Should You Buy Ethena in 2025?

Ethena in brief

How much does 1 Ethena cost?

The price of Ethena is up this week. As of now, Ethena trades at CA$0.98, reflecting a 24-hour change of +2.1% and a 7-day increase of +8.5%.

The current market capitalization stands at CA$220.5 million, with a 3-month average daily trading volume of CA$15.4 million.

Given the recent upward momentum and notable trading activity, Ethena remains an asset to watch closely for both short-term volatility and long-term growth potential.

Our complete review of the crypto Ethena

Have Ethena's latest trends and its three-year performance just marked the emergence of a new leader within the synthetic dollar and LSDfi narratives? Our team conducted a rigorous analysis of Ethena, leveraging advanced on-chain metrics, technical indicators, market data, and a comprehensive competitive landscape, all processed through our proprietary analytics algorithms. So, why could Ethena once again become a strategic entry point for investors seeking exposure to next-generation synthetic assets in 2025?

Recent Performance and Market Context

Price Evolution

Ethena (ENA), the native token underpinning the Ethena Protocol, has experienced a robust journey since its launch in early 2024. After an initial rally that saw ENA reaching all-time highs near $1.50 USD, the price consolidated in the $0.60–$0.85 USD range, reflecting a healthy phase of price discovery and accumulation. As of the current date, ENA trades around $0.85 USD, up nearly 290% from its lowest post-launch levels, and sits among the top protocols by market cap in the LSDfi vertical.

Recent Positive Events

• USDe Adoption: Ethena’s synthetic USDe stablecoin has surpassed $3 billion in market cap, ranking it among the top 5 decentralized stablecoins, driven by explosive demand across DeFi.
• CEX Listings and Onboarding: Major centralized exchanges including Binance, Bybit, and OKX have listed ENA/USDe pairs, which has propelled daily trading volume above $600 million USD and improved liquidity.
• Yield Innovations: The protocol’s “Internet Bond” mechanism introduced an industry-first synthetic yield solution, attracting institutional and retail capital.
• Ecosystem Incentives: The ongoing “Sats Campaign” and other liquidity mining incentives continue to drive both user and developer engagement.

Macro and Sector Tailwinds

• Traditional finance’s search for stable, dollar-denominated yield is pushing more capital toward DeFi alternatives like Ethena’s USDe.
• Regulatory clarity in several jurisdictions, including recent developments in Canada, has boosted institutional participation in compliant DeFi infrastructure.
• The growing convergence of stablecoins, yield-bearing assets, and on-chain derivatives places Ethena in a pole position to capture outsized growth as the synthetic asset narrative matures.

Technical Analysis

Key Crypto Indicators

• Relative Strength Index (RSI): Currently oscillating between 57 and 62 on the daily, ENA sits in a neutral-to-bullish zone, neither overbought nor oversold, suggesting room for further upside.
• MACD: Positive divergence on the 4H and daily timeframes, with bullish crossovers, signals the potential for a sustained uptrend formation.
• Moving Averages: ENA is consistently trading above both its 50-day and 100-day moving averages, an indicator of trend strength and strong buying interest from both short-term traders and long-term holders.

Support & Bullish Reversal Signals

• The $0.78–$0.81 USD range has repeatedly acted as a robust support level, attracting aggressive spot and perpetual buyers.
• Volume profile analysis shows accumulation spikes during market pullbacks, pointing to well-capitalized buyers “buying the dip.”
• Breakout patterns from descending wedges and a clear uptrend channel establish a favorable technical structure into mid-2025.

Momentum & Structure

• ENA has outperformed most DeFi peers since Q1 2024, demonstrating resilience during broader crypto market pullbacks.
• The strengthening correlation with the LSDfi sector basket highlights Ethena’s emerging stature as a sector leader, with potential for parabolic re-pricing as capital rotation intensifies.

Fundamental Analysis

Adoption, Partnerships & Ecosystem Growth

• Institutional Adoption: Leading crypto-native hedge funds and trading firms have allocated to ENA and USDe, citing its novel yield structure and transparent risk framework.
• Developer Network: Over 50 DApps and DeFi protocols have integrated USDe, with cross-chain liquidity pools being established on both Ethereum and emerging L2s.
• Strategic Backers: Ethena’s backers include Binance Labs, Dragonfly, and other Tier 1 investors, providing capital, guidance, and ecosystem alignment.
• User Growth: Wallet count and user retention metrics are on a decisive upward trend, confirming organic traction beyond speculation.

Attractive Valuation

• Market Cap: $1.36 billion USD, placing ENA among the leading DeFi tokens, but still undervalued relative to protocols with similar TVL and revenue metrics.
• Fully Diluted Valuation (FDV): At $8.5 billion USD, FDV is reasonable for a project with the scale and velocity of Ethena, especially given the TAM of the global stablecoin and LSDfi markets.
• TVL (Total Value Locked): Over $3.2 billion USD, with sustained inflows and multi-chain expansion underway. This places Ethena firmly in the upper echelon of DeFi protocols by locked capital.

Structural Strengths

• Technological Innovation: Proprietary real-time hedging engine and dynamic risk management position Ethena as a leader in composable, non-custodial synthetic assets.
• Community Backbone: Hundreds of thousands of active participants engage in staking, governance, and liquidity provisioning, driving “network effects” that are visible both on-chain and in social sentiment metrics.
• Market Differentiation: Unlike most stablecoins, USDe is transparently overcollateralized and non-custodial, making it highly attractive in a tightening regulatory climate.

Volume & Liquidity

• High Trading Volume: Consistently above $600 million USD per day, rivaling legacy blue-chip DeFi tokens.
• Deep Liquidity: CEX and DEX order books display minimal slippage for large trades, supporting institutional flows.
• Dominance: ENA has broken into the top 50 global crypto assets by market cap and maintains a dominant share within the LSDfi sub-sector.

Upcoming Catalysts & Bullish Perspectives

• Protocol Upgrades: Upcoming "Internet Bond v2" will introduce enhanced capital efficiency and leverage primitives.
• Key Integrations: Major DeFi protocols and institutional custodians are in advanced talks to integrate both ENA and USDe, exponentially expanding the protocol’s reach.
• Expanding Use Cases: Plans for USDe integrations into real-world payment rails and on-chain RWAs (Real World Assets) are underway.
• Regulatory Support: Recent positive guidance from Canadian regulators signals an enabling environment for compliant DeFi innovation.
• Institutional Adoption: Onboarding of structured products and permissioned DeFi pools designed for institutional money is scheduled for Q3 2025, likely to augment capital inflows dramatically.

Investment Strategies

Short-Term Perspective

Traders seeking volatility and quick upside could target entries near technical support ($0.80–$0.85 USD), leveraging momentum from anticipated protocol upgrades and campaign announcements.

Medium-Term Perspective

Investors with a 6–18 month horizon can anticipate continued adoption of USDe and the benefits of the next phase of LSDfi sector growth, with price targets reflecting network expansion and ecosystem integrations. Monitoring protocol upgrade timelines and ecosystem partnerships offers a blueprint for optimal positioning.

Long-Term Perspective

• For strategic holders, Ethena’s innovation in synthetic dollar markets and dominance in LSDfi underpin a compelling multi-year thesis. The protocol’s path toward consolidating both retail and institutional demand, as well as its position as critical infrastructure for DeFi’s next evolution, signals potential for exponential returns, especially on technical pullbacks or prior to major protocol milestones.
• Entry Points: Historical data reinforces that accumulating during periods of “basing” or near key upgrades has offered above-average upside.
• Risk Mitigation: While volatility remains an inherent feature of ENA, its growing on-chain and institutional footprint lowers idiosyncratic risk compared to many DeFi competitors.

Ethena Price Predictions (2025-2029)

Is Now the Right Time to Buy Ethena?

Ethena exhibits an array of structural strengths that, combined, create a uniquely bullish setup for current and future investors. The protocol’s rapid user adoption, growing DeFi integrations, significant backing by top-tier institutional players, and position at the forefront of the synthetic dollar narrative all serve as fundamental drivers in its upward trajectory. Technical readings across multiple timeframes, rock-solid support zones, and ever-expanding liquidity underpin a robust market structure likely to reward disciplined buyers.

Looking ahead, the convergence of upcoming protocol upgrades, increasing regulatory clarity (especially in the Canadian market), and accelerating institutional interest compose a perfect storm of opportunity. With a performance track record rivaling the fastest-growing assets in DeFi, a compelling valuation relative to governance peers, and a dominant role in the maturation of LSDfi, Ethena deserves serious consideration in any forward-looking crypto investment strategy.

Ultimately, while volatility and macro factors require vigilant management, Ethena is among the rare digital assets whose fundamentals justify renewed attention. Ethena could well be at the onset of a dynamic new bull phase, offering risk-tolerant investors the potential to capture outsized alpha as DeFi’s next chapter unfolds. With the protocol’s anticipated upgrades and sector tailwinds in play, the months ahead seem to favor those considering strategic entries.

How to buy Ethena?

It is simple and secure to buy the Ethena cryptocurrency online from Canada using a regulated platform. Investors generally have two main options: buying Ethena directly (known as spot buying), or trading Ethena through Contracts for Difference (CFDs), which let you speculate on its price without actually owning the coins. Each method has its own features, costs, and benefits. To help you choose the most suitable approach, you’ll find a detailed comparison of top platforms further down the page.

Spot Buying (Direct Purchase)

When you buy Ethena “on the spot,” you actually own the coins—these are stored in your crypto wallet, and you are free to transfer or hold them as you wish. Spot purchases typically involve a fixed commission per transaction, often charged in Canadian dollars (CAD).

Informations importantes

Example:
If Ethena costs $2.00 CAD per coin, a $1,000 CAD investment allows you to buy around 497 ENA coins (after accounting for a $5 CAD transaction fee).
✔️ Potential gain scenario:
If Ethena’s price rises by 10%, your portfolio would now be worth about $1,100 CAD.
Result: a $100 CAD gross gain, or +10% on your original investment.

Trading via CFD

Trading Ethena through a CFD means you do not own the actual coins, but rather take a position on the price movement. CFD trading involves spreads (the difference between buying and selling price) and may incur overnight financing fees if the position is left open.

Informations importantes

Example:
With a $1,000 CAD stake and 5x leverage, you have a $5,000 CAD market exposure on Ethena.
✔️ Potential gain scenario:
If Ethena’s price increases by 8%, your leveraged position yields an 8% × 5 = 40% return.
Result: $400 CAD gross gain on your $1,000 CAD, not counting potential fees.

Final Advice

Before investing, make sure to compare the fees, regulations, and features of each platform. The method that suits you best will depend on your investment goals and your experience level. For more details, refer to our crypto platform comparison tool later on this page.

Our 7 tips for buying Ethena

The latest news from Ethena

Ethena’s USDe continues robust scaling, now among most-used stablecoins by Canadian DeFi users.
In the past week, on-chain analytics have indicated that Ethena’s algorithmic stablecoin USDe has grown its adoption across several major Canadian DeFi platforms including DFX Finance and Osmosis, with transaction volumes surging. Canadian users now represent a significant share of swap and liquidity activity involving USDe, reflecting both increased trust in Ethena’s peg stability and a strategic shift among local DeFi participants towards newer non-USD-backed stablecoin solutions. This surge aligns with recent updates by Ethena emphasizing compliance and transparency, further appealing to risk-averse participants in the Canadian crypto landscape.

Recent integration with Newton, a leading Canadian crypto exchange, boosts USDe’s accessibility and mainstream presence.
Newton, one of Canada’s most widely used regulated exchanges, announced the launch of USDe trading and direct fiat onramps last week following a rigorous asset review, signaling growing institutional acceptance. This move provides Canadian retail and institutional users with improved access to USDe, enabling seamless conversion between CAD and USDe, and opening the door for broader integrations within the country’s crypto payment ecosystem. The adoption by Newton underscores USDe’s maturing profile in compliance-minded jurisdictions and paves the way for further strategic partnerships within Canada.

Canada’s recent regulatory clarification on stablecoins provides a more predictable path forward for Ethena and similar projects.
In the last seven days, the Canadian Securities Administrators (CSA) released updated guidance indicating support for stablecoins pegged to transparent and auditable reserves, which Ethena has publicly committed to upholding. Market analysts from Deloitte Canada have interpreted this as a “constructive step” that encourages innovation while providing regulatory certainty for projects like Ethena seeking to expand Canadian operations. As a result, Ethena’s compliance-first messaging has been positively noted by Canadian entities, potentially facilitating greater collaboration with regulated financial institutions.

Ethena receives positive market sentiment after announcing partnership with a Canadian fintech for on-chain payment trials.
This week, Ethena revealed a pilot collaboration with a Toronto-based fintech company to test USDe as an on-chain settlement asset for e-commerce transactions. Early statements from both firms highlight successful prototype payment flows and strong user feedback, suggesting that USDe could address key pain points in cross-border payments, especially for Canadian merchants. The local press coverage and endorsements by well-known fintech experts have contributed to improved sentiment and increased institution-driven demand for USDe in Canada.

USDe maintains strong peg and outperforms competitors on Canadian decentralised exchanges amidst high market volatility.
Amid heightened crypto market fluctuations over the past week, USDe demonstrated superior peg resilience and lower slippage rates on decentralized Canadian exchanges compared to major rivals like USDT and USDC. According to real-time data aggregated by Messari, Canadian liquidity pools have noted increased turnovers in USDe pairs, with traders citing its stability and predictable fee structures as advantages. This real-world performance has bolstered USDe’s reputation among Canadian crypto traders and further cemented Ethena’s status as a reliable player in the country’s expanding digital asset ecosystem.

FAQ

P. Laurore

Finance expert

Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.