$ENA is the native governance token of Ethena, a synthetic dollar protocol built on Ethereum. Ethena aims to create a decentralized, censorship-resistant alternative to traditional stablecoins, particularly those backed by fiat reserves like USDC or USDT. $ENA plays a central role in the protocol’s ecosystem by allowing holders to participate in governance decisions such as protocol upgrades, risk parameters, and economic incentives. Ethena's stablecoin, USDe, is designed to maintain its peg through a combination of crypto-backed collateral and delta-neutral strategies. also serves as an incentive mechanism, rewarding users who participate in staking, liquidity provision, or other key functions. With a strong emphasis on decentralization and transparency,supports Ethena’s vision of a truly decentralized stable currency that is scalable, resistant to regulatory capture, and more accessible globally. As the DeFi ecosystem matures,may continue to gain relevance, especially as users and developers seek alternatives to centralized financial products.
