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- Ethena fees reach new highs as activity across 2024 and 2025 keeps rising fast.
- ENA trades inside a falling channel while pressure moves the token toward support.
- A new Nunchi deal introduces fresh revenue paths that expand the growing ecosystem.
Ethena’s treasury swelled to $599.3 million in fees, Token Terminal data reveals, painting a vibrant picture of growth spanning 2024 and 2025. Forget slow and steady; Ethena’s quarterly reports explode with rising user activity, a widening circle of protocol participants, and ingenious new revenue streams fueling the ecosystem’s relentless march forward. Each quarter isn’t just a number; it’s a chapter showcasing escalating engagement and ever-increasing capital pouring into the protocol’s coffers.
Quarterly Fee Growth Strengthens Across 2024 and 2025
Ethena’s revenue paints a compelling quarterly narrative. Q1 2024 established a $40 million foothold, a solid foundation. Q2 witnessed a surge past $50 million, signaling a vibrant influx of users. Q3 introduced a strategic pause, fees receding to the $30 million range for a moment of recalibration.
Source: Token Terminal
But then, Q4 2024 happened. The charts exploded. Fees skyrocketed past $120 million, obliterating the $100 million milestone like it was never there. A surge of activity, a signal fire blazing as the protocol charged headfirst into 2025.
The fiscal rollercoaster of 2025 began with a roaring start in Q1, churning out approximately $90 million. The ride dipped sharply in Q2, revenue plummeting to the $40 million range. But hold on tight! Q3 witnessed a monumental surge, a veritable geyser of sales erupting to a staggering $150 million, instantly crowning it the peak quarter of the year.
ENA Extends Its Market Downtrend as Traders Watch Key Levels
ENA’s chart paints a grim picture: relentless downward pressure. Currently hovering around $0.2314, the token bled 2.53% in the last 24 hours, peaking at a meager $0.2397 before dipping to $0.2276. The culprit? A clearly defined descending channel, trapping ENA’s price action below its upper limits since October, hinting at further bearish momentum.
Source: TradingView
ENA’s battling fierce headwinds. Walls of resistance loom at $0.50 (R1) and $0.85 (R2), precisely where supply surges meet key Fibonacci levels. The golden ratio whispers warnings: 0.618 ($0.5896), 0.5 ($0.5022), and 0.382 ($0.4147) Fibonacci retracements are proving impenetrable. ENA struggles below these pivotal points, signaling the downtrend’s relentless grip.
ENA’s bulls are in a tight spot. A crucial support zone looms around $0.20, a level that sparked rallies earlier this year. The recent plunge below $0.3066 (the 0.236 Fib level) signals further vulnerability. The RSI, deep in oversold territory at 27.45, with its signal line lagging at 31.98, screams “oversold,” but will buyers emerge? All eyes are on that $0.20 support as traders brace for a potential bounce or breakdown. The downtrend persists, and the market waits with bated breath for a reaction.
Related: Ethena’s USDe Rises as Stablecoin Market Faces New Competition
New Partnerships Support Ethena’s Expanding Fee Base
Ethena’s revenue faucet is gushing as its ecosystem blossoms. Fueling the surge, a fresh alliance with Nunchi, a Hyperliquid HIP-3 powerhouse, unlocks a lucrative revenue stream. Ethena Labs officially stamped the partnership, solidifying its position as a yield-generating force to be reckoned with.
Nunchi pioneers yield market innovations, forging perpetual products that empower users to capitalize on their market foresight. Bet on Real World Asset (RWA) rates, dividend payouts, and the dynamic world of ETH staking yields. We’re not just adding features; we’re crafting sophisticated financial instruments, seamlessly integrated within Ethena’s expanding universe.
Ethena Labs is plugging Nunchi into its revenue stream, funneling a portion of Nunchi’s earnings back into the Ethena ecosystem. This strategic move creates a lucrative synergy, perfectly timed with Ethena’s consistently increasing quarterly fees. Looking ahead, Ethena dangles the possibility of a future Nunchi airdrop, should Nunchi launch its own token, sweetening the pot for those already invested in the ecosystem. As Ethena’s fees continue their upward trajectory, this partnership signals a bold step towards amplified growth and rewarding participation.
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