$ENA Here is a text with more than 100 words about **\$ENA**, the native token of **Ethena**, with substantiated and updated information:

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## \$ENA – Governance and Utility Token of Ethena

\$ENA is the ERC‑20 token of **Ethena**, a protocol built on Ethereum aimed at issuing a synthetic stablecoin called **USDe**, which seeks stability through a delta-neutral strategy using ETH staking and short positions in derivatives ([CryptoRank][1]).

The token **ENA** plays a central role in the decentralized governance of the protocol. ENA holders can vote biannually to choose members of the Risk Committee and participate in decisions regarding updates, new collateral, fund distribution, and ecosystem initiatives ([docs.ethena.fi][2]).

Additionally, ENA has direct utility: it can be used as a staking token (via sENA), encouraging long-term retention and alignment with the platform's development ([pp.one][3]). Recently, a proposal was approved to share part of the fees generated by the protocol with ENA holders, strengthening its shared value model with the community ([Cointelegraph][4]).

From an economic standpoint, ENA has a maximum supply of 15 billion tokens, with around 6.35 billion in circulation (\~42 %) and a market capitalization of approximately US\$ 3.75 billion, according to recent data ([CryptoRank][1]). Its price reached US\$ 1.52 in April 2024, suffering about a 60 % drop since then, highlighting its volatility ([CryptoRank][1]).

Finally, in cryptocurrency communities, it is common to find mixed opinions: while some see potential for appreciation based on arbitrage and the use of USDe, others express concern over significant token unlocks and selling pressure from institutional holders or whales.