Ethena's Total Value Locked (TVL) has surged to a record $13.88 billion, demonstrating robust investor confidence even as the ENA token experiences a 13% decline over the past week. The protocol's 30-day annual percentage yield (APY) has reached 7.2%, offering attractive returns for liquidity providers. Despite the positive TVL growth, the ENA token faces pressure from increased selling activity, with $5.4 million moving into centralized exchanges, raising exchange reserves. The Open Interest Weighted Funding Rate has turned negative, indicating bearish sentiment in the derivatives market. Nevertheless, the increase in TVL and active participation suggests potential for future growth.