$ENA Ethena’s native token ENA powers the governance of its synthetic dollar protocol, USDe, built on Ethereum . ENA launched on April 2, 2024, with a max supply of 15 billion tokens and about 1.425 billion initially circulating (~9.5%) . As of August 5, 2025, ENA trades around $0.58–0.59 USD, with a market cap near $3.8–3.9 billion and daily volume between $0.85–1.16 billion . ENA holders participate in protocol governance and decisions involving USDe. Though USDe’s yield product initially surged over 60% APR, it has tapered below 5%, raising concerns over sustainability and common arbitrage risks .