The Ethena ecosystem is facing the impact of two important events:

Firstly, on August 5th, 100 million ENA tokens will be unlocked, equivalent to approximately 60 million USD, accounting for 2.7% of the current circulation. This event has attracted widespread attention from the market, and investors are speculating whether large holders will choose to sell or if this expectation has already been priced in by the market.

At the same time, Ethena's stablecoin USDe has shown astonishing growth momentum. Its Total Value Locked (TVL) surged by 75%, approaching the $9.5 billion mark, firmly securing the third position in the stablecoin market. This growth rate is remarkable, reflecting the strong demand for USDe in the market.

Despite facing unlocking pressure, the price of ENA has remained relatively stable, currently consolidating around $0.60. The market is closely watching the critical support level of $0.58; if it can hold above this level, there is a possibility of a challenge towards $0.70.

This series of developments has raised several key questions:

1. Will the upcoming ENA unlocking become an opportunity or a risk for the market?
2. Considering the current price level, does ENA already have the value for low-cost acquisition?
3. Can the rapid growth of USDe bring long-term benefits to ENA?

Overall, the Ethena ecosystem is at a critical crossroads. The price trend of ENA will depend on the market's reaction to the unlocking event and investors' confidence in the long-term development prospects of the Ethena project. At the same time, the success of USDe could inject new vitality into the entire ecosystem, potentially supporting the value of ENA.

Investors need to weigh these factors and closely monitor market trends when making decisions. Whether to wait and see or to participate, it should be based on their own risk tolerance and judgment of the market.