$ENA is the governance token for Ethena, a decentralized finance (DeFi) protocol built on the Ethereum blockchain. Ethena’s primary innovation is USDe, a synthetic dollar that aims to be a censorship-resistant and stable digital currency. USDe achieves its stability using a delta-hedging strategy, which involves holding a mix of assets and taking short positions to offset potential price volatility. This mechanism allows USDe to maintain its peg to the US dollar without relying on traditional banking infrastructure. The ENA token empowers its holders to participate in the protocol's governance, influencing key decisions and future developments. Recent data shows ENA's price and market cap have been on the rise, coinciding with a significant increase in the supply of USDe, which has become a top stablecoin by market cap.