$ENA
Ethena (ENA) is a decentralized finance (DeFi) protocol built on the Ethereum blockchain. It provides a crypto-native solution for money, aiming to offer a stable and scalable digital currency that is independent of traditional banking systems.
Here's a breakdown of what ENA coin is:
* Synthetic Dollar (USDe): Ethena's core product is a synthetic dollar called USDe. This is a stablecoin designed to maintain its value at around one US dollar. Unlike traditional stablecoins that are backed by actual fiat currency in a bank, USDe uses a delta-hedging strategy. This involves using crypto assets as collateral and simultaneously taking short positions in the futures market to hedge against price volatility.
* Governance Token: ENA is the native governance token of the Ethena protocol. Holders of ENA can participate in the protocol's decision-making processes, such as voting on important proposals and electing members to a risk committee.
* "Internet Bond": Ethena also offers a "globally accessible dollar savings instrument" called the "Internet Bond" (sUSDe). This allows users to earn a yield on their USDe holdings through staking.
Market Information (as of August 5, 2025):
* Price: Approximately $0.60 USD
* 24-Hour Trading Volume: Around $1 billion USD
* Market Cap: Approximately $3.9 billion USD
* Circulating Supply: Over 6 billion ENA
* All-Time High: Approximately $1.52 USD (reached on April 11, 2024)
* All-Time Low: Approximately $0.19 USD (reached on September 6, 2024)
* Market Rank: Ethena typically ranks among the top 50 cryptocurrencies by market capitalization.
The price of ENA is subject to the high volatility of the cryptocurrency market, influenced by factors like market trends, user adoption of the USDe stablecoin, and new developments within the Ethena ecosystem.
