$ENA Ethena ($ENA) is a decentralized finance (DeFi) protocol built on the Ethereum blockchain. It provides a crypto-native solution for money that is not reliant on the traditional banking system. Its primary product is USDe, a synthetic dollar stablecoin that aims to be censorship-resistant and scalable.

​To maintain its $1 peg, USDe is collateralized by crypto assets, such as staked Ethereum (stETH), and uses a delta-hedging strategy with short futures positions. The ENA token serves as the governance token for the protocol, allowing holders to vote on key decisions.