Ethena Network Activity Hits Record High as USDe Adoption Grows

• Ethena’s daily active users and newly created addresses surged to record levels.
• Recent discussions within the Ethena community have centered on its native token (ENA).
• CoinMetrics data reveals that Ethena’s USDe has become the third-largest stablecoin.

According to Santiment’s data, on-chain activity on Ethena, a decentralized finance (DeFi) protocol on the Ethereum blockchain, has reached a record high. According to the platform, Ethena’s network activity just exploded to levels rarely seen, with daily active addresses surging to 5,057, their highest level since November 2025.

Besides the increase in daily active addresses, the number of new addresses created on Ethena reached 2,968, the highest level since the protocol’s launch, with traders increasingly focusing on Ethena’s growing role in DeFi and synthetic-dollar infrastructure.

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