$ENA Let's go to +300%🚀🌕🤑⚡🧑🚀👊💸💵💰 🪙 What is the ENA coin (Ethena)?
Ethena (ENA) is the native token of the Ethena Labs protocol, which aims to provide an alternative decentralized digital dollar, called USDe, that does not rely on traditional banks or centralized entities like Tether (USDT) or Circle (USDC).
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🧱 Project Objective
To create a "decentralized synthetic dollar," the USDe.
To avoid the risks of centralized banks and regulatory instabilities.
To provide real yield linked to Ethereum staking and hedging strategies with derivatives.
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⚙️ How does it work?
1. USDe is issued when depositing ETH or LSTs (such as stETH).
2. The protocol hedges price using short positions in perpetual futures.
3. This creates a neutral balance, where the downside risk of ETH is offset by the short positions.
4. The yield from USDe comes from ETH staking + positive funding rate.
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💰 ENA Token
The ENA token is used for:
Protocol governance.
Staking rewards or liquidity incentives.
Possibly to participate in the issuance of USDe in the future.
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📅 Launch
The ENA token was launched in April 2024.
Ethena became famous for the massive airdrop of ENA tokens to users who interacted with the protocol before the launch.
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📈 Potential and Risks
Advantages:
Alternative to USDT/USDC without central custody.
Encourages real yield with derivatives.
Based on Ethereum, with strong support from the DeFi community.
Risks:
Hedging strategy may fail during times of high volatility.
Not 100% collateralized like traditional stablecoins.
Regulators may push for the use of "synthetic dollars."
