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- Ethena recorded its highest wallet growth since launch, Santiment reports.
- Daily active addresses surged alongside record wallet creation onchain.
- USDe growth and ENA utility expansions fueled network participation.
On June 18, there was a significant rise in the number of transactions on the Ethereum protocol, which has led to an increase in activity from wallets, according to blockchain analytics platform Santiment. Santiment of the United States noted that the network has increased the most since its inception since then, having added 2968 new wallets across 1 day. Meanwhile, the number of daily active addresses rose to 5,057, reaching the highest level since November of 2025.
An increase in both metrics suggests that there are new users entering the system and users are very active. This can be seen as an indicator of network adoption and interest in a protocol’s services. In a blog post from Santiment, it has been mentioned that Ethena has been one of the few DeFi projects that is witnessing significant on-chain expansion amid adverse market conditions for the overall crypto market.
According to the chart, the number of wallets created has been rather low throughout most of 2026, but it has jumped significantly since mid-June. Likewise, the daily active addresses (DAA) acted in a similar pattern and the latest increase was different from previous network activity. Activity was related to the growing interest of USDe and ENA Utility.The activity was related to the growing interest of USDe and ENA Utility.
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Growing Interest in USDe and ENA Utility Drives Activity
One of the main topics that is under close scrutiny is the proposed buy back and burn mechanisms by ENA. The discussions are geared towards bringing more in-line the protocol’s revenue and the token’s holders, thus improving many investors’ adherence to the governance. Furthermore, Ethena is making great efforts to promote the adoption of staked ENA. The new capabilities can help increase engagement as users have more to keep interacting in the ecosystem.
Furthermore, the further development of the USDe ecosystem seems to be contributing to widespread adoption. The synthetic dollar product, USDe, is a key element of Ethena’s long-term strategy and is helping to drive growth. Some of the more people who adopt, the more likely they are to use the network. Upcoming restaking initiatives were another factor that has contributed to traffic growth of the platform, Santiment added. Products such as restaking have become popularized throughout DeFi, and this opens up more opportunities for those looking for yield-generating strategies.
Simultaneous Growth Signals Broader Adoption
The latest data is noteworthy as it is the first time when both the network growth and the number of active addresses rose simultaneously. Both could be advantageous as stand-alone activities, but combined they can provide a clearer idea of the state of the ecosystem. Increase in wallet creation serves as an indicator that new participants are becoming aware about Ethena, suggests Santiment. The increased number of active addresses, however, shows that the users on the network are still active and interacting with the network protocol, not leaving the network.
This pairing places Ethena in a favorable spot from a point of view of the level of activity in the ecosystem. It also suggests that, in recent events, and governance proposals, along with the utility of the staking of the USDe, are keeping the users interested in the crypto. Santiment’s latest data shows Ethena achieving record wallet growth while daily activity reached a seven-month high. The spurt suggests growing adoption across the ecosystem as utility improves, governance initiatives take place and continued adoption in USDe.
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