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$ENA It looks like “ENA” commonly refers to Ethena — the decentralized synthetic-dollar (USDe) protocol built on Ethereum. Here’s a breakdown: ⸻ 🔍 What is Ethena (ENA)? • ENA is the governance token for the Ethena protocol, which issues USDe, a crypto-native synthetic dollar created via delta-hedging strategies.   • Its value is loosely pegged to USD, and it offers yield through arbitrage between spot ETH and perpetual futures markets, along with staking mechanisms.  ⸻ 💲 Current Price & Market Stats • Ethena is trading around $0.58–$0.59 USD per ENA token, with daily price moves typically in the range of ±2–4% . • It ranks among the Top 40 crypto-assets by market cap, with a market cap of ~$3.9 billion from roughly 6.6 billion ENA in circulation (max supply: 15 billion).  • 24‑hour trading volume consistently falls around $1 billion across major exchanges.    ⸻ 🔄 Trading Pairs & Where to Buy • The most liquid trading pair is ENA/USDT, especially on centralized exchanges like Binance, MEXC, and Bybit. Trading volume is often in the hundreds of millions (USD).  • Other pairs include ENA/USDC, ENA/ETH, and regional fiat pairs like KRW, AUD, etc.    ⸻ ⚠️ Risks and Considerations • Ethena’s yield mechanism depends on basis-trade income; historical yields have dropped from over 60% to under 5% annualized as arbitrage competition intensified.  • The protocol uses around 5% liquid staking tokens (e.g. stETH), which exposes it to the risk of these assets de‑pegging. Its capital buffer is modest (~1.18%).  • Some experts draw parallels to previous algorithmic stablecoin failures (e.g. Terra), suggesting caution regarding long-term stability.  ⸻
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