$ENA

$ENA is the token for the Ethena currency, an innovative Web3 project aimed at providing a decentralized stablecoin known as USDe, without the need for traditional banking reserves. Ethena relies on a strategy called "delta-neutral" that combines lending and derivatives to protect price stability. The ENA token is used for governance, voting on protocol decisions, and distributing rewards.

In July 2025, the token saw a significant rise after the announcement of the StablecoinX fund allocating $260 million to purchase ENA, boosting confidence in the project. The market capitalization of ENA is approximately $3.9 billion, and the project is attracting increasing interest in the world of decentralized finance, especially for its attempt to offer a practical and stable alternative to traditional stablecoins like USDT and USDC.