$ENA Ethena is a DeFi protocol on Ethereum that has created USDe, a "synthetic dollar" offering a crypto-native, censorship-resistant stablecoin. Unlike traditional stablecoins, USDe maintains its peg using a delta-hedging strategy with staked ETH as collateral. This innovative approach aims to provide a scalable and stable asset within the crypto ecosystem. The ENA token is its governance token, giving holders a say in the protocol's future. Ethena also features the "Internet Bond," a savings product that generates yield, making it a compelling player in the DeFi space.