$ENA
Ethena is a synthetic‑dollar protocol built on Ethereum, issuing USDe, a crypto-native stablecoin backed by an arbitrage-based strategy rather than traditional Treasuries . The native ENA token powers governance and ecosystem incentives: holders vote on platform decisions and elect risk committees .
As of early 2025, ENA trades around $0.60 USD, with a market capitalization near $3.8 billion, a circulating supply of approximately 6.4 billion ENA, and a maximum supply capped at 15 billion . The protocol also offers sUSDe, a yield-bearing version of USDe, though yields have fallen sharply from over 60 percent APY to under 5 percent as arbitrage opportunities declined .
Key events: heavy early buying by whales like Tokka Labs boosted ENA’s market cap to $2 billion+ and spurred bullish momentum . However, token unlocks and major transfers—including one in March 2025 releasing over $700 million of ENA—triggered sizable sell‑offs and price drops to the $0.30–0.40 range . Community backlash also followed mid‑2024 changes mandating forced token vesting for airdrop recipients, aimed at promoting long‑term alignment but criticized for eroding trust .
In summary, Ethena’s innovative synthetic-dollar model and token governance have drawn interest and scrutiny alike. ENA remains volatile—affected by unlock schedules, whale moves, and balancing yield potential against systemic risk.
