$ENA

What is $ENA (Ethena)?

Ethena (ENA) is the native governance token of the Ethena Protocol, which focuses on creating a synthetic dollar called USDe. The goal is to provide a stable, censorship-resistant alternative to traditional stablecoins like USDT and USDC โ€” without relying on banks.

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๐Ÿ”ง How Ethena Works

USDe is a synthetic dollar thatโ€™s collateralized by a delta-neutral strategy using staked ETH and short ETH derivatives.

Users can mint USDe by depositing ETH or other assets.

Staking ENA gives users governance power and possibly yield.

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๐Ÿ“Š Key Use Cases

Governance of the Ethena protocol

Staking to earn protocol fees and incentives

Backing the USDe stablecoin system