$ENA

Current price (as of August 2025): about $0.66 per ENA.

Market capitalization: around $4.2 billion.

Total supply: 15 billion ENA tokens, with over 6 billion circulating.

Daily trading volume: typically over $1 billion, with high activity in the ENA/USDT pair.

ENA is used for platform governance, and early users received part of the supply through an airdrop.

Ethena’s ecosystem also features the “Internet Bond,” a crypto-based savings instrument denominated in dollars for global users.

Ethena’s stablecoin, USDe, is fully collateralized with crypto assets and stabilized using both collateral deposits and derivative hedging. ENA tokens can be traded freely on Binance and several other major exchanges.

Ethena’s approach makes it distinct from traditional stablecoins and allows it to be censorship-resistant and managed entirely by its community of ENA holders.