BDAG Pulled in $5M in 48H, $238M ETH at Risk & ENA Grows Utility

ETH Faces $238M Liquidation Risk, ENA Unlock Sparks Interest— Yet BlockDAG Raises $5M in 48H After Viral Keynote 3

MakerDAO’s vault protocol is facing increased stress as two major Ethereum whales could see $238 million in ETH forced into liquidation. With ETH currently near $1,870, the critical liquidation levels sit at $1,805 and $1,787—uncomfortably close. The vaults in question show a health ratio barely above 1.00, suggesting even a slight price dip might trigger auto-liquidations, sending ETH into the market and amplifying downward pressure.

While risk remains high for Maker’s vaults, Ethena Labs is making strategic adjustments. Its introduction of a new sUSDe yield pool on Pendle adds functional utility to ENA, potentially softening the blow of its recent unlock. This utility boost could help strengthen ENA’s fundamentals in the coming months.

Meanwhile, BlockDAG (BDAG) is setting a new standard. Keynote 3 revealed that its full DeFi ecosystem—covering staking, lending, swaps, governance, and bridging—will be active from the mainnet launch. This approach skips the usual phased rollouts seen on most Layer 1s. With $210 million raised in its presale and $5 million coming in within just 48 hours, BlockDAG is putting real tools into place now—not later.

$238M Under Threat: ETH Vaults Close to Liquidation Mark

Two large Ethereum holders are nearing a potential $238 million liquidation as the price continues to slide. Data from Lookonchain confirms they’ve secured over 125,000 ETH within Maker vaults and borrowed $143.68 million worth of DAI. Should ETH fall beneath $1,805 and $1,787, liquidation would be triggered for both vaults.

The vaults currently sit at health ratios of 1.05 and 1.06, marginally above the threshold. If breached, automatic sales will be initiated to repay the DAI loans, further pushing ETH prices down.

ETH has dropped 2.2% in the last day, now trading at $1,870. Without added collateral, these positions are at risk of rapid collapse.

Ethena Introduces sUSDe Pool with Pendle: Can ENA Gain Strength?

Ethena Labs has introduced an sUSDe yield pool in collaboration with Pendle, scheduled to run from March 25 through July 31, 2025. This could attract users focused on earning yield and enhance liquidity within Ethereum’s ecosystem.

The extended timeframe allows wider participation. If the pool gains popularity, it may reflect growing faith in Ethena’s model and could lift interest in ENA.

Following the spotlight from ENA’s large token unlock, this move toward yield-based use cases might help balance out the current pressures and shape ENA’s short- to mid-term price direction. Monitoring the capital inflow and return percentages could offer clues about ENA’s future.

BlockDAG Confirms Full DeFi Launch—$5M Raised in Two Days Signals Momentum

Keynote 3 from BlockDAG didn’t just spotlight the testnet—it laid out a solid plan for DeFi operations going live immediately on the mainnet. Key features like swaps, staking, governance, lending, and bridging will be live from the start, all embedded in the core structure. This is a sharp contrast to other Layer 1s, which often take months post-launch to introduce similar features.

This strategy is gaining serious support. Within just 48 hours, BlockDAG secured $5 million in crypto presale funds, pushing the overall raise to $210 million. With BDAG priced at $0.0248 in Batch 27 and over 19 billion coins already purchased, the traction is clear.

This development positions BlockDAG as a direct rival to Ethereum, Solana, and Avalanche—not just in terms of speed, but in actual usage readiness. If this momentum holds, BDAG might become one of the leading DeFi-ready Layer 1s this year. For early backers watching closely, the indicators couldn’t be stronger—this is a crucial turning point.

Final Thoughts

The warning signs around ETH’s liquidation risk highlight how unstable large leveraged positions can be in choppy markets. MakerDAO may endure the pressure, but a further price slip could trigger broader sell-offs. Ethena’s new Pendle partnership gives ENA added utility, yet it’s unclear if that will offset the effects of its $3.29B unlock. Right now, ETH and ENA appear to be holding defensive positions.

In contrast, BlockDAG is operating as though it’s already fully active. Its DeFi suite isn’t something planned for later—it’s ready for launch. While others are still building piece by piece, BlockDAG is combining its tools from the start. That speed and readiness offer BDAG a major head start in usability.