Token $ENA has been gaining traction as part of the Ethena ecosystem, a project that aims to provide a stable alternative to the traditional banking system through synthetic assets.

One of Ethena's main products is USDe, a stablecoin that does not rely directly on banks or fiat reserves, but rather on derivatives and on-chain hedging strategies.

The unique aspect of $ENA lies in its role within this infrastructure: it is used for governance, incentives, and security of the protocol.

However, like any asset tied to experimental systems, it carries structural risks, especially in high volatility scenarios.

Investors should carefully analyze the sustainability of these strategies and the real demand for decentralized stablecoins.

$ENA may represent innovation, but only time will tell if there is resilience.