I quickly update for you a quite notable development around Ethena $ENA
According to data from DeFiLlama, Ethena's TVL has sharply decreased from $14.305 billion to $6.551 billion since the event '1011', equivalent to a drop of over 50%. It is worth mentioning that most of Ethena's TVL comes from USDe, so this fluctuation mainly reflects the withdrawal pressure from this stablecoin.
Data from the Entropy Advisors dashboard shows that USDe has recorded more than $8 billion in net redeem value since October. Specifically in October, the net withdrawals have exceeded $5 billion, a record high ever.
If looking at the overall picture, this shows that the confidence and demand for holding USDe is clearly weakening, leading to a rapid contraction of Ethena's TVL. With a protocol that has a TVL heavily dependent on a core asset, such continuous withdrawal pressure is clearly not a positive signal, at least in the short term.
Brothers following the DeFi sector probably understand, TVL is not just a number but also directly reflects the willingness to accept risk and the confidence of the cash flow. Overall, the current signal is not good for $ENA.