$ENA is surging! What’s driving its 30%+ rise in one week? Ethena (ENA) is the governance token backing USDe, DeFi’s synthetic dollar. Over the past seven days, ENA has risen approximately 32%—significantly outperforming the broader market (+5%)—and is currently trading around $0.12–$0.125. Trading volume has exceeded $250M in the last 24 hours, reflecting strong momentum. The primary catalyst: Kairos Research (a member of Ethena’s Risk Committee) has publicly proposed a governance initiative to **add tokenized gold (PAXG & XAUT) as collateral for USDe**. - Aims to reduce reliance on crypto derivatives and enhance risk diversification and stability - Leverages the liquidity and low volatility of the gold market (valued at over $6B) Immediately after the proposal went live, buying pressure surged, driving ENA up 21%–32%. https://t.co/nfGrRPYYBc Additional tailwinds: - TVL remains above $6.5B, with steady USDe supply growth - Growing institutional partnerships (Anchorage, Maple, Coinbase, etc.) boosting credibility - Reduced selling pressure following the completion of token unlock events + technical breakout - Correlation with broader market recovery Key developments to watch: If tokenized gold collateral is implemented, USDe will further differentiate itself as an “Internet Bond,” significantly enhancing ENA’s value potential. However, due to high volatility, closely monitor the voting outcome and execution. DeFi yield enthusiasts should pay close attention. #ENA #Ethena #USDe #Crypto #DeFi