$ENA ENA, the native token of Ethena, powers a decentralized synthetic dollar system aiming to provide a crypto-native alternative to traditional stablecoins. What makes ENA interesting to me is how it’s used within Ethena’s protocol to help stabilize USDe, a synthetic stable asset that doesn’t rely on fiat backing. The project combines derivatives and on-chain collateral to maintain value, which feels innovative yet risky. I see ENA as a bold attempt to rethink stablecoin design for DeFi users. If it scales well and maintains peg stability, ENA could play a key role in reshaping on-chain finance infrastructure.