A1 Research: With nearly 70% of the market share, what is Ethena doing right?

Author: A1 Research

Compiled by: Deep Tide TechFlow

This data-driven report provides an in-depth analysis of @ethena_labs's recent growth performance while successfully retaining over 70% of its capital.

Due to Ethena's rapid growth over the past week, some of the reported data is not up to date. Here's how it has changed since this article was written:

TVL: From $5.88 billion to $7.55 billion (+28.4%)
Market position: Improved from 17th to 15th among all DeFi
Track Dominance: Market share increased from 68.1% to 70.6%

The paradox of DeFi loyalty

In a field known for short-lived hype, rapid turnovers, and mercenary capital, one protocol breaks the mold. While most DeFi platforms lose users when they show signs of volatility, Ethena quietly builds a fortress: it retains 76% of its total value locked (TVL), accounts for 68.1% of the entire track, and...

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