Why Ethena Just Recorded Its Biggest Network Growth in Over Three Months

Ethena recorded its largest single day of community development in greater than three months on May 12, because the variety of newly created wallets surged alongside a pointy rise in whale exercise.

In the meantime, whale transactions involving the ENA token additionally climbed to their highest degree in 5 weeks.

Network Activity and Whale Growth

Crypto analytics platform Santiment linked the rise in exercise to a number of main developments surrounding the protocol in the times main as much as May 12.

For occasion, asset administration big Grayscale Investments added ENA to its DeFi Fund with a 13.59% allocation, a transfer seen as a significant step towards institutional adoption. Santiment stated the inclusion probably contributed to the creation of recent custody wallets.

Attention on the protocol intensified additional after a $310 million USDC switch from an Ethena-linked pockets on May 8 and the suspension of a LayerZero bridge on May 9. The rising anticipation surrounding Ethena’s upcoming price change activation and anticipated governance vote could possibly be one more issue at play.

ENA has fallen greater than 85% from the highs it reached in August 2025 because the broader crypto market confronted heavy promoting stress. However, the token confirmed indicators of restoration over the previous month with a gradual upward transfer. But contemporary promoting stress on Thursday erased a part of these positive factors, leaving ENA up by lower than 20% for the month.

Ethena USDe Expansion

In a separate ecosystem improvement, Ethena’s USDe stablecoin is being integrated into a brand new institutional-focused lending market launched on Solana-based DEX aggregator Jupiter by means of its Jupiter Lend product. The new providing was developed in partnership with Bitwise Asset Management and Fluid.

The launch additionally represents the primary time a conventional asset supervisor has curated a lending market on Jupiter Lend. Bitwise stated Ethena’s enlargement into the Solana ecosystem and its rising institutional presence align with its long-term view on on-chain finance and DeFi adoption.

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