ENA is the governance and utility token for Ethena, a synthetic‑dollar protocol on Ethereum offering a crypto‑native stablecoin called USDe and a yield‑bearing savings asset, sUSDe .

ENA holders can participate in decentralized governance—voting on protocol decisions such as risk management, collateral asset selection, and strategic proposals—via a DAO and bi‑annual Risk Committee elections .

The token supports staking: locking ENA yields sENA, which is composable in DeFi and earns rewards tied to protocol revenue and airdrops .

Ethena’s 2025 roadmap includes new products like iUSDe, Telegram payments integration, and expansion into trade‑fi use cases.$ENA