Ethena network explodes: highest activity in months

Ethena sees a notable spike in on-chain activity. On 18 June 2026, the network reached the highest number of daily active addresses since November 2025, while the number of newly created wallets even hit an all-time high since the protocol’s launch. According to data from Santiment, this points to a strong combination of growing user interest and increasingly active existing participants.

Ethena (ENA) is available at Bitvavo and Bybit.

Record numbers for active addresses and new wallets

The figures are impressive. On 18 June, the Ethena network recorded no fewer than 5,057 active addresses in a single day, the highest number in seven months. At the same time, 2,968 new wallets were created, a figure last seen in April 2024. That means two historical peaks on the same day.

When both the number of active users and the number of new wallets rise simultaneously, it is typically a sign that a project is attracting new users and that existing participants feel more engaged. For Ethena, that is a positive signal, especially in a market that has not been easy for everyone recently.

What drives Ethena’s growth?

The peak on 18 June appears to be the result of a convergence of factors. On one hand, there is renewed speculative enthusiasm for ENA; on the other, the project’s fundamentals are becoming stronger. Discussions within the community currently revolve around proposals for a buyback-and-burn mechanism for ENA, expansion of benefits for staked ENA, and the further growth of the USDe ecosystem. Read more about staking here.

Ethena also manages to attract attention outside of the peaks as one of the few DeFi projects that remains relevant. The growing adoption of USDe as a synthetic dollar, upcoming restaking initiatives, and governance proposals that more directly link protocol revenues to ENA holders play a major role in this. The price of ENA stands at around $88 at the time of writing.