$ENA is the ticker symbol for Ethena (ENA), a cryptocurrency token associated with the Ethena Protocol, a decentralized finance (DeFi) project that aims to offer a synthetic dollar system on the Ethereum blockchain. The primary goal of Ethena is to provide a stable, censorship-resistant alternative to traditional stablecoins like USDT or USDC, which are backed by centralized entities. Ethena’s synthetic dollar, known as USDe, is backed by a delta-neutral strategy involving collateralized ETH and derivatives positions to maintain price stability.

$ENA serves as the governance token of the Ethena ecosystem. Token holders can participate in protocol decisions, such as changes to collateral parameters, risk management strategies, and reward mechanisms. By decentralizing control, Ethena ensures community participation and transparency.

The Ethena Protocol has attracted attention for its innovative financial engineering, especially its use of perpetual futures and staking yields to maintain a peg without relying on traditional fiat reserves. This makes it particularly appealing in jurisdictions or scenarios where access to traditional banking infrastructure is limited.

As of mid-2025, continues to be actively traded on major exchanges and is considered a promising project in the DeFi space, particularly as the market seeks decentralized and scalable stablecoin alternatives.