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$ENA is the native token of the Ethena protocol, a decentralized synthetic dollar platform built on Ethereum. Ethena aims to offer a stable and scalable digital dollar alternative called "USDe," which is not backed by traditional fiat reserves but by crypto derivatives and staking strategies. $ENA serves multiple roles, including governance, incentivizing users, and securing the protocol through staking. The token has gained attention for its innovative approach to decentralized finance (DeFi), offering yield opportunities without relying on centralized stablecoins. As Ethena grows, $ENA is positioned to play a crucial role in redefining stability, scalability, and decentralization in crypto finance.
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