Ethena 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 and Ethereum 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.
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.
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.
Read original story Why is Ethena Price Rallying 8% Today Despite $1.2B Crypto Market Crash? by Ibrahim Ajibade at Coinspeaker.com
