Ethena’s TVL spike shows how narrative-led growth can fade fast – Link

TVL climbed sharply into late 2025, peaked near $15b, then rolled over hard into 2026 and has since stabilized around $4.8b. Fees (annualized) still print $367m, but revenue lands at just $12.4m — meaning most of that goes to users, not the protocol. Market cap sits at $718m against a $1.16b FDV, with $ENA at $0.077.

The pattern is the same: capital arrives fast when the narrative is strong, then reassesses when yield durability comes into question. At current levels, the market is essentially pricing in a much smaller, steadier-state Ethena — not the $15b peak version.

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