$ENA

The digital currency of the Ethena protocol is a project built on it and aims to provide a decentralized stablecoin called USDe. Unlike traditional stablecoins such as USDT or USDC, which rely on the US dollar as collateral, USDe is an (artificial dollar) that is not tied to fiat currencies but depends on crypto assets and short-term futures as collateral. This means its value is stable thanks to a complex financial strategy known as 'Delta Hedging' aimed at reducing the risks of price fluctuations.

The role of the ENA token is governance, which means its holders have the right to participate in the management of the protocol and make decisions regarding its future. They can vote on important proposals related to development, system changes, or any other strategic decisions. Essentially, Ethena aims, through its USDe token, 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.