$ENA ENA is the governance token of Ethena, a DeFi protocol focused on a synthetic dollar called USDe, and sUSDe, the “Internet Bond” for yield-bearing stablecoin exposure .

USDe aims to offer a dollar-pegged, crypto-native stablecoin without reliance on trad-fi assets, backed by delta-neutral strategies using crypto collateral and futures positions .

ENA holders participate in protocol governance, staking (as sENA), restaking via platforms like Symbiotic for enhanced security, and ecosystem voting rights .