Ethena (ENA) Soars Over 29% Ahead of Upbit Listing

Ethena (ENA) has garnered significant attention within the cryptocurrency community as the market continues to bask in growing optimism. Data from CoinGecko highlights that the asset rallied by 29.6% to $0.3757 in the past 24 hours. The notable surge comes in anticipation of ENA listing on South Korea’s leading crypto exchange, Upbit. 

Upbit List ENA

In an official announcement today, Upbit exchange revealed that ENA will be available for trading against three trading pairs: the Korean Won (KRW), Bitcoin (BTC), and Tether (USDT). Furthermore, trading will begin at 5:00 PM Korean Standard Time (KST) today.

Deposits and withdrawals for ENA will commence within two hours of the announcement. Buy orders are blocked for five minutes after trading opens. Additionally, the exchange restricts users from selling below 10% of the standard price.

The platform stated that deposits are exclusively supported through the Ethereum network. Thus, users are encouraged to verify the network before making any deposits. This is because transactions made via other networks will be invalidated, and refunds may take longer. Furthermore, if sufficient liquidity is not secured after the announcement, the start time for trading support may be postponed.

Upbit’s latest listing announcement reflects its continuous push to diversify its crypto offerings to meet the needs of its customers. Yesterday, the exchange disclosed support for Babylon (BABY) and Hyperlane (HYPER). The listing sparked notable price increases for the assets, a trend that also held true for ENA.

Ethena (ENA) Sees Surge in Market Interest

Aside from the notable price uptick, market data shows ENA’s 24-hour trading volume currently stands at over $1 billion. This metric reflects a significant 351.70% increase from one day ago, signalling a recent rise in market activity.  Furthermore, over the past two weeks, ENA has experienced a 41.5% price uptick.

As seen in various exchange listings, Upbit’s extensive user base and market reach have acted as a catalyst for the ENA price rally. It is not surprising that the latest support has enhanced its importance in the crypto scene. In an X post, BitMEX co-founder Arthur Hayes, a prominent figure in the crypto space, shared his bullish expectations for the token. He stated: “It’s time to liftoff.”

$ENA listed on largest Korean exchange. It’s time for liftoff!

Yachtzee 😍😍😍😍😍😍😍😍 pic.twitter.com/6V4FeUiYmq

— Arthur Hayes (@CryptoHayes) July 11, 2025

What is Ethena (ENA)?

Ethena Labs is a decentralized finance (DeFi) protocol on Ethereum that created USDe, a crypto-native synthetic dollar. The stablecoin is pegged 1:1 to the USD and is backed by delta-hedged Ethereum and Bitcoin collateral. 

Unlike traditional stablecoins that rely on fiat reserves held by banks, USDe aims to maintain stability through derivatives-based hedging strategies. This approach aims to achieve stability by balancing long and short positions. 

When users deposit crypto collateral like ETH or BTC to mint USDe, Ethena simultaneously opens short positions in perpetual futures markets that offset the price risk of holding those volatile assets. This creates a synthetic dollar exposure that remains stable despite crypto market fluctuations. 

ENA is the native token of the platform. With a total supply of 15 billion tokens, ENA plays several key roles within the Ethena ecosystem. The token is used for governance, staking, and DeFi integration. 

Since its launch in February 2024, Ethena has gained adoption across the crypto ecosystem with its USDe synthetic dollar and attractive yield-generating mechanisms. Moreover, the platform has established strategic partnerships with several key players in the blockchain space. These include partnerships with protocols such as Kamino Finance, EigenLayer, Orca, and Drift Protocol.

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