$ENA

ENA is the governance token for Ethena, a decentralized finance (DeFi) protocol built on the Ethereum blockchain. Ethena's core product is USDe, a synthetic dollar that aims to be a stable and scalable cryptocurrency that isn't dependent on traditional banking infrastructure. The protocol uses a "delta-neutral" hedging strategy, which involves shorting derivatives to offset the volatility of its crypto-asset collateral (like staked Ethereum) and maintain the USDe's stable value.

As a governance token, ENA holders can vote on key decisions for the Ethena protocol. The coin is widely traded on major cryptocurrency exchanges. Common trading pairs for ENA include ENA/USDT, ENA/BTC, ENA/ETH, and ENA/USD. These pairs allow users to trade ENA against stablecoins, Bitcoin, Ethereum, or the US dollar, depending on the exchange.