$ENA

*ENA* is the native governance token of *Ethena*, a synthetic dollar protocol built on Ethereum. Ethena aims to provide a decentralized and scalable stablecoin alternative, called *USDe*, which is not reliant on traditional banking infrastructure.ENA holders play a crucial role in governing the protocol, including decisions on risk management, collateral types, and upgrades. The protocol uses delta-neutral strategies combining on-chain and centralized exchange tools to maintain USDe’s peg. $ENA has gained attention due to its unique model that blends DeFi innovations with traditional finance hedging techniques, offering a new approach to stable asset creation in the crypto ecosystem.