Ethena’s ENA token surged 20% on Sunday, surpassing the $0.50 mark for the first time since February. The jump follows a significant increase in investor interest, with the protocol attracting over $750 million in recent days, according to DefiLlama.

Ethena offers a synthetic dollar, USDe, backed by BTC, ETH, and SOL paired with short perpetual futures. This strategy benefits from positive funding rates on exchanges, which have risen recently—boosting yields to nearly 10% annually, more than double traditional money market returns.

USDe’s circulating supply now stands at $6.09 billion, close to its February peak. As crypto markets heat up, Ethena is once again drawing strong attention from investors.