$ENA

ENA (Ethena) is a decentralized synthetic dollar protocol designed to provide a crypto-native alternative to traditional stablecoins. Built on Ethereum, ENA aims to offer stability, transparency, and resistance to censorship by using derivatives and on-chain collateral instead of fiat reserves. Its core product, USDe, maintains price stability through a dynamic hedging mechanism involving perpetual futures. ENA, the native governance token, enables holders to vote on protocol changes, fee structures, and risk parameters. Ethena appeals to DeFi users seeking trustless and scalable stablecoin solutions without relying on centralized custodians. With rising concerns around centralized stablecoins, ENA represents a bold step toward decentralized financial infrastructure and innovation.