Ethena Daily Active Addresses Surge to 5,057, Highest Since November 2025

Data from Santiment shows a sharp rise in on-chain activity across the Ethena (ENA) ecosystem, with engagement reaching its strongest level in months.

Daily active addresses have climbed to 5,057, marking the highest reading since November 2025. At the same time, network expansion has accelerated, with 2,968 new wallets created—an all-time high since Ethena’s launch in April 2024.

This increase in user activity has coincided with growing USDe adoption, upcoming restaking developments, and governance proposals aimed at tightening the link between protocol revenue and ENA holders, helping explain the broader rise in participation.

Source: Santiment