$ENA $BTC ($ENA) is the governance token powering the innovative Ethena protocol, which issues the synthetic stablecoin USDe. Designed to offer a crypto-native alternative to traditional dollars, Ethena uses a delta-hedged strategy—balancing long spot and short futures positions—to maintain USDe’s peg. With over 6 billion ENA tokens already in circulation (max supply 15B), the protocol has quickly gained traction. Backed by top investors and supported by rising DeFi demand, plays a critical role in voting, protocol upgrades, and risk management. Despite recent market dips, interest in Ethena remains high, especially following notable buys by Arthur Hayes.