$ENA

ENA is the governance token of Ethena Labs, launched in April 2024. Its core contract is the "USDe" synthetic dollar, built on Ethereum, with additional deployments on layers like Arbitrum. The protocol's unique feature is generating yield via cash-and-carry trade strategies in derivatives markets (staking ETH and shorting ETH futures). Its future potential is tied to the adoption of USDe as a scalable, crypto-native stablecoin, but it faces risks from market volatility and collateral health. As of now, ENA is in its early stages, aiming to establish itself in the competitive stablecoin and DeFi governance landscape.

This is a weekly candlestick chart. Each candlestick shows the price movement for one whole week of trading. The body of the candlestick tells us the opening and closing prices, while the wicks (or shadows) show the highest and lowest prices the asset reached during that week. By looking at a series of these weekly candles, we can understand the market's long-term trend and strength.