What Is the Current Market Overview of Ethena (ENA) With $4.1B Market Cap and 323 Trading Pairs in August 2025?

Ethena (ENA) ranks 31st with $4.1B market cap

Ethena has established itself as a significant player in the cryptocurrency market, currently holding the 31st position with a market capitalization of approximately $4.1 billion. Operating on the Ethereum platform, ENA has demonstrated remarkable growth since its launch in March 2024. The token’s performance metrics reveal interesting patterns in the market:

Despite recent short-term declines, Ethena has shown impressive medium-term growth with a striking 142.86% increase over the past 60 days and 59.23% over the last 90 days. This performance indicates strong investor interest in Ethena’s DeFi offerings. The token benefits from significant visibility across 323 active markets with substantial daily trading volume exceeding half a billion dollars. The token’s TVL (Total Value Locked) ratio of 0.33 suggests room for further expansion in its DeFi applications while maintaining a healthy ecosystem balance.

Trading volume reaches $531M in 24 hours across 323 pairs

Ethena’s recent market performance shows remarkable trading activity, with the latest data revealing a substantial 24-hour trading volume of $531M across 323 active market pairs. This impressive volume demonstrates strong investor interest despite a slight price decrease of 1.54% over the last 24 hours. The trading intensity becomes particularly noteworthy when examining Ethena’s market positioning:

The high trading volume relative to Ethena’s market capitalization indicates significant liquidity and active trader participation. While the token has experienced a short-term dip of 4.52% over the past week and 8.40% over the last month, its longer-term performance remains impressive with a 142.86% increase over the past 60 days and 59.23% growth over the quarter. This robust trading activity across hundreds of markets suggests institutional and retail traders maintain strong confidence in Ethena’s underlying protocol, particularly its innovative approach within the Ethereum ecosystem and DeFi space.

Circulating supply at 6.62B ENA, 44.15% of total 15B supply

Ethena’s token economics reveal a carefully structured supply distribution, with current circulating supply standing at 6.62 billion ENA tokens, representing 44.15% of the maximum 15 billion tokens that will ever exist. This measured release strategy demonstrates Ethena’s approach to managing token inflation while building a sustainable ecosystem. The token supply data highlights interesting dynamics when compared to self-reported figures:

The significant variance between official circulating supply and self-reported figures indicates potential token lockup mechanisms or vesting schedules affecting market calculations. As an Ethereum-based token, ENA benefits from the security and established infrastructure of the Ethereum ecosystem while implementing its own tokenomics framework. The controlled release schedule helps mitigate potential selling pressure while allowing for gradual market adoption. Current trading data shows substantial market activity with daily volumes exceeding $531 million across 323 active markets, demonstrating strong liquidity despite being relatively new after launching in March 2024.

Strong liquidity with $12.36B TVL and 0.33 TVL ratio

Ethena has established itself as a liquidity powerhouse in the cryptocurrency landscape, boasting an impressive $12.36 billion in Total Value Locked (TVL). This substantial TVL demonstrates the robust confidence investors have placed in Ethena’s ecosystem. What makes this figure particularly noteworthy is Ethena’s TVL ratio of 0.33, indicating an efficient use of capital relative to market capitalization.

The platform’s liquidity metrics reveal significant market strength when compared to its valuation:

This impressive TVL has contributed to Ethena’s ability to maintain stability in trading volumes, with $531.12 million in 24-hour trading volume recorded across 323 active markets. Despite a slight 13.37% decrease in 24-hour volume, the substantial liquidity foundation has helped buffer against market volatility. The platform’s strong liquidity profile provides traders with confidence in execution capabilities and reflects the growing institutional interest in Ethena’s financial ecosystem, positioning it firmly among the top cryptocurrencies by liquidity metrics.