Ethena’s ENA token is now on PDAX!

What is Ethena?

Ethena is a decentralized protocol that issues USDe, a crypto-native synthetic dollar that maintains its price stability without relying on traditional banks. Unlike fiat-backed stablecoins, USDe is backed by a delta-neutral strategy that combines staked ETH (or other crypto assets) with short futures positions to preserve its dollar value on-chain.

This model allows Ethena to create a scalable, censorship-resistant stable asset that lives entirely within the crypto ecosystem without the need for traditional bank reserves.

Ethena also introduced the concept of the “Internet Bond”, where users can earn real-time yield from a mix of perpetual futures funding rates and staking rewards. The aim is to offer crypto-native users a stable yield-bearing dollar alternative that's composable and globally accessible.

Ethena has made headlines for rapidly pushing DeFi’s stablecoin frontier forward, with its USDe becoming the third-largest stablecoin by circulating supply, behind USDT and USDC. 

What is ENA used for?

The ENA token plays a key role in Ethena’s governance and incentive system:

--> Governance: ENA holders can vote on protocol upgrades, risk parameters, and decisions related to the reserve strategy, yield distribution, and asset onboarding.

--> Staking & Rewards: Users may stake ENA or participate in ecosystem incentives, including liquidity provision and future protocol modules.

Ethena’s community-led governance model means ENA holders help shape how USDe evolves, including maintaining its peg, setting yield mechanisms, and guiding the Internet Bond’s long-term roadmap.

Institutions and DeFi protocols are starting to integrate USDe into their models – one example being a 50/50 deposit strategy with sUSDe on Aave that combines staking rewards, lending yields, and promotional incentives.

ENA Tokenomics

ENA has a total supply of 15 billion tokens, with around 6.6 billion currently in circulation. Of the total supply, 30% is allocated for ecosystem growth, 25% for core contributors, another 25% for investors, 15% for the foundation reserve, and 5% was distributed through airdrops like the Shard Campaign.

The all-time high price for ENA was $1.52, recorded on April 11, 2024. As of now, ENA is trading at $0.5965 and is ranked #45 in terms of market cap.

Ready to start with crypto? ENA is now on PDAX.

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