$ENA is the native governance token of Ethena, a decentralized finance protocol built on Ethereum, designed to issue a synthetic dollar called USDe. USDe remains pegged to the U.S. dollar using a delta-neutral strategy—collateralizing staked Ethereum (e.g. stETH) while shorting equivalent perpetual futures—allowing users to earn yield from both staking rewards and basis trading .
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content.See T&Cs.
