Let’s break down Hayes’ wallet activity, the market impact, and the surrounding information noise.

Hayes’ Wallet Activity and Sale Details

Massive token transfers over the past 15–20 minutes have been interpreted by the market as sales. Movements from Hayes’ known wallets to addresses such as Binance, Wintermute, and FalconX indicate a possible liquidation.

Lookonchain data further clarifies the situation:

Arthur Hayes (@CryptoHayes) is selling DeFi tokens.
In the past 15 minutes, he moved approximately 8.57M $ENA ($1.06), 2.04M $ETHFI ($954K), and 950K $PENDLE ($1.14M) out of his wallet — likely to sell.

Key sales are as follows:

• ENA (Ethena): 8,570,000 tokens at $0.123 per token, total value $1,060,900

• PENDLE: 950,022 tokens at $1.19–$1.20 per token, total value $1,137,350

• ETHFI (Ether.fi): 2,043,142 tokens at $0.466 per token, total value $953,410

These numbers are being interpreted as significant selling pressure by the market.

$10.37 Million Loss Claim

Some reports suggest Hayes suffered a $10.37 million loss, but current verified data indicates a smaller loss. On-chain analyst Yujin reports that Hayes’ total loss on accumulated DeFi tokens since December is approximately $3.15 million.

Therefore, the $10 million figure cannot yet be confirmed without cost-basis and transaction-level verification. Hayes’ own statement reflects the uncertainty:

“I had to take it all back… I promise, I’ll never take profit again.”

While phrased sarcastically, this remark may indicate a reduced risk appetite.

Market Conditions and Strategic Retreat

CoinGecko data shows Bitcoin briefly dipped to around $68,500, with a weekly loss of about 16%. Such market conditions tend to make the movements of large wallets closely scrutinized.

Hayes’ $3.15–$3.48 million sales alone are sufficient to create short-term price pressure. However, without a transparent cost table, any interpretation remains somewhat speculative.

The data relies on Arkham-labeled wallets. Sending crypto to exchanges does not always equate to immediate sales; past actions provide a reference for possible liquidation strategies.

Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don’t forget to follow us on Telegram, YouTube and Twitter for the latest news and updates.

The post Which DeFi Token Did BitMEX Founder Arthur Hayes Sell? appeared first on Coin Engineer.

Ethena Labs has proposed a plan to preserve USDe’s peg stability by repurchasing and burning approximately $95 million worth of USDe — equal to about 1.2% of its current collateral assets — whenever the secondary market price falls to $0.99 or below.

Will This Move Work?

According to the statement from Ethena Labs, the event was not a global de-peg but rather an issue isolated to Binance, caused by liquidity and oracle discrepancies. When examining other platforms during the same period, USDe maintained its stability with almost no price change.

If the strategy proposed by Ethena Labs is implemented, the repurchased USDe will be burned, meaning they will be permanently removed from circulation. This will reduce the circulating supply and create a stronger support level for maintaining price stability.

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Will the Proposal Be Approved?

The Ethena Risk Committee will evaluate this strategy under its governance framework and submit it to a management vote. If approved, buybacks will be carried out through a bidding process between Ethena and centralized exchanges. After bids are accepted, settlements will take place off-exchange, minimizing deposit collateral risks for exchanges.

How Will $USDe Be Affected?

A buyback of this scale would create strong price support for USDe, helping prevent potential de-peg events. As approximately 1.2% of the circulating supply gets removed, the overall collateral ratio of USDe would improve.

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What is Ethena (ENA)?

Ethena provides a crypto-native, scalable money solution with its synthetic dollar, USDe, backed by spot assets through delta-hedging with perpetual futures contracts and liquid stablecoins (USDC, USDT). USDe maintains a relatively stable value with reference to spot crypto assets and futures positions; liquid stablecoins enhance delta-hedging efficiency and offer protection in bear markets. sUSDe is the reward-accruing version of USDe, sharing protocol revenue through staking.

In 2024, BTC funding rates averaged 11%, ETH 12.6%; sUSDe APY averaged 19%. Ethena offers an alternative to USD stablecoins in the stablecoin market; in Q2 2024, stablecoins settled $8.5 trillion on-chain. Stablecoins account for 90% of spot/futures trading and over 70% of on-chain settlements, making them one of the largest crypto assets.

Centralized stablecoins (USDC, USDT) carry traditional finance risks; overcollateralized stablecoins are tied to Ethereum leverage demand; algorithmic stablecoins show mechanism fragility. Ethena creates a scalable dollar via derivatives, offering a $20 billion+ opportunity across DeFi, CeFi, and TradFi.

Ethena (ENA)’s Purpose

Ethena captures crypto’s largest opportunity with a crypto-native synthetic dollar and the first “internet bond,” inspired by Arthur Hayes’ “Dust on Crust” vision in March 2023. Stablecoins are crypto’s core instrument, with over 100 million users, proven product-market fit, the largest addressable market, and revenue potential. USDe reduces reliance on traditional banking rails, offering an alternative to fiat-backed centralized stablecoins.

Ethena integrates stablecoins across DeFi, CeFi, and TradFi, providing a reward-bearing dollar with sUSDe. Its network grows with members like Ethereal (perp/spot exchange), Strata (perp risk tranching), Terminal (spot exchange), Echelon (universal lending), and Derive (options/structured products); sENA accrues ecosystem token airdrops in a BNB-like model.

How Ethena (ENA) Works

USDe is backed by spot assets with on-chain custody and centralized liquidity venues, using delta-neutral hedging to manage spot asset risk with perpetual futures contracts. Example: A whitelisted user provides ~$100 USDT and receives ~100 USDe; the protocol opens a short perpetual position of the same notional value. Backing assets are transferred to “Off Exchange Settlement” solutions, flowing between custody and exchange only for funding or realized P&L.

Delta Neutrality: Backing asset price risk is hedged with a short position; changes in backing asset value are offset 1:1 by the hedge. USDe requires 1:1 collateralization.

Off Exchange Custody: Backing assets are held in institutional-grade solutions, minimizing exchange risk.

Protocol Rewards: sUSDe is obtained by staking USDe, earning from three sources: perpetual futures funding, system usage, and future integrations.

Staking USDe: Stake/unstake via UI; the transaction is signed, submitted to the blockchain, and upon confirmation, sUSDe/USDe is atomically swapped. Holding sUSDe is sufficient; rewards accrue in the staking contract, increasing sUSDe value. Unstaking has a 7-day cooldown; early sUSDe/USDe ratio is 1:1, increasing with rewards. Token vault mechanism (similar to Rocketpool’s rETH); staked amount may grow.

Staking ENA: Stake/unstake via UI; the transaction is signed, submitted to the blockchain, and upon confirmation, sENA/ENA is atomically swapped. Holding sENA is sufficient; rewards accrue in the staking contract, increasing sENA value. Unstaking has a 7-day cooldown + sENA unstake cooldown. In late 2024/early 2025, unclaimed Season 1 airdrop ENA was distributed; as of September 2025, no distributions are active or announced.

Position Locking: Lock/unlock via UI; the transaction is signed, submitted to the blockchain, and upon confirmation, the cooldown begins. After the cooldown, a “Withdraw” transaction is signed and confirmed to receive tokens. USDe has a 7-day cooldown, sENA has a 7-day cooldown + unstake cooldown, LP tokens have a 21-day cooldown (some LP tokens immediate).

ENA Governance: ENA governs the Ethena protocol and critical decisions; biannual Risk Committee elections and future additional committees. ENA holders delegate daily decisions to expert stakeholders; Snapshot forum and voting page. Risk Committee: Kairos Research, Llama Risk, Ethena Labs Research, Steakhouse Financial, Blockworks Advisory, Credio (Untangled). sENA holders vote on ENA tokenomics and ENA-specific proposals. The community voted on Ethereal, SOL backing, and Reserve Fund RWA allocations; BlackRock BUIDL received the highest allocation.

sENA Rewards: sENA is the liquid receipt token for locking ENA, composable in DeFi. It receives unclaimed Season 2 airdrop ENA, rewarding users aligned with long-term growth. It earns rewards from Ethereal and Ethena Network members; Ethereal commits 15% of future token supply to sENA. Rewards page for details.

Restaked ENA: Generalized restaking pools with Symbiotic; sENA provides economic security for USDe cross-chain transfers via LayerZero DVN messaging. First layer for Ethena Network and on-chain financial applications.

Ethena (ENA) Tokenomics

ENA is the Ethena protocol governance token. Total supply: 15 billion.

Allocation:

• 30% Core Contributors (1-year 25% cliff, 3-year linear monthly vesting; no unlock before cliff),

• 25% Investors (1-year 25% cliff, 3-year linear monthly vesting; no unlock before cliff),

• 25% Foundation (expanding USDe reach, development, risk assessments, audits),

• 20% Ecosystem Development and Airdrops (10% Season 1/2 airdrop, remainder for cross-chain initiatives, exchange partnerships; DAO multisig).

Core Contributors and Investors unlock began at ENA TGE on March 5, 2024.

Ethena (ENA) Investors

Ethena raised $136.5 million (valuation $300 million). Tier 1: Dragonfly, Polychain Capital, Pantera Capital, YZi Labs, Galaxy, Delphi Ventures. Tier 2: OKX Ventures, GSR, Hashed, CMT Digital, Mirana Ventures, Wintermute, Nascent, MEXC Ventures. Tier 3: Maelstrom, HTX Ventures, Foresight Ventures, Castle Island Ventures, Brevan Howard Digital, Strobe Ventures, Franklin Templeton Investments, Faction, Gemini, No Limit Holdings, Avon Ventures, Deribit. Tier 4: F-Prime Capital. Others: Anthony Sassano, Cobie, Nic Carter.

Ethena (ENA) Team

Ethena team: Guy Young (Founder), Zach Rosenberg (General Counsel), Conor Ryder (Head of Research), Elliot Parker (Head of PM), Brian Grosso (Head of Engineering), Seraphim Czecker (Head of Growth).

Official Links

• Website
• X (Twitter)
• Whitepaper

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Ethereum Compatibility and High Performance

Converge is fully compatible with the Ethereum Virtual Machine (EVM), allowing it to seamlessly run Ethereum-based smart contracts and decentralized applications (dApps). This ensures that existing DeFi protocols and tools can operate on the Converge network without any need for modification.

The network’s initial partners include prominent DeFi projects such as Pendle, Avara (the parent company of Aave Labs), Ethereal, Morpho, and Maple Finance. Custody services will be provided by industry leaders Copper, Fireblocks, Komainu, and Zodia. Interoperability will be supported through LayerZero and Wormhole, while RedStone will handle oracle services.

Ethena and Securitize Make a Major Move

Ethena is preparing to migrate its $6 billion DeFi ecosystem to the Converge network. The company will also offer its yield-bearing USDe token and BUIDL-backed USDtb stablecoin on the platform. At the same time, Securitize will bring its tokenized real world assets to Converge, including BlackRock’s BUIDL token and the newly issued Apollo credit fund token.

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Ethena’s native governance token, ENA, will serve as a stakeable asset on the network through sENA, securing the blockchain with a permissioned validator set operated by traditional financial institutions and centralized exchanges. In addition, both USDe and USDtb tokens will function as gas tokens for the Converge network.

New Opportunities for Institutional Investors

Securitize CEO Carlos Domingo stated, “Tokenization by itself is just putting securities on another ledger. But when combined with DeFi innovations, tokenization can unlock massive opportunities.” Ethena Founder Guy Young added that Converge will enable traditional assets to be brought on-chain, creating custom money markets and allowing for the trading of assets that currently do not exist on-chain.

Designed for institutional players, Converge offers a public open network wrapped in a KYC protocol that verifies users’ identities beyond simply whitelisting wallets. This structure ensures a secure and compliant DeFi environment for investors dealing with regulated financial instruments.

Will Converge Become the Future Blockchain Platform?

Converge is expected to become one of the largest platforms that unites traditional and decentralized finance in the coming years. It aims to serve as a critical bridge that allows institutional investors to step into the DeFi world with confidence.

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