Ethena's Total Value Locked (TVL) has dropped significantly, falling from $14.305 billion to $6.551 billion since October 11, according to DeFiLlama data. This marks a decline of over 50%. The TVL is primarily composed of USDe, which has seen net redemptions exceeding $8 billion since October. Notably, October alone witnessed a record net redemption of over $5 billion, as reported by Entropy Advisors.