$ENA

ENA (Ethena) is a synthetic dollar protocol built on Ethereum, offering a crypto-native stablecoin solution, USDe. It generates yield through delta hedging staked Ether (sETH) collateral, with returns from Ethereum staking and shorting Ether perpetual futures on centralized exchanges. Key features include [2][3]:

- *Synthetic Dollar*: USDe maintains its peg through delta hedging strategies.

- *Yield Generation*: Earns returns from staking rewards and funding rates on perpetual futures.

- *Governance Token*: ENA token holders participate in protocol governance.

- *Token Distribution*: A snapshot for token distribution has been taken, with further details to be announced.

ENA's innovative approach combines staking and derivatives [2].