$USDC /$ENA

($ENA) is the governance token that powers the innovative Ethena protocol, which issues the synthetic stablecoin USDe. Ethena is designed to provide a cryptocurrency-based alternative to traditional dollars and uses a delta hedging strategy - balancing long spot and short futures positions - to maintain the stability of USDe. With over 6 billion ENA tokens traded (with a maximum of 15 billion), the protocol has gained rapid momentum. Backed by major investors and rising demand for decentralized finance (DeFi), it plays a crucial role in voting, protocol updates, and risk management. Despite recent market downturns, interest in Ethena remains high, particularly following notable purchases by Arthur Hayes.