Ethena’s on-chain footprint just printed numbers that put it in its own league relative to recent DeFi activity. According to the Santiment update, daily active addresses on the network have pushed to levels not seen since November 2025, while new wallet creation has reached an all-time high since the protocol launched. The sudden expansion in both network growth and daily users is rarely a coincidence. It signals that fresh capital and new participants are entering the ecosystem at the same time that existing users are stepping up engagement.