$ENA

The Ethena ($ENA) token is the native governance token of the Ethena protocol, a decentralized finance (DeFi) platform on the Ethereum blockchain. Ethena's core product is USDe, a synthetic dollar designed to be censorship-resistant, scalable, and stable, not relying on traditional banking infrastructure.
Its utility can be summarized as follows:
Governance
Decision-Making: ENA holders can participate in key decisions that shape the Ethena protocol's future. This includes voting on protocol upgrades, parameter changes, risk management policies, and the overall direction of the ecosystem.Committee Appointments: holders vote bi-annually to elect members to various committees, such as the Risk Committee. This committee-based governance model allows for delegation of everyday decision-making to expert stakeholders while maintaining transparency.
Utility and Incentives
Staking Rewards: ENA holders can stake their tokens (receiving sENA as a liquid receipt token) to earn a share of the protocol's revenues and rewards. These revenues are generated from sources like staked asset consensus and execution layer rewards, as well as funding and basis spread from delta-hedging derivatives positions.Ecosystem Alignment: Staking ENA aims to align the interests of token holders with the long-term success and security of the Ethena protocol, incentivizing active participation.Economic Security: Restaked ENA, in partnership with protocols like Symbiotic, is used to provide economic security for cross-chain transfers of USDe.Incentivization: ENA tokens are used to reward participants within the Ethena ecosystem, which can include liquidity provision and other contributions.
Ethena Protocol and USDe
USDe Stablecoin: Ethena's core innovation is USDe, a synthetic dollar that maintains its 1:1 peg to the US dollar through a "delta-neutral" hedging strategy. This involves using staked Ethereum (and potentially other assets like Bitcoin) as collateral and simultaneously opening equivalent short positions in derivatives markets to offset price volatility."Internet Bond" is a dollar-denominated savings instrument, which combines yields from staked $ETH and the funding/basis spread from perpetual and futures markets.
Tokenomics
Total Supply: The maximum token supply is 15,000,000,000 ENA.Allocation: ENA tokens are allocated across various stakeholders, including Core Contributors, Ecosystem Development, Investors, the Foundation, and Binance Launchpool.Vesting Schedule: ENA tokens follow a vesting schedule with cliff mechanisms, meaning tokens are released all at once after a set waiting period, with full unlock extending into 2028.
Its prospects have improved as stablecoin recognition and legal clarity have been improving.
However, if you are interested in the project, remember that ENA is not the underlying stable coin, which is USDe, meaning potential appretiation depends on speculative interest in a governance token.
According to the official website the performance have been as follows




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