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Ethena’s Total Value Locked Falls 55% to $6.63 Billion

Blockchain data shows a sharp decline from an October 2025 peak of $14.98 billion, according to analytics platform unfolded.

ENA

Summary

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Terms & Concepts
  • Total Value Locked (TVL): The total value of assets that are currently staked or locked within a decentralized finance (DeFi) protocol.
  • DeFi: Decentralized finance—financial services built on blockchain technology without traditional intermediaries.