Ethena's TVL has not performed well in the recent adjustment. From the high of $14.98 billion on October 3rd, it has now fallen to $6.63 billion, a decline of over 55%. This number is quite striking — essentially halving and then some.

Seeing such a decline, many are contemplating the future development direction of Ethena. After all, the sharp fluctuation in TVL directly reflects the market's confidence in the project's liquidity and ecosystem health. Whether the situation can stabilize in the short term depends on whether there are new driving forces or if product adjustments can re-attract capital inflow.