Watchlist Scored and tracked, but not rated for deep research yet — no full analysis. A coin moves up when its verdict reaches Moderate (6.0+) without an unlock-risk flag.

Ethena (ENA)

DeFi Rank #36 CAUTION

5.7 /10

Score breakdown

Unlock	8/10
Tokenomics	6/10
Insider	5/10
Onchain	7/10
Dev Activity	1/10
Revenue	5/10
Institutional	5/10
Etf	4/10
Market Structure	9/10
Security	7/10

Analysis

Ethena's USDe reached roughly $12B in supply by March 2026, making it the third-largest stablecoin by market cap. Major token unlocks in January 2026 created temporary sell pressure on ENA but were largely absorbed by strong institutional demand. The protocol partnered with BlackRock to back USDe with BUIDL tokens, improving collateral transparency and institutional trust in the yield-bearing stablecoin model, which has generated over $800M in basis-trade-driven revenue. A brief USDe depeg to around $0.98 in February 2026 before recovery highlighted the mechanism's sensitivity to funding-rate stress, and regulatory scrutiny of yield-bearing stablecoins remains an ongoing risk.

Disclaimer: This analysis is for informational purposes only and is not investment advice. Crypto investments carry high risk. DYOR — Do Your Own Research.