$ENA The digital currency with the Ethena protocol is a project based on it that aims to provide a decentralized stablecoin called USDe. Unlike traditional stablecoins like USDT or USDC, which rely on the US dollar as collateral, the USDe currency is a (synthetic dollar) that is not tied to fiat currencies but is based on cryptocurrency assets and short-term positions as collateral. This means that its value is stable thanks to a complex financial strategy known as "delta hedging" that seeks to reduce price volatility risks.

The role of the ENA currency is to be a governance token, meaning that its holders have the right to participate in the management of the protocol and in decision-making related to its future. They can vote on important proposals that affect development, changes in the system, or any other strategic decision. Essentially, Ethena, through its USDe currency, aims to provide an alternative solution for digital money that can be stable and scalable without relying on the traditional banking system, thus opening the door to a true decentralized financial system.