$ENA

ENA is the native token of Ethena, a decentralized synthetic dollar protocol built on Ethereum. Paired commonly as ENA/USDT or ENA/ETH on major exchanges, ENA plays a key role in governance and incentivizing ecosystem participation. The protocol aims to offer a crypto-native stablecoin, "USDe," backed by delta-hedged Ethereum derivatives rather than traditional fiat reserves. ENA holders can vote on protocol upgrades, risk parameters, and fee structures, contributing to decentralized decision-making. With growing interest in alternative stablecoin models, the ENA coin pair is attracting attention from DeFi users and traders looking to diversify their exposure to innovative financial primitives.