๐งพ What is Ethena?
Ethena develops a synthetic stablecoin called USDe, designed to maintain a 1:1 value against the US dollar. Unlike traditional stablecoins like USDT or USDC that are backed by fiat reserves, USDe is backed by cryptocurrency assets and short futures positions. This strategy allows USDe to offer price stability without reliance on traditional financial institutions.
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๐ง How Ethena Works
Delta Hedging: Ethena uses a delta hedging strategy to manage the price volatility of Ethereum, ensuring the stability of USDe's value against the US dollar.
Staking and Yield: Users can stake USDe to earn competitive yields, often higher than traditional banking products.
ENA Token: ENA is the governance token of the Ethena protocol. ENA holders have voting rights in important decision-making related to the protocol's development and policies.
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๐ Statistics and Market Information
Current Price: $0.426046
24 Hour Change: +12.46%
Today's Highest Price: $0.457023
Today's Lowest Price: $0.378079
Market Capitalization: $2.48 billion
24 Hour Trading Volume: $457.47 million
Circulating Supply: 5.82 billion ENA
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๐ ENA Tokenomics
The total supply of ENA is 15 billion tokens, with the following distribution:
30% for ecosystem development
25% for investors
15% for foundation
30% for core contributors
Ethena also conducted an airdrop of 750 million ENA (5% of the total supply) as an incentive for participants in their shard campaign.