$ENA is the governance and utility token of the Ethena protocol, which powers the synthetic-dollar stablecoin USDe. Built on Ethereum, Ethena uses ETH or liquid-staking tokens as collateral and opens short futures positions under a delta-neutral strategy to maintain USDe’s 1:1 USD peg decentralized and censorship‑resistant.

ENA holders can vote on governance proposals, earn rewards for stabilizing USDe via staking or depositing collateral, and participate in liquidity programs.

After its April 2024 launch with a 750 M‑token airdrop (5% of the 15 B total supply), Ethena introduced forced vesting—requiring at least 50% lockups—and staking capability as part of broader utility expansion and to incentivize long‑term alignment.