#ENA
Overview of the ENA digital currency belonging to Ethena:
What is the Ethena and USDe project?
• Ethena is a decentralized protocol (DeFi) on the #Ethereum network that offers USDe, an artificial stable dollar not backed by traditional banks or cash reserves.
Instead, it uses $ETH or liquid staking tokens (such as stETH) as collateral along with short positions in futures contracts to achieve a cash balance (delta-neutral strategy) to ensure USDe remains stable around 1 dollar.
What is the $ENA currency?
• ENA is the governance token in the Ethena protocol.
It allows its holders to vote on important decisions such as risk management, incentive distribution, and protocol development.
• The currency was launched in early 2024 through a Token Generation Event (TGE), and honored the “Shards” campaign which ensured a partial distribution to early system contributors.