Core Insights - Ethena Labs' products are performing well, with three products in the top 50, including its stablecoin USDe in the top 20 and ENA at 41st position [1] - ENA price is currently around $0.70, down 15% in the past week but up 230% year-to-date, indicating strong overall performance despite recent volatility [2] - Ethena's total assets under management have surged to over $13.8 billion, more than doubling since early July 2025 [3] - The revenue for Ethena in Q3 2025 reached $8.63 million, a significant increase from $1.15 million in Q2 2025, reflecting the growth in total value locked [4] - Analysts are optimistic about ENA's price potential, with a bullish trend noted since early July and a target of $1 if it breaks above $0.90 [5][6] - A recent announcement of a fee switch aims to convert ENA into a yield-bearing asset, allocating a portion of revenue to ENA stakers [7] - Previously, fees from delta-neutral strategies were reinvested into ENA buyback and ecosystem growth [8]