ENA is the native token of Ethena, a decentralized finance (DeFi) protocol designed to offer a crypto-native, yield-bearing stablecoin called USDe. Unlike traditional stablecoins, USDe is backed by derivatives and collateral strategies like delta hedging. ENA plays a key role in governance, staking, and incentivizing the ecosystem. Ethena aims to create a stable, scalable, and censorship-resistant money system for the crypto world. Its innovative model has drawn significant attention and adoption. However, the protocol’s reliance on derivatives and market stability introduces risk. Still, ENA represents a promising part of DeFi’s evolution and has strong potential in crypto finance.
