# The Watch List: Ethena (ENA)

_Is Ethena poised for a comeback?_

July 24, 2026 • Michael Nadeau

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# The Watch List: Ethena (ENA)

## Is Ethena poised for a comeback?

Michael Nadeau
 July 24, 2026

 Hello readers,

 Today’s edition of The Watch List is for Pro Members only. If you’d like to unlock the report, you can sign up and get one month free [here](https://thedefireport.io/friends?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-ethena-ena).

 Back to Business.

 Ethena burst onto the scene in early 2024 with a bold idea to create a scalable, yield-bearing, crypto-native dollar backed by delta-neutral trading strategies rather than traditional banks.

 The protocol quickly found product-market fit, reaching nearly $15 billion in TVL at its peak. But the bear market has been brutal, with the ENA token falling roughly 94% from its all-time high.

 Which begs the question.

 Is Ethena now poised for a major comeback?

 We explore in this week’s edition of [*The Watch List*](https://thedefireport.io/price-targets?utm_source=thedefireport.beehiiv.com&utm_medium=referral&utm_campaign=the-watch-list-ethena-ena).

 Topics covered:

- [Financials](#financials)

- [Fundamentals](#fundamentals)

- [Drivers of USDe Yield](#drivers-of-us-de-yield)

- [Token Economics](#token-economics)

- [Competition](#competition)

- [Protocol Development Update](#protocol-development-update)

- [Risks](#risks)

- [Closing Thoughts](#closing-thoughts)

 Let’s go.

# Financials

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-  • Macro + onchain data "cycle awareness" updates
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-  • % of the portfolio in each position (including cash)
-  • Weekly update on what we are buying/selling
-  • Clear thesis & supporting analysis for any portfolio changes