$ENA Ethena (ENA) is a DeFi token powering a synthetic dollar protocol—USDe—on Ethereum. The concept stands out by using delta-hedged strategies and liquid staking to maintain stability, offering a crypto-native “Internet Money” that’s scalable and censorship-resistant  . The ENA token enables governance, staking rewards, and ecosystem incentives  . USDe has risen to become the third-largest stablecoin by market cap, though concerns around sustainability and volatility persist  . Ethena’s innovative structure blends TradFi hedging with DeFi freedom—prompting interest and scrutiny alike.