$ENA

Ethena’s ENA token governs a DeFi protocol issuing USDe, a synthetic stablecoin backed by ETH and hedged via futures. ENA enables holders to vote on protocol changes, earn staking rewards, and participate in liquidity programs. With a total supply of 15 billion and roughly 1.4–1.5 billion circulating, ENA saw a March 2025 unlock of 2 billion tokens which compressed its price. Today, ENA trades around $0.58, supporting governance, incentives, and ecosystem growth within Ethena’s decentralized synthetic dollar framework.