$ENA is the symbol of governance that activates the innovative Ethina protocol, which issues the synthetic stablecoin USDe. Ethina is designed to provide a cryptocurrency-backed alternative to traditional dollars, and it uses a delta strategy for hedging - balancing long and short futures contract positions - to maintain the stability of USDe. With over 6 billion ENA symbols (with a maximum of 15 billion), the protocol has quickly gained momentum. Backed by major investors and a growing demand for decentralized finance (DeFi), it plays a crucial role in voting, protocol updates, and risk management. Despite recent market downturns, interest in Ethina remains high, especially after notable purchases made by Arthur Hayes.