perps).
According to the project, equity perps, also known as RWA (real-world asset) tokenization perps, have grown 10x to $6B in Open Interest since March.
The project added that the RWA perps market could grow 100x bigger, offering scalable basis yield opportunity that’s not tied to the cyclical crypto market.
The underlying asset base is >$150 trillion compared to ~$2.5 trillion of crypto, making this the most scalable extension of the basis allocation to date. We expect RWA perpetuals to eclipse crypto allocations in USDe’s backing within 12-24 months.
The protocol expects its RWA perps backing to outpace crypto basis in a year or two. Currently, most of the collateral backing (32%) is in liquid stablecoins (e.g USDT, USDC). DeFi lending is the second largest reserve category with a 31% share across Aave and Morpho.
Source: Ethena Ethena’s aggressive USDe diversification Basis trade involves locking a spread between the spot price of an asset and its futures contract (in this case, perps).
But the strategy only works during the bull market. At the height of the 2024-2025 bull run, USDe market supply peaked at nearly $15B with over 80% in yield. But the supply contracted to $4B and yield slipped below 0% in the crypto winter.
Source: USDe market supply (Ethena) To diversify away from the cyclical crypto market, the project started with traditional credit (powered by Janus Henderson). Currently, this category accounts for 12% of the USDe backing.
The latest RWA perps plan, set to be deployed in the next few weeks, would mark the second wave of diversification.
Speaking on why it delayed USDe expansion in RWA perps, Ethena founder Guy Young said,
We took a cautious approach to what was a nascent market and waited until we saw deep, liquid markets with a data history we could study before moving into the opportunity at scale.
Source: X Guy added that the segment is “one of the very few 100x left” and could surpass global crypto’s volume and Open Interest (OI) in 24 months.
Compared to its main yield rival, the short-term U.S Treasury bond, USDe offered a 1.6% spread. In short, one would expect more yield from USDe than U.S T-bills, before factoring DeFi security risks.
Source: Ethena Ethena has been aggressively upgrading its ecosystem ahead of the next bull run. Whether this round of yield diversification will boost demand for USDe remains to be seen.
Final Summary After expanding USDe yield backing into traditional credit, Ethena now eyes a 100x basis trade opportunity in equity perps Ethena founder said that they delayed the RWA perps expansion to allow the nascent market to develop deeper liquidity
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Data: HYPE, SUI and other tokens will see major unlocks next week, with HYPE unlocking over $36 million in value
Token Unlocks data shows that tokens such as HYPE, SUI, and EIGEN will see major unlocks next week, including: Hyperliquid (HYPE) will unlock about 433,000 tokens at 8:00 a.m. Beijing time on September 6, representing about 0.1% of circulating supply and worth about $36.1 million; Sui (SUI) will unlock about 13.53 million tokens at 8:00 a.m. Beijing time on September 1, representing about 0.33% of circulating supply and worth about $10 million; EigenCloud (EIGEN) will unlock about 36.82 million tokens at 12:00 noon Beijing time on September 1, representing about 5.48% of circulating supply and worth about $7.2 million; Ethena (ENA) will unlock about 40.63 million tokens at 3:00 pm Beijing time on September 2, about 0.46% of the circulating supply, worth about $6.4 million; Opinion (OPN) will unlock about 39.25 million tokens at 8:00 pm Beijing time on September 5, about 10.04% of the circulating supply, worth about $2.2 million. It was previously reported that the Ethena Foundation announced four ecosystem adjustments, including initiating a buyback proposal for ENA governance and canceling monthly VC unlocks.
Michael Saylor's post hints that Strategy may increase its Bitcoin holdings again
Michael Saylor posted "We're ₿ack," hinting that Strategy may increase its Bitcoin holdings again.
IMF chief: Stablecoins could lower cross-border payment costs, but may impact monetary sovereignty in emerging markets
International Monetary Fund (IMF) Managing Director Georgieva said at the Jackson Hole annual meeting that stablecoins and tokenization could enhance global financial liquidity and make large cross-border payments cheaper and faster; however, stablecoins could also exacerbate currency substitution, capital flows, and exchange rate volatility, and weaken capital controls and monetary sovereignty. Dollar stablecoins could expand the dollar's global network effects and marginally reduce U.S. financing costs, but they cannot replace fiscal discipline. At this year's Jackson Hole global central bank annual meeting, three clear institutional paths have now emerged: the BIS leans more toward "marginalizing stablecoins and centering tokenized deposits"; the ECB leans more toward "putting central bank money on-chain"; and the IMF more readily acknowledges the practical efficiency of stablecoins in cross-border payments, while focusing key risks on currency substitution and capital flows in emerging markets. This carries more policy implications than simply being "for or against stablecoins."
Global billionaire count hits record high in 2025, with AI investment as the main driver
The latest report from wealth intelligence firm Altrata shows that the number of billionaires worldwide reached 3,795 in 2025, a record high; total billionaire wealth rose 12.8% year-on-year to $15.1 trillion, also setting a new record, a figure close to one-quarter of the total market value of S&P 500 constituents. Among these billionaires, 29 have assets exceeding $50 billion, including Larry Page, Elon Musk, and Jeff Bezos. Specifically, the AI investment boom was the main driver of billionaire wealth growth, with many tech-sector billionaires seeing their fortunes appreciate significantly as their companies' AI businesses expanded. Billionaires are most inclined to allocate wealth in two areas: sports and philanthropy. A total of 201 individuals own sports teams or have invested in sports franchises. The report noted that investing in professional sports teams not only showcases the scale of one's wealth, but can also serve as a channel for expanding social circles. Meanwhile, investing in philanthropy has become one of the ways billionaires use their wealth and social influence to give back to society and drive innovation in certain fields.
Cronos, linked to Crypto.com, halts operations due to Tectonic attack, with about $75 million involved
The Cronos Network, linked to Crypto.com, has suspended operations after lending protocol Tectonic was attacked. On-chain researcher Weilin Li estimated that the attacker pumped the price of low-liquidity TONIC by about 100x in roughly 20 minutes, then used it as collateral to borrow other assets, involving about $75 million, of which about $6 million has been bridged to Ethereum, while most of the remaining assets could not be moved out because Cronos halted its chain. The method resembles the oracle manipulation attack on Mango Markets in 2022. Tectonic has not yet confirmed the exact amount or root cause. Cronos Network confirmed on X that it had identified the Tectonic vulnerability and paused the network. Tectonic advised users not to interact with the protocol until safety is confirmed. Crypto.com CEO Kris Marszalek said Crypto.com's app and exchange were unaffected, user funds are safe, and the security team is assisting with the investigation.
US Open signs exclusive partnership with Kalshi as official prediction market platform
Kalshi has signed an exclusive agreement with the United States Tennis Association (USTA) to become the exclusive prediction market platform partner of the US Open. Although the specific terms and details of the deal are not yet clear, sources noted that the agreement was only finalized after qualifying ended last week. As part of the agreement, USTA prohibits any other prediction market platform from advertising at tournament venues or on television, including ESPN, which broadcasts the event. The US Open, owned and operated by the United States Tennis Association (USTA), had originally planned to consider establishing partnerships with prediction markets in 2027 and beyond. However, USTA's new CEO Craig Tiley played a key role in brokering the deal for this year's tournament. Tiley previously served as CEO of Tennis Australia, the organizer of the Australian Open, for more than a decade, and joined USTA in February this year.
PeckShield: Tectonic attacker only bridged $6 million, with remaining funds stranded on Cronos chain
Tectonic suffered an attack on the Cronos network, with total losses of about $74 million. In response, Cronos paused the entire chain. Before the network pause, the attacker only managed to bridge about $6 million in funds to Ethereum, while the remaining roughly $60 million in funds were stranded on the Cronos chain. Currently, the attacker's funds are distributed across the following addresses: About $60 million on the Cronos chain: 0x7d4e....4f2dc About $6 million bridged to Ethereum: 0xc404...72dd About $8 million on the Cronos chain: 0x215a...d3fc
South Korea's KOSPI index falls 3%, SK Hynix drops more than 4%
Bybit market data shows that the decline in South Korea's KOSPI index widened to 3%, SK Hynix fell more than 4%, and Samsung Electronics dropped more than 3%.
US-Iran tensions escalate again, international crude oil opens higher on Monday
WTI crude oil futures extended gains to 2%, trading at $85.137 per barrel. Brent crude oil futures touched $90 per barrel, last trading at $90.044 per barrel, up 2.21% on the day. Earlier, Iran's Revolutionary Guard said Iran had launched missiles at a U.S. military base. Shortly before that, explosions were heard near Iran's Larak Island. According to foreign media reports, the U.S. carried out bombing against military facilities located on the island.
A whale transferred $108 million worth of ETH to exchanges within one day
A whale deposited 43,880 ETH (approximately $108.04 million) into Binance, OKX, Bybit, Kraken, and Gate exchanges over the past day. The whale had previously received 51,390 ETH (approximately $125.94 million) from another address, and the ETH in that sending address had all been accumulated from Coinbase Prime.
Wintermute transferred about $400 million in BTC to Binance over the past two days
Over the past two days, Wintermute transferred 5,100 BTC (about $399.03 million) to Binance.
Sony and Warner jointly sue Anthropic, accusing it of using copyrighted music to train AI models
Sony Music Publishing and Warner Chappell Music have filed a lawsuit against Anthropic in the U.S. District Court for the Northern District of California, seeking damages over "tens of thousands" of copyrighted works. They accuse Anthropic of illegally downloading, scraping, and distributing copyrighted works on a large scale to develop and train the Claude series of AI models. The plaintiffs are seeking up to $150,000 per work, plus up to $25,000 for each act of removing identifiable copyright data. If the court rules in favor of Sony and Warner and awards the maximum damages, the total amount could reach billions of dollars. In addition to suing Anthropic as an entity, the complaint also names co-founders Dario Amodei and Benjamin Mann as individual defendants. The lawsuit alleges that Mann used BitTorrent to download more than 5 million pirated books, and that employees downloaded at least 2 million from Pirate Library Mirror. The complaint also claims that Anthropic scraped lyrics from sites such as MusixMatch and LyricFind, which pay record labels for content licensing. Anthropic recently reached a $1.5 billion settlement with the publishing industry in another lawsuit. In addition, Anthropic also faces multiple lawsuits from Universal Music Group, Concord, and ABKCO, as well as separate lawsuits filed by BMG and Round Hill Music.
Metaplanet transferred $62 million worth of BTC to Coinbase
Metaplanet has transferred 800 BTC (about $62.19 million) to Coinbase Prime, a move that is likely intended for sale.
Serenity: If Celestial lists independently, its valuation could reach $6 billion to $10 billion thanks to the potential of its CPO business.
Serenity posted on social media that if Celestial (which has since been acquired by Marvell) had remained an independent company and listed in the U.S. market at the time, its valuation could have reached $6 billion to $10 billion. Serenity noted that Celestial had previously projected its revenue would hit $5 billion in 2028 (annualized based on the fourth quarter) and climb to $10 billion in 2029, adding that the firm is a core participant in co-packaged optics (CPO) projects for hyperscale cloud providers. By comparison, Celestial’s revenue in the second quarter of 2026 was nearly zero. Marvell has stated that the unit’s revenue and profit contribution post-acquisition was “not material”, with a quarterly loss of roughly $12.5 million, translating to an annualized loss of about $50 million. Serenity argued that judging Celestial solely by its current quarter price-to-sales (P/S) ratio and $12.5 million quarterly loss could label it a “worthless meme stock”; however, factoring in its qualification cycle and potential hyperscale cloud CPO project opportunities in 2028, its fair valuation should range from $6 billion to $10 billion. Serenity further pointed out that how to evaluate hard tech companies still in the early stages of customer qualification and commercialization highlights a core divergence between U.S. and European markets and cultures. It holds that for such firms, future revenue potential from large-scale commercialization and progress in customer qualification are far more worthy of attention than current quarterly revenue and losses.
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Claude Quota Mysteriously Drained? Hackers Begin Stealing Login Sessions, Even 2FA Can’t Stop Them
Beating AI News: Anthropic is sending security alerts to select Claude users after the company discovered hackers stealing Claude login sessions from malware-infected devices to access accounts and deplete user quotas. Users on Reddit have already shared screenshots of the alert emails they received. Unlike stolen passwords, the compromised assets are already-authenticated browser sessions, which let attackers impersonate users directly without re-entering passwords or completing two-factor authentication (2FA). One affected user noted they logged in via Google and had 2FA enabled, yet their browser cookies and session IDs were still stolen together. Anthropic named several information-stealing trojans in the email, including Windows-based Vidar, LummaC2, StealC, RedLine, Acreed, and Mac-based Atomic Stealer (AMOS). These are all malware designed to steal browser cookies, passwords, and other data, not security flaws in Claude itself. The user added they had previously downloaded pirated software, which likely led to the infection. Anthropic said it has terminated detected suspicious login sessions, removed saved payment methods from affected accounts, and resolved related unauthorized charges. The company also emphasized that changing passwords alone will not fix the issue—if malware on the device is not removed, newly generated login sessions may still be stolen.
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The Trump administration has frequently intervened in financial markets, and the European Central Bank (ECB) fears this "claw" could extend to the Federal Reserve.
ECB officials have recently grown increasingly concerned over the US government’s frequent interventions in foreign exchange and Treasury markets. Sources familiar with the matter said that during last week’s Jackson Hole Symposium, Federal Reserve officials proactively reached out to reassure their European counterparts, committing to upholding existing international cooperation arrangements. However, given the Fed’s institutional independence from the US administration, Fed officials cannot guarantee that the Trump administration will not abruptly reverse course. European officials are particularly focused on recent financial market operations by the US Treasury. On August 1, the US Treasury intervened in FX markets by selling euros and buying yen, and European sides expressed dissatisfaction over the US failure to provide advance notice of such operations as is customary. Additionally, US Treasury Secretary Bessent’s recent expansion of long-term Treasury repurchase operations has also sparked European officials’ concerns over the growing blurring of lines between fiscal, exchange rate and monetary policies. European officials further warned that if the US administration continues to deploy financial tools for economic and trade goals, markets could start questioning the Fed’s policy independence and the stability of the US dollar swap lines. There are also worries that the US government may further pressure the Fed to directly intervene in Treasury markets in the future. No signs have emerged that the dollar swap arrangements will change. New Fed Chair Kevin Warsh has recently stepped up communication with European policymakers, and his performance in international financial cooperation has drawn relatively positive feedback from European officials.
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China’s Ministry of Industry and Information Technology (MIIT) supports the rollout of AI applications: FDE on-site presence, token purchases, and computing power voucher issuances.
Beating AI Express (Insight): China’s Ministry of Industry and Information Technology (MIIT) has launched a special initiative to cultivate AI application service providers. Local governments are encouraged to leverage measures such as first-purchase and first-use policies, and risk compensation to boost procurement of large models, intelligent agents, and Token services, while using tools like "computing power vouchers" to cut computing costs. The MIIT will also build a national resource pool for AI application service providers, targeting over 2,000 such providers by the end of 2026 and no fewer than 3,000 by the end of 2027. These providers mainly assist enterprises in rolling out AI projects, with services covering pre-consultation, solution design, system development, integration and delivery, as well as post-launch operation and maintenance and security governance. The policy also specifically highlights FDE (Field Deployment Engineers), encouraging service providers to form FDE teams to work directly at user sites to resolve project implementation challenges. Local authorities will also open real business scenarios, organize supply-demand matching, and convert high-frequency, essential business needs into standardized AI products that can be delivered repeatedly.
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Bybit launches PONS perpetual contracts today.
Bybit today adds the new Pons (PONSUSDT) perpetual contract, supporting up to 20x leverage.
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OpenAI rolls out results-based pricing: Some major clients only pay when the AI delivers actual results.
Beating AI News reports that OpenAI has in recent months introduced a new payment model to some of its large enterprise clients: customers only pay once AI has fully completed their tasks. The Information notes that use cases already implemented include customer service. Businesses can pay based on the actual customer service tasks AI completes, rather than being billed solely by tokens, API calls, or seat counts. OpenAI has not disclosed specific client names, pricing details, or the criteria for defining "task completion," and declined to comment on the matter. This is not a new package OpenAI is rolling out for all enterprises; the official public pricing for its Enterprise plan remains primarily based on usage quotas and tokens, so this "pay-per-result" model appears to be custom contracts negotiated exclusively with select large clients. OpenAI has long signaled this direction: in January this year, CFO Sarah Friar stated that AI business models would shift toward pay-per-result in the future, and in July, OpenAI further noted that rather than focusing on token unit prices, the industry should prioritize the total cost for AI to complete a task. This approach has now been incorporated into actual contracts.
