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\n\t\t\t\t\t\t\t\t\tGrayscale\u2019s addition of ENA to its DeFi Fund helped trigger Ethena\u2019s strongest network growth day in over three months.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Ethena\u00a0recorded its largest single day of network growth in more than three months on May 12, as the number of newly created wallets surged alongside a sharp rise in whale activity.<\/p>\n
In the meantime, whale transactions involving the ENA token also climbed to their highest level in five weeks.<\/p>\n
Crypto analytics platform Santiment linked<\/a> the increase in activity to several major developments surrounding the protocol in the days leading up to May 12.<\/p>\n For instance, asset management giant Grayscale Investments added ENA to its DeFi Fund with a 13.59% allocation, a move viewed as a major step toward institutional adoption. Santiment said the inclusion likely contributed to the creation of new custody wallets.<\/p>\n Attention on the protocol intensified further after a $310 million USDC transfer from an Ethena-linked wallet on May 8 and the suspension of a LayerZero bridge on May 9. The growing anticipation surrounding Ethena\u2019s upcoming fee switch activation and expected governance vote could be yet another factor at play.<\/p>\n ENA has fallen more than 85% from the highs it reached in August 2025 as the broader crypto market faced heavy selling pressure. However, the token showed signs of recovery over the past month with a gradual upward move. But fresh selling pressure on Thursday erased part of those gains, leaving ENA up by less than 20% for the month.<\/p>\n In a separate ecosystem development, Ethena\u2019s USDe stablecoin is being integrated<\/a> into a new institutional-focused lending market launched on Solana-based DEX aggregator Jupiter through its Jupiter Lend product. The new offering was developed in partnership with Bitwise Asset Management and Fluid.<\/p>\n The launch also represents the first time a traditional asset manager has curated a lending market on Jupiter Lend. Bitwise said Ethena\u2019s expansion into the Solana ecosystem and its growing institutional presence align with its long-term view on on-chain finance and DeFi adoption.<\/p>\nEthena USDe Expansion<\/h2>\n
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