Ethena ($ENA) is a synthetic dollar protocol on the Ethereum blockchain. It provides a crypto-native solution for money, $USDe, which is a stablecoin not reliant on traditional banking infrastructure. The protocol uses a "delta-neutral" strategy, combining staked Ethereum collateral with short futures positions to maintain $USDe's peg to the U.S. dollar. $ENA is the protocol's governance token, allowing holders to participate in key decisions. It also features a globally accessible savings instrument called the "Internet Bond."
