$ENA

The $ENA token powers the Ethena ecosystem, a synthetic dollar protocol built on Ethereum aiming to provide a crypto-native, scalable solution for stablecoin savings. Unlike traditional stablecoins, Ethena's "Internet Bond" combines staking yields with derivatives funding rates to generate sustainable returns, decoupled from traditional banking systems. Recent adoption spikes highlight growing demand for yield alternatives in volatile markets—especially as major exchanges list $ENA and integrate its yield mechanisms.