$ENA Ethena ($ENA) is a synthetic dollar protocol on the Ethereum blockchain that offers a crypto-native solution for money. Its governance token, $ENA, allows holders to participate in key decisions for the Ethena ecosystem, including risk management and development.

Ethena's USDe, a synthetic dollar, is backed by crypto assets and hedged with futures positions to maintain stability, providing an alternative to traditional stablecoins. With its innovative approach, Ethena aims to offer a globally accessible, dollar-denominated savings instrument called the "Internet Bond." The project has seen significant growth, attracting a wide range of investors and solidifying its place in the DeFi space.