$ENA ENA is the native governance token of Ethena, a decentralized finance (DeFi) protocol built on the Ethereum blockchain. Ethena's primary innovation is the creation of a "synthetic dollar" called USDe, which is designed to be a censorship-resistant and scalable digital currency.

Here's a breakdown of the key concepts:

* Ethena Protocol: Ethena aims to provide a crypto-native solution for money that is not dependent on traditional banking infrastructure. It seeks to create a stable, reliable, and scalable digital currency that can operate outside of the conventional financial system.

* USDe (The Synthetic Dollar): Unlike traditional stablecoins like USDT or USDC, which are backed by fiat currencies in a bank account, USDe maintains its value through a "delta-hedging" strategy. This involves a combination of staked Ethereum (stETH) and short futures positions on Ethereum. The short futures act as a hedge, offsetting potential price fluctuations in the staked Ethereum and helping USDe maintain its peg to the US dollar.

* ENA Token (Governance): ENA is the governance token for the Ethena protocol. Holders of ENA can participate in the decision-making process for the protocol's future. This includes voting on important matters like the composition of risk management committees and other critical roles within the ecosystem.

* "Internet Bond": Ethena also offers what it calls an "Internet Bond," a globally accessible, dollar-denominated rewards instrument. This is a yield-bearing product that leverages the returns from its delta-hedging strategy and staked Ethereum.

In summary, ENA is the governance token for a DeFi protocol that is creating a new kind of stablecoin (USDe) and a yield-bearing instrument (the "Internet Bond") by using a unique combination of crypto assets and derivatives to achieve stability and decentralization.