Key Notes
- ENA outperformed major cryptocurrencies during Friday’s market downturn, recovering from previous de-peg concerns.
- Binance’s $400 million reimbursement fund helped restore investor confidence in Ethena’s stablecoin ecosystem.
- The platform expanded its stablecoin infrastructure to Conduit, reaching over 60 Ethereum networks with $4 billion TVL.
Ethena
ENA
$0.44
24h volatility:
7.6%
Market cap:
$3.12 B
Vol. 24h:
$651.95 M
price rose 8% to $0.44 on October 17, making it one of the few digital assets trading in green amid a widespread crypto market crash. ENA’s performance stood out as cascading market liquidation saw Bitcoin
BTC
$106 414
24h volatility:
1.6%
Market cap:
$2.12 T
Vol. 24h:
$94.72 B
and Ethereum
ETH
$3 826
24h volatility:
2.0%
Market cap:
$462.74 B
Vol. 24h:
$52.83 B
briefly cede key support levels at $104,000 and $3,700 respectively, on Friday.
Why is ENA’s Price Up Today?
Notably, Ethena’s native stablecoin USDe, which temporarily lost its peg to the US dollar during the record-setting $19 billion liquidation event on Oct. 10. At the time, USDe traded as low as $0.65 on Binance, triggering a sharp 50% correction in ENA price from $0.56 to $0.34.
Following the de-peg event, Ethena declared a clean bill of health with an on-chain proof of reserves update, before founder Guy Young clarified that Binance’s oracle used internal order book data with lean liquidity instead of an external feed, causing a temporary mispricing.
Binance promptly acknowledged the anomaly, before announcing a $400 million fund on Tuesday, to reimburse user losses.
As Binance’s $400 million “Together Initiative” eases investor anxiety, USDe also notably maintained its peg through the $1.2 billion market liquidations in the last 24 hours.
Ethena Extends Stablecoin Service to Conduit After Binance Mishap
October 17, Ethena announced a major expansion of its Stablecoin-as-a-Service (SaaS) product suite to Conduit, a leading rollup deployment platform powering over 60 Ethereum-based networks. According to Ethena’s official X post, the new integration will allow projects using Conduit’s infrastructure to launch their own native stablecoins leveraging Ethena’s collateralized architecture.
Ethena’s Stablecoin-as-a-Service stack is now available on @conduitxyz
Conduit powers 55% of chains on Ethereum with $4B+ TVL across 60+ mainnet deployments, powering teams from DeFi to RWAs to consumer apps
With this integration, chains building with Conduit can now access… pic.twitter.com/xMf6BvwYY3
— Ethena Labs (@ethena_labs) October 17, 2025
Conduit currently supports 55% of Ethereum’s active rollups, managing over $4 billion in total value locked (TVL) across decentralized finance (DeFi), real-world assets (RWAs), and consumer-focused applications.
Ethena (ENA) Price Action, Oct. 17, 2025 | Source: Coinmarketcap
At press time, Ethena’s market capitalization stands at $3.14 billion, ranking it among the top 50 crypto by valuation on Coinmarketcap. Trading volume surged 60.5% to $627.9 million, reflecting renewed interest among large investors as the USDe de-peg concerns ease.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
