$ENA Ethena's native token, ENA, is the governance token for the Ethena protocol. The protocol is built on Ethereum and focuses on creating a synthetic dollar, USDe, which is a crypto-native stablecoin solution. Ethena uses a delta-neutral hedging strategy with collateralized on-chain assets and short positions in perpetual futures to maintain the USDe peg. ENA token holders can participate in the protocol's governance, influencing its future development and direction. The token's value is often linked to the performance and growth of the Ethena ecosystem, including the adoption and market capitalization of its USDe stablecoin.