As the Ethena Season 2 airdrop event approaches its end on September 2, the platform faces challenges with a declining Total Value Locked (TVL), now at $2.92 billion, down from a peak of $3.612 billion in early July. The decline is driven by users selling their $ENA tokens or withdrawing stablecoins to avoid potential price drops, seeking better opportunities in other projects. Notably, Abraxas Capital Mgmt recently redeemed $91.22 million of USDDe, leading the list of redemption addresses.
