$ENA The digital currency of the Ethena Protocol, a project built on it, aims to provide a decentralized stablecoin called USDe. Unlike traditional stablecoins like USDT or USDC, which rely on the US dollar as collateral, USDe is a "synthetic dollar" not pegged to fiat currencies but rather relies on crypto assets and short-term futures positions as collateral. This means its value is stable thanks to a complex financial strategy known as "delta hedging," which aims to reduce the risk of price fluctuations.

The role of the ENA token is as a governance token, meaning its holders have the right to participate in the management of the protocol and make decisions related to its future. They can vote on important proposals related to development, system changes, or any other strategic decisions. Fundamentally, Ethena aims, through its USDe token, to provide an alternative solution to digital money that is stable and scalable, without relying on the traditional banking system, paving the way for a truly decentralized financial system.