Ethena has recently promoted continuous access to the USDe platform and chain, and the market's interest in the ENA has picked up. Its synthetic United States dollar products went back to the exchange, the lending scene and the public chain network, and the increased dynamism of the super-chain led the ENA to rebound after months of backwardness.

USDe access continues to expand.

In mid-July, Bybit cancelled the costs associated with the use of USDC for casting and redeeming USDe and opened the channel to the authentication user for the direct completion of the operation in the platform interface or API. Then USDe and SUSDe went online on Monad Ecology and accessed the Aave deployment on Monad to expand stable currency lending liquidity.

On July 17, Kraken further opened up USDe's recharge on the Avalanche network. This means that Ethena ' s synthetic dollar product is being used from a single platform, gradually extending to multiple scenarios such as exchanges, public chains and the lending market.

Active address continues to rise

In addition to ecological expansion, the data on the chain also show an improvement in user participation. The article mentions that the 30-day average of the active address for nearly a month continues to move up, indicating that the frequency of network usage is being restored.

With regard to warehouse structures, the number of addresses with 1 to 1 million ENAs has been increasing since the beginning of 2026, reflecting the gradual increase in small and medium-sized addresses. At the same time, the number of addresses with between 1 million and 10 million ENAs had been reduced, and the market had once seen a pattern of large address distributions and small address successions.

ENA station 50 day average

In terms of prices, ENA gradually stabilized after touching a low of 0.070 in June, with the latest estimate of $ 0.086 and re-posting the 50-day average. The article mentions that if the rebound continues, the next area of concern is in the vicinity of 0.136 to 0.144, corresponding to the 200-day mean area.

However, this zone remains a follow-up resistance. Of greater concern now is whether Ethena ' s product access will continue to bring about real usage, as well as the sustainability of improved active address and warehouse distribution.