$ENA Ethena Labs powers USDe, an Ethereum-based synthetic dollar protocol offering on-chain stability without relying on traditional banking. USDe uses a delta-neutral basis trade strategy (long spot, short perps) to remain pegged to the U.S. dollar while generating yield for holders.

🔹 Tokenomics (as of Aug 5, 2025):

Max Supply: 15 B ENA

Circulating Supply: ~6.62 B ENA (≈ 44.2%)

Market Cap: ~$3.9 B (ENA trading near $0.59)

Allocation Breakdown:

Core Contributors: ~30%

Ecosystem Growth: ~28%

Investors: ~25%

Foundation: ~15%

Binance Launchpool: ~2%

Vesting & Unlocks: ~44% unlocked, remainder subject to cliffs and linear vesting through 2028; next large unlock in Sept 2025

With USDe's supply hitting $9.3 B and ENA's market cap up sharply over recent weeks, growth momentum is strong—though long-term stability hinges on market funding rate dynamics and systemic risk controls .

What role could USDe play in DeFi’s evolution—and is ENA holding up as its governance backbone?