ENA is the native token of Ethena, a decentralized synthetic dollar protocol designed to offer a crypto-native stablecoin alternative. Unlike traditional stablecoins like $USDC or $USDT that rely on fiat reserves, $ENA powers a collateralized, algorithmic model that maintains price stability while staying decentralized.

I’m interested in $ENA because it’s part of a new wave of protocols aiming to solve stablecoin centralization issues while still offering scalability and efficiency. It can be used for governance, staking, and incentivizing liquidity across DeFi platforms. With growing attention on decentralized finance and the need for censorship-resistant dollars, $ENA is definitely worth watching in the evolving stablecoin narrative.