$ENA • The current price of ENA is approximately 0.586 USDT/ENA at the end of the session. 

• The price recorded over the last 24 hours reached a high of 0.64 USDT and dropped to 0.58 USDT, indicating significant volatility within these ranges.     

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📊 Price performance over periods

• The price has decreased by about 6.3% over the last 24 hours.  

• Over the last 7 days, the price has declined by between 6 – 7 %. 

• During the last month, the price has increased by approximately 129 % compared to the same period last year.  

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🧠 What is ENA and why does it matter?

• ENA is the governance token for the Ethena protocol, which provides a synthetic stablecoin called USDe, built on the Ethereum network, which does not rely on traditional assets like bank reserves to stabilize the price. 

• The system relies on a basis trade strategy represented by spot buying and perpetual futures selling to achieve stable income. It uses a tiny fraction of liquid staking tokens to generate additional yields. 

• While the protocol has seen yields of over 60% annually, these yields have gradually decreased to less than 5% currently, due to competition and declining funding rates.