$ENA

Ethena is a synthetic dollar protocol designed to provide a stable, scalable form of digital money that doesn't rely on traditional banking. Its synthetic dollar, USDe, is built on Ethereum, aiming to address the need for a reliable stablecoin within the crypto ecosystem.

The native utility token of the protocol is ENA. ENA's primary function is governance, allowing token holders to vote on key protocol decisions.

As of March 29, 2024, the total supply of ENA is capped at 15 billion tokens. The initial circulating supply upon listing was 1.425 billion tokens, representing approximately 9.5% of the total supply.

The future of ENA is closely tied to the success and adoption of the USDe protocol. If Ethena can maintain the stability and credibility of USDe, it could drive demand for its governance token, potentially leading to price appreciation.

However, as with any cryptocurrency, market volatility is expected, and the token's value may fluctuate based on market sentiment and project performance.