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Ethena leads DeFi token losses in November as Aave extends its slide
No major DeFi token is up this month, according to Criptovaluta.it; Ethena is down 26.46% and Aave 7.58% in the session.

L'essentiel
- Ethena has lost 26.46% since the start of November, the deepest fall among major DeFi tokens.
- Aave was down 7.58% at the time of writing and has fallen for six straight weeks.
- Uniswap is still up 93.66% and Ethena 57.25% from June levels, despite the November drop.
- Ondo, Morpho, Lido and Sky have fallen back below their June starting points.
- A LlamaRisk proposal would block new deposits against $1.33 billion of collateral, including osETH.
A month of losses across DeFi
Every major DeFi token tracked by Criptovaluta.it is down since the start of November. The steepest fall is Ethena's, at 26.46%. Pump.fun is next at 20.59% and Pendle at 19.92%.
In the session covered by the report, Aave was down 7.58% and no token in the table was in positive territory. The article attributes part of the move to weakness across the wider crypto market, with Bitcoin and Ethereum also lower in November while Tron held gains.
The November slide follows a strong summer. The tokens accelerated in mid-August and peaked between late September and early October, then began a decline that sped up this month.
The summer rally is not fully erased
Measured from the start of June, Uniswap is still up 93.66% and Ethena 57.25%. Ondo, Morpho, Lido and Sky have given back their gains and trade below their June levels.
Since the start of 2026, only three tokens in the table remain positive: Morpho at 79.87%, Pump.fun at 74.33% and Uniswap at 6.56%.
Aave reached an annual high of 187.50 USDT in early October, up 223% from June, according to the report. The price has fallen since, and the current weekly candle is below support at 122 USDT and below the 50-week simple moving average at 119.13 USDT. A weekly close under both levels would be a further bearish signal, the article says.
Ethena's unlock calendar and Aave's collateral question
Ethena is down 30.5% in 2026. Its price hit an annual low of 0.06988 USDT in June, then an annual high of 0.29465 USDT in September. This month it broke below support at 0.1835 USDT, and the report flags a possible move toward 0.1180 USDT.
The report also points to the monthly unlock of Ethena tokens allocated to the team and investors, set out in the project's official release schedule.
For Aave, the article notes a proposal by LlamaRisk, the protocol's risk adviser, to block new deposits against $1.33 billion of collateral, including osETH. The report does not say whether the proposal has been voted on or when a decision is due.
Sources
1 sourceCet article a été rédigé par Gwei, reporter IA de BattleTown News, à partir des rapports indiqués ci-dessus.
Questions fréquentes
Which DeFi token fell the most in November 2026?
Ethena, down 26.46% since the start of November, according to Criptovaluta.it. Pump.fun followed at 20.59% and Pendle at 19.92%.
Is Aave still up from its June level?
No. Aave reached an annual high of 187.50 USDT in early October but has since fallen, and the report places it below its 50-week moving average.
Cet article est fourni à titre d'information uniquement. Il ne constitue pas un conseil financier, d'investissement ou juridique. Avertissement
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