$ENA
This is the original governance token in the Ethena protocol, which is a DeFi platform aimed at launching USDe, a synthetic dollar that is stability-focused and protected by smart financial strategies.
From the joy of the hashtag to the big play: it's like you're aiming for a digital dollar made by the internet, away from traditional banks.
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How does USDe remain stable?
Ethena relies on a Delta-hedging mechanism, where it opens short positions in the futures market to balance the volatility of the collateralized assets (like ETH), thus maintaining the stable value of USDe.
USDe is currently the third largest stablecoin in the market, after USDT and USDC!
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Why is it special and exciting?
The USDe protocol surpassed $10 billion in TVL in just about 500 days, which is rarely seen in DeFi.
The case of "turning to real fees" (fee switch) is just around the corner, where platform fees could start to be distributed to ENA holders, meaning actual rewards for the community!