$ENA is the token of the Ethena protocol, which offers a synthetic stablecoin called USDe, focusing on stability and resistance to censorship. Using advanced delta hedge strategies, Ethena aims to be a reliable alternative in the DeFi world. The token $ENA is used for governance, staking, and incentives, promoting community participation. Recently, $ENA experienced strong growth, driven by the adoption of USDe and buyback programs that reduce supply. Despite the potential, it is important to understand the risks and conduct thorough research before investing.