Recently, the Crypto Assets market has witnessed the rise of a new star. The total market capitalization of the stablecoins ENA, USDe, and USDtb under the Ethena protocol has surpassed the $10 billion mark, demonstrating an astonishing rise.

It is worth noting that even without considering the factor of duplicate calculations, Ethena's total locked value (TVL) still reaches as high as 9.4 billion USD. This figure is not only impressive but also indicates that Ethena is about to join an elite club—one of only 5 decentralized finance (DeFi) protocols in the world with a TVL exceeding 10 billion USD.

This achievement highlights Ethena's rapid rise and strong presence in the DeFi space. As a relatively young protocol, Ethena's ability to accumulate such a large market capitalization and locked value in a short period undoubtedly proves that its innovative technology and business model have received widespread recognition in the market.

As Ethena continues to expand its market share, it is likely to reshape the DeFi landscape, providing users with more diverse and efficient financial services. This is not only a milestone for Ethena but also an important indicator of the development of the entire DeFi industry, indicating that decentralized finance is attracting more and more capital and users.

However, along with rapid growth, Ethena also faces many challenges, including how to maintain growth momentum, how to respond to potential regulatory pressures, and how to maintain a technological edge in a highly competitive market. In the future, whether Ethena can successfully join the ranks of DeFi giants and continue to innovate is worthy of ongoing attention from the industry.