Ethena DeFi protocol TVL milestone

Key Points:* Ethena reaches over $10 billion TVL, second after Aave.

• A notable achievement in non-staking DeFi protocols.
• TVL now at $11.89 billion with 4.72% sUSDe APY. Ethena has exceeded a Total Value Locked (TVL) of 11.89 billion USD, becoming the sixth DeFi protocol to achieve this milestone, as confirmed by Strategy Analyst Tom Wan.

This underscores a significant benchmark in decentralized finance, highlighting non-staking protocols’ capacity to scale, akin to Aave, and potentially influencing broader market trends.

Ethena Reaches $11.89 Billion TVL, Second Only to Aave

Ethena Labs surpassed $10 billion in TVL, joining Aave in this achievement as emphasized by Tom Wan. The TVL currently stands at $11.89 billion, driven by investors’ interest in the DeFi ecosystem. This makes it the sixth DeFi protocol overall and the second among non-staking models to reach this scale.

Ethena’s advancement has implications for the DeFi landscape, prompting further exploration into non-staking models. The sUSDe APY stands at 4.72%, appealing to yield-seeking investors. This milestone could influence future DeFi protocols towards similar models, enhancing market competitiveness.

Market reactions have been largely positive, with key figures in the sector acknowledging the significance of Ethena’s achievement. Tom Wan stated,

“Ethena has become the sixth DeFi protocol to surpass $10 billion TVL,”

which highlights the label’s industry impact. Further industry commentary is anticipated as others analyze this development.

Ethena’s Non-Staking Model Spurs Market Change

Did you know? Ethena is the second DeFi protocol to exceed $10 billion TVL without relying on staking, following Aave’s pioneering model.

Ethena USDe (symbol: USDe) currently trades at $1.00 with a market cap of $10.48 billion and a 24-hour trading volume of $371.97 million, marking a 17.93% shift. Ethena’s price faced a 1.45% decline over 24 hours, while gaining 3.56% over 60 days, as data from CoinMarketCap indicates.

Ethena USDe(USDe), daily chart, screenshot on CoinMarketCap at 09:07 UTC on August 12, 2025. Source: CoinMarketCap According to the Coincu research team, Ethena’s success may drive other DeFi providers to adopt non-staking models, since historical growth trends favor protocols demonstrating high TVL without staking reliance, fostering greater market adoption and innovation.

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