$ENA is a synthetic dollar protocol on the Ethereum blockchain, offering a crypto-native solution for money independent of traditional banking. Its governance token, ENA, allows holders to participate in protocol decisions. A key product is USDe, a decentralized synthetic dollar that maintains stability through a delta-hedging strategy using assets like ETH and BTC.

ENA has experienced significant volatility but has shown periods of strong performance, with its ecosystem expanding and a rising Total Value Locked (TVL). The future of ENA is closely tied to the adoption of USDe and the broader DeFi market. Analysts' predictions for its price vary, but many suggest a positive long-term trajectory, driven by further innovation and potential institutional interest.