$ENA

The ENA coin is the native token of the Ethena project, a protocol for issuing stablecoins on Ethereum. Below are some key information about ENA:

- *Name*: Ethena

- *Code*: ENA

- *Total supply*: 15,000,000,000 ENA

- *Initial supply*: 1,425,000,000 ENA

ENA can be used to participate in the governance decisions of the project, such as decisions on the reward rates for staking USDe or the ratio of futures contracts used to hedge delta.

*How Ethena works*

Ethena uses a delta-hedging mechanism to maintain the price stability of the USDe stablecoin. Users can mint USDe by sending Liquid Staking Tokens (LST) such as stETH, rETH to Ethena. Then, Ethena will open a non-leveraged short position on futures exchanges with an equivalent value of the assets that the user has sent to the protocol ¹.

*Profit*

The profit of ENA comes from two main sources:

- Ethereum staking rewards

- Funding fees from derivative positions

Users can stake USDe to receive sUSDe and earn a profit of about 24% per year ².

*Team and investors*

The development team of Ethena includes members with experience in the technology field, such as Leptokurtic (CEO) and Arthur Hayes (Founding Advisor). The project has received investments from major funds such as Dragonfly Capital, Binance Labs, OKX Ventures, Bybit, Deribit... ² ¹