Ethena’s ENA token has declined sharply, dropping to $0.089 amid weakening protocol fundamentals. On-chain data reveals a 32% quarterly revenue drop to $65.06 million and a significant outflow of capital, with Total Value Locked falling by approximately $130 million since March. Despite these declines, spot market data shows sustained buying pressure, with $3.41 million in cumulative purchases over three days.
The price of Ethena‘s ENA token has fallen sharply, aligning with its declining financial performance. This drop raises questions about whether it signals a deeper correction or a temporary adjustment.
Key protocol metrics have weakened significantly since the start of Q1 2026. Gross Protocol Revenue fell to $65.06 million, representing a 32% decline from the previous quarter.
This contraction points to weaker minting activity and reduced staking rewards. The data suggests declining on-chain participation rather than broader market pressure.
Liquidity conditions have also deteriorated, with Total Value Locked (TVL) falling steadily. TVL dropped by roughly $130 million since early March, reaching approximately $6.66 billion.
Despite the broader slowdown, the protocol recorded a slight improvement in gross profitability. It generated $614,190 in Q1 2026, compared to $463,200 in Q4 2025.
This marginal increase does little to offset a sharp decline from earlier performance. Q3 2025 saw $10.18 million in gross profit, roughly 16.5 times higher than current figures.
User activity data supports the view of weakening engagement. Daily Active Users have dropped to around 1,200, the lowest level since December.
Despite weakening fundamentals, spot market activity presents a more resilient picture. Exchange netflow data indicates increased buying pressure recently.
Over the past 24 hours, net inflows into spot positions reached approximately $303,000. More notably, cumulative purchases have climbed to around $3.41 million over three days.
Such sustained demand indicates investors continue to absorb sell-side pressure. However, without a recovery in core fundamentals, any price upside may remain constrained.
