Ethena has recently been pushing forward with the platform and on-chain integration of USDe, leading to a resurgence in market attention towards ENA. Its synthetic dollar products have entered exchanges, lending platforms, and public blockchain networks, coupled with improved on-chain activity, causing ENA to rebound after several months of decline.

USDe access continues to expand

In mid-July, Bybit waived fees for users minting and redeeming USDe through USDC and opened up a channel for verified users to complete these operations directly through the platform interface or API. Subsequently, USDe and sUSDe were launched on the Monad ecosystem and integrated with Aave deployment on Monad, expanding stablecoin lending liquidity.

On July 17, Kraken further opened up USDe deposit and withdrawal functionality on the Avalanche network. This means that Ethena's synthetic dollar product is gradually expanding from a single platform to multiple scenarios such as exchanges, public chains, and lending markets.

Active addresses continue to rebound

In addition to ecosystem expansion, on-chain data also shows improved user engagement. The article mentions that the 30-day average of active addresses has been rising over the past month, indicating that network usage frequency is recovering.

In terms of holdings structure, the number of addresses holding 1 to 1 million ENA has been increasing since the beginning of 2026, reflecting the gradual increase in holdings by small and medium-sized addresses. At the same time, addresses holding 1 million to 10 million ENA were previously reducing their holdings, and the market once showed a pattern of large-scale distribution by addresses and small-scale absorption by addresses.

ENA rises above the 50-day moving average.

In terms of price, ENA has gradually stabilized after hitting a low of $0.070 in June, currently trading at around $0.086, and has regained its position above the 50-day moving average. The article mentions that if the rebound continues, the next key level to watch is around $0.136 to $0.144, corresponding to the 200-day moving average area.

However, this range remains a resistance level. Currently, the more pressing questions are whether Ethena's product integration can continue to generate real usage, and whether the improvements in active addresses and holdings distribution can be sustained.