$ENA ENA is the governance token of the Ethena protocol, a decentralized finance (DeFi) project on the Ethereum blockchain. The main utility of ENA lies in its role in participating in the governance decisions of the protocol. ENA holders can vote on proposals concerning the future development of Ethena, risk management, and the introduction of new features.

The prospects for ENA are closely tied to the success of Ethena and its synthetic stablecoin, USDe, which aims to provide a stable, scalable, and censorship-resistant digital currency. If Ethena manages to establish itself in the DeFi landscape, the demand for ENA could increase. However, like any cryptocurrency, ENA is subject to high market volatility and inherent risks related to the protocol's "delta-neutral" hedging strategy.

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