by Key Takeaways:
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Pantera Capital has recently begun purchasing Ethena (ENA) tokens.
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Nearly $8 million in ENA was acquired on November 28 and 29.
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Ethena’s price surged 93.7% in just 30 days, rising from $0.32 to $0.75.
Pantera Capital, a leading U.S.-based institutional asset management firm, has made a significant move into the decentralized finance (DeFi) sector by investing $8 million in Ethena (ENA) tokens. The acquisitions took place over the final days of November, with the firm steadily increasing its holdings according to on-chain analytics from Nansen.
This investment highlights growing institutional interest in Ethena, a protocol built on Ethereum that offers a synthetic dollar, USDe, with attractive returns for users.
Steady Growth in Token Holdings
Throughout November, Pantera Capital’s purchases contributed to a broader growth in Ethena token holdings. The total balance held by ENA holders rose from $140 million to $160 million during the month, indicating a notable increase after several months of relative stability. This growth suggests growing confidence in the protocol’s performance and long-term potential among both retail and institutional investors.
The timing of the investment also coincides with Ethena’s impressive market performance. Over the course of November, ENA’s price surged by nearly 94%, climbing from $0.32 at the beginning of the month to $0.75. This sharp increase reflects heightened demand for the token and reinforces the perception of Ethena as a strong contender in the DeFi space.
Ethena Protocol and USDe
The Ethena protocol, operating on the Ethereum blockchain, offers a synthetic dollar known as USDe. USDe provides users with an annual percentage yield (APY) of 29%, making it an appealing option for yield-focused investors in the decentralized finance ecosystem.
Ethena has also made significant strides in terms of Total Value Locked (TVL), a key metric in DeFi that measures the total assets deposited in the protocol. With $4.3 billion in TVL, Ethena now ranks 10th among DeFi platforms. This represents a substantial increase of 58.56% over the previous month, overtaking Pendle (PENDLE), which currently holds $4.1 billion in TVL.
The protocol’s strong TVL growth reflects rising adoption and confidence from users seeking reliable yield-bearing assets in DeFi. It also underscores Ethena’s position as a leading player in the competitive decentralized finance landscape.
USDe Supply Hits New High
Alongside token price and TVL growth, the supply of USDe—the protocol’s synthetic dollar—has also seen significant expansion. According to Dune Analytics, the supply of USDe increased by 51.85% in November, rising from 2.7 billion at the start of the month to 4.1 billion by November 28.
This surge in supply indicates heightened activity and demand for Ethena’s synthetic dollar, further signaling confidence in the protocol’s stability and utility. The increase in USDe supply may also correlate with the sharp rise in ENA’s market price, as more participants enter the ecosystem to take advantage of attractive yields and financial products.
Institutional Interest in DeFi
Pantera Capital’s investment in ENA highlights the growing trend of institutional players entering decentralized finance. Traditionally dominated by retail investors, DeFi is now attracting hedge funds, asset managers, and other financial institutions seeking high-yield opportunities and diversification beyond traditional markets.
The $8 million allocation into ENA not only strengthens Ethena’s market presence but also underscores the firm’s confidence in the protocol’s ability to sustain growth and offer attractive returns. Institutional involvement often brings credibility and stability to emerging DeFi projects, potentially encouraging more users to participate.
Outlook for Ethena and ENA
Ethena’s recent performance demonstrates the protocol’s increasing relevance in the rapidly evolving DeFi ecosystem. With significant institutional backing, growing TVL, and an expanding supply of USDe, the protocol is well-positioned for further adoption and long-term growth.
Investors and analysts will likely watch the developments closely, as Ethena’s ability to maintain yield rates, liquidity, and stability in a volatile market will determine its continued appeal. If institutional interest continues to rise, the token’s price and adoption may see further gains, solidifying Ethena’s role as a leading decentralized finance protocol.
