$ENA is the native token of the Ethena protocol, focusing on the construction of on-chain yield-generating stable assets, with strong logical support under the current RWA narrative. In particular, its 'synthetic stablecoin' mechanism generated through cash flow models is refreshing. I am optimistic about its practical implementation capability in the real yield asset sector, while also noting that there are several well-known institutions investing behind the project. ENA is currently at a medium market capitalization, with moderate volatility. If the project progresses steadily in the future, it has medium-term allocation value.