Ethena (ENA) is the governance token of a decentralized finance (DeFi) protocol built on the Ethereum blockchain. The main objective of the project is to create a "synthetic currency", USDe, that is stable, scalable, and resistant to censorship, without relying on the traditional banking system.

Here is a summary of the features and functions of the ENA token:

1. Synthetic Dollar (USDe)

Ethena is not a traditional stablecoin backed by fiat money in a bank account. Instead, it uses an innovative approach to maintain the stability of its synthetic dollar, USDe, around 1 USD. It achieves this through a "delta-neutral hedging" strategy. In simple terms:$ENA