Ethena Growth Surges as Fees Jump and Market Activity Expands
- Ethena fees reach new highs as activity across 2024 and 2025 keeps rising fast.
- ENA trades inside a falling channel while pressure moves the token toward support.
- A new Nunchi deal introduces fresh revenue paths that expand the growing ecosystem.
Ethena reached $599.3 million in cumulative fees according to Token Terminal data, showing steady growth across 2024 and 2025. The quarterly figures reveal rising user activity, expanding protocol participation, and new revenue sources that continue to shape the ecosystem’s advancement. Each quarter records distinct levels of engagement, and the data shows increasingly active flows into the protocol.
Quarterly Fee Growth Strengthens Across 2024 and 2025
Ethena’s revenue activity progresses quarter by quarter. Q1 2024 records fees just below $40 million, forming a moderate baseline for the year. Q2 2024 advances further as fees move above $50 million, offering early signs of rising user participation. Activity slows in Q3 2024 as fees fall back toward $30 million, creating a brief cooldown.
Then, Q4 2024 changes the trend with a sharp rise. Fees exceed $120 million, marking the first period to break the $100 million line. This shift signals increased engagement as the protocol enters 2025.
Q1 2025 continues to be a period of high activity with the generation of approximately $90 million. In Q2 2025, there is another change in the figures as total revenue drops to the 40s. Q3 2025 then marks a very strong influx of sales once more, turning over $150 million, which soon becomes the peak quarter in the entire range.
ENA Extends Its Market Downtrend as Traders Watch Key Levels
On the TradingView chart, ENA is being traded under constant downward pressure. The token is currently valued at $0.2314 after experiencing a decline of 2.53% in the last 24 hours, which was preceded by a daily high of $0.2397 and a low of $0.2276. The price movement pattern is clearly depicting a descending channel, and since October, the price movement has been below the upper boundary of the channel.
Resistance is strongest at R1, located at approximately $0.50, and R2 at $0.85, where supply areas correspond with the main Fibonacci levels. The Fibonacci retracement tool indicates the level of 0.618 at $0.5896, 0.5 at $0.5022, and 0.382 at $0.4147. ENA is trading below these important Fibonacci levels, and the downtrend continues.
On the downside, ENA approaches a marked support zone near $0.20, which acted as a reaction level earlier in the year. The token recently broke below the 0.236 level at $0.3066, showing continued weakness. RSI (14) reads 27.45, with the signal line at 31.98, placing the asset in oversold territory. The downtrend continues as traders await a reaction at support.
Related: Ethena’s USDe Rises as Stablecoin Market Faces New Competition
New Partnerships Support Ethena’s Expanding Fee Base
Ethena’s rising fee growth aligns with expanding ecosystem activity. A new partnership with Nunchi, a Hyperliquid HIP-3 deployer, adds another revenue layer. Ethena Labs confirmed the collaboration through an official announcement.
Nunchi builds perpetual products for yield markets. The products allow users to express market views on RWA rates, dividends, and ETH staking yields. These additions create further financial instruments that connect to Ethena’s broader ecosystem.
Ethena Labs noted that a share of revenue generated by Nunchi will enter the Ethena ecosystem. This arrangement adds another income stream that matches the rising quarterly fee data. The team also stated that a future Nunchi airdrop remains possible if Nunchi launches a token, offering additional incentives for ecosystem participants. The partnership moves forward as Ethena’s fee totals climb across multiple reporting periods.
