During the four-hour period in which the Binance attack took place, Ethena’s ENA token lost more than 16% of its value, while price and supply changes in USDe, which tracks the dollar, remained limited.
According to an analysis by Santiment dated October 30, ENA recorded its lowest four-hour close since September 18. Ethereum fell about 4% over the same period, underscoring the severity of the sell-off in ENA.
However, the two assets in the Ethena ecosystem reacted differently during this period. While the project’s governance token ENA suffered a double-digit loss, USDe fell about 0.2%. USDe dropped to $0.9974 at 07:00 Turkey time on October 30.
No major outflow from USDe supply
USDe supply on the Ethereum network changed by about $1.5 million on the day of the attack. That move was limited compared with the typical daily fluctuation of about $21 million cited by Santiment.
The analysis shows that the sharp sell-off in ENA did not turn into a similarly large contraction in USDe. Santiment also interpreted this divergence as selling pressure being concentrated in the governance token, while USDe holders largely maintained their positions.
sUSDe supply fell 1.1%
sUSDe supply on Ethereum fell 1.1% that same day. Transfer volume rose, but remained well below the highs seen since May.
Thus, the decline in ENA’s price and supply movements in USDe and sUSDe on the Ethereum network painted different pictures: the governance token saw heavy selling, while dollar-focused assets did not experience outflows on the same scale. This comparison reflects data from the period covering the attack.
Not investment advice.