#ENA# ENA Rising: The Growth Path of a New Giant in the Stablecoin Market

Recently, the cryptocurrency market has witnessed significant growth of ENA. This rapid rise is not only reflected in its soaring price but also in the widespread attention it has garnered. However, it is worth noting that the key factor driving the further development of ENA—the fee switch mechanism—has yet to be fully activated.
Emerging forces in the stablecoin sector
In less than a year, the supply of USDe has grown from zero to over $6 billion, surpassing DAI to become the third largest decentralized stablecoin, only behind the two largest centralized stablecoins. The annualized yield of sUSDe has risen to 10%, making it one of the highest sustainable yields in the current crypto space. This high yield is driving the development of active arbitrage strategies across multiple decentralized platforms.
The financing rates are also on the rise, with Bitcoin and Ethereum's financing rates reaching 19% and 12%, respectively, creating