$ENA is the native token of Ethena, a synthetic dollar protocol built on Ethereum. Ethena aims to create a decentralized, stable, and censorship-resistant digital dollar known as USDe. Unlike traditional stablecoins backed by fiat or crypto reserves, USDe is collateralized through delta-neutral strategies using perpetual futures, making it more scalable and efficient. ENA plays a key role in governance and incentivization within the Ethena ecosystem. The protocol gained significant attention due to its innovative approach and strong backing from major crypto players. As DeFi evolves, Ethena’s model could challenge traditional stablecoin dominance, offering an alternative that balances stability, decentralization, and scalability — all powered by ENA.
