$MYX $ENA #Write2Earrn

The ENA token is the native digital currency of the "Ethena" protocol, a decentralized finance (DeFi) project built on the Ethereum network. The project aims to provide an "artificial dollar" known as "USDe", which serves as an alternative to traditional stablecoins that rely on the conventional banking system #Write2Earn .

What is the artificial dollar USDe? #Write2Earn!

USDe differs from other stablecoins like USDT and USDC because it is not directly tied to fiat currencies in banks. Instead, it is secured using a mix of digital assets (such as Ethereum) and short-term futures positions.

Ethena employs a strategy known as "Delta Hedging" to ensure the stability of the USDe value. This is achieved by opening short positions in the digital derivatives market, compensating for potential fluctuations in the value of the underlying digital assets backing USDe. In this way, the protocol maintains the stability of the artificial dollar at a 1:1 ratio against the US dollar.

The role of the ENA token

The ENA token is the native token of the Ethena protocol and acts as a governance token. This means that ENA holders can participate in important decisions regarding the future of the protocol, such as:

* Voting on changes to the protocol.

* Electing members of various committees, such as the risk committee.