The Ethena currency (ENA) is the governance token of the Ethena platform built on the Ethereum network, aiming to provide the synthetic dollar USDe as a stable digital alternative not reliant on traditional banks. The platform relies on a delta-neutral strategy to maintain the peg of USDe to the dollar even with market fluctuations. ENA allows its holders to participate in voting on platform development decisions, in addition to the ability to earn returns through Staking or providing liquidity. The currency has recently witnessed growth in trading volume and an increase in price with the expanded use of USDe, which has become the third largest stablecoin in the market. Despite the attractiveness of the project, caution should be exercised regarding potential risks and price volatility.
