$ENA

The ENA token is the native cryptocurrency of Ethena, a decentralized finance (DeFi) protocol built on the Ethereum blockchain.

Ethena is known for its synthetic dollar, USDe, which is a stablecoin that aims to be a crypto-native alternative to traditional stablecoins like USDT and USDC.

ENA primarily functions as a governance token, allowing holders to participate in the protocol's decision-making process.

The Ethena ecosystem generates yield through a strategy that involves delta-hedging staked Ethereum.

Recent developments have seen Ethena's USDe stablecoin grow significantly, becoming the third-largest stablecoin by market capitalization.

The protocol has also announced a substantial token buyback program, contributing to a recent surge in ENA's trading volume and price.