Ethena Discord Server Comes Under Attack

Users of the Ethena Discord server have been asked to desist from clicking on any link in the meantime. This follows an earlier attack on the Discord server by some bad actors who are yet to be identified. 

According to blockchain detective ZachXBT, the Discord of the Ethereum synthetic dollar protocol known as Ethena was compromised by hackers.

In response to the unfortunate situation, the native token of the Ethena protocol has been performing poorly. ENA has registered a 3% decrease in the last 24 hours and 47% in the past thirty days. At the time of this writing, the token was trading at $0.3888. 

ENA Token Registers Price Decline

The Ethena token was launched in April 2024 and immediately established itself as a mainstay in the crypto industry. In a matter of a few months, it rose to become one of the top 100 cryptocurrencies by market capitalization. ENA reached an all-time high (ATH) of $1.4775 in the same month of its launch. However, it saw a gradual decline over time. 

Last month, the crypto token experienced a noticeable downturn, with its price significantly down by 39.16% over 30 days. This suggested a sharp drop in investor confidence in Ethena and market valuation. Meanwhile, the plunge in price was attributed to a number of factors including increased market competition and external market pressures.

Ethena’s USDe Hit Major Milestone 

One of the core products of Ethena is the USDe, a synthetic dollar stablecoin that wants to provide a globally-acceptable dollar-denominated solution. At the beginning of June, Ethena Labs announced that the USDe surpassed a $3 billion supply. This was only four months after its launch, making it the fastest USD stablecoin or asset to reach the $3 billion milestone in crypto history.

In terms of Total Value Locked (TVL), Ethena’s team stated that it has about $1.9 billion and offers an annual yield that could be as high as 35.4%.

A Glance Through Ethena Future Roadmap 

Part of its future plans is to become a unified currency layer. This includes plans to integrate USDe across Decentralized Finance (DeFi), Centralized Finance (CeFi), and Traditional Finance (TradFi). Additionally, the protocol wants to leverage USDe as a bridge to aggregate liquidity across centralized and decentralized exchanges.

Currently, the protocol has been integrated with CEX wallets like Binance, Bybit, OKX, and Bitget.

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