$ENA

is the governance token of the decentralized protocol Ethena, creator of the synthetic stablecoin USDe, which stays close to $1 using a delta-neutral strategy backed by ETH and short positions in futures. It is one of the largest issuers of stablecoins in crypto, following USDT and USDC, backed by income derived from funding rate differences in futures markets. ENA is also used for staking, participation in governance decisions, and as an incentive for liquidity providers. During March 2025, over 2 billion tokens were unlocked (more than 66% of the circulating supply), resulting in significant selling pressure and volatility in its price. Although it has recorded a recent recovery, it remains below key technical levels, near resistance at ~$0.43–0.44.