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ENA has risen again, although the increase isn't as dramatic as previously mentioned, but this time it's because the Ethereal mainnet Alpha has officially launched. Ethereal is a decentralized exchange approved by the Ethena community, now open for testing by some users.
Simply put, Ethereal is a DEX built around the synthetic stablecoin USDe. Technically, it uses a custom EVM application chain, then leverages Arbitrum for execution and settlement, supporting perpetual contracts trading for USDe. If you hold ENA, 15% of the future Ethereal token distribution will go to ENA holders, which is a pretty good incentive.
Currently, ENA's 24-hour price increase is about 1.22%, indicating that the market still has some expectations for the launch of Ethereal. The mainnet Alpha stage is likely to see many iterations, and it seems there might be more stories to come.