$ENA
Here is an analysis of 120 words about token $ENA (Ethena) in English:
Ethena is a protocol for synthetic stablecoins built on the Ethereum network, providing a digital dollar called USDe, designed as a financial solution independent of traditional banks for users within the DeFi environment (CoinGecko). The ENA token is used for governance, allowing ENA holders to vote twice a year to elect members of the risk committee within the protocol (Coinbase, coinmetro.com). The system aims to achieve USDe stability through a Delta Hedging strategy, which relies on opening long positions in ETH and future sell points to achieve yield and sustain stability (coinmetro.com). The total supply of ENA is up to 15 billion, with about 6.62 billion in active circulation, representing approximately 44% of the total supply (Coinbase). The current price of ENA is around $0.58, with an approximate market cap of $3.8 billion and a daily trading volume ranging from $800 million to $900 million (Coinbase, CoinCarp, DropsTab).
