$ENA the governance and utility token of Ethena, the protocol behind USDe, a yield‑bearing synthetic stablecoin. Ethena uses a delta‑neutral derivatives strategy, combining spot and short positions to generate yield while maintaining price stability.

Over the last three months, the token has seen strong ecosystem growth. TVL surged by nearly 40%, fueled by rising demand for USDe and increased whale accumulation. July’s market activity highlighted investor confidence as the price remained resilient despite broader market volatility...