Ethena (ENA) Price

$0.41

Ethena (ENA) Price Today

The live price of Ethena is $0.41 USD. In the past 24 hours, the trading volume of Ethena was $543.7M USD, with a change of +6.55%. The current live price of Ethena has changed by 0% from its 7-day high of $- USD and by 0% from its 7-day low of $- USD. With a circulating supply of $15,000,000,000.00 ENA, the market cap of Ethena is currently $2.6B USD, marking a -25.61% change in the last 24 hours. Ethena currently ranks 46 by market capitalization.

Ethena (ENA) Market Data

Market Cap

$2.4B

24h Volume

$543.7M

Circulating Supply

15B ENA

Maximum Supply

Fully Diluted Market Cap

$6.2B

Liquidity Indicator

22.41%

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About Ethena (ENA)

What is Ethena (ENA)?

Ethena is an Ethereum-based synthetic dollar protocol that issues USDe, a fully backed, crypto-native dollar, and sUSDe, a dollar-denominated savings asset. Launched in March 2023 and governed by ENA since March 2024, Ethena's vision is to create Internet Money, a $1 synthetic dollar with an embedded yield, tapping into a potential market opportunity of over $20 billion across CeFi, DeFi and TradFi. USDe maintains its $1 peg by delta-hedging spot positions in Bitcoin, Ethereum, and Solana with perpetual and deliverable futures contracts, while also holding liquid stables like USDC and USDT to improve hedging efficiency and serve as a buffer in bear markets. Free to compose across CeFi and DeFi, USDe’s stability derives from programmatic hedging against protocol-held backing assets, and its reserve of liquid stables can earn yield wherever they reside, further boosting overall protocol revenue.

What is USDe?

USDe is Ethena's crypto-native, fully backed synthetic dollar that maintains its peg through delta-neutral hedging. Each USDe is collateralized 1:1 by on-chain assets, Bitcoin, Ethereum, Solana, USDC and USDT and paired with equivalent short positions in perpetual futures. This design leverages funding rates that averaged 11 percent for BTC and 12.6 percent for ETH in 2024 to generate protocol revenue without relying on traditional banking rails.

How does USDe work?

When a user mints USDe, Ethena's smart contracts lock their reserve assets on-chain, execute a matching short perpetual futures position off-exchange, and deploy the collateral into institutional-grade custody. Slippage and execution fees cover gas and hedge costs while the futures position offsets price volatility of backing assets, ensuring USDe's stability without producing profit for Ethena. All collateral remains in “Off-Exchange Settlement” to minimize counterparty risk.

What is sUSDe?

sUSDe is the staked, reward-accruing version of USDe. Users lock USDe to receive sUSDe, which earned an average APY of 18 percent in 2024 thanks to funding rate revenue from Ethena's short positions. sUSDe is composable throughout DeFi, allowing holders to deploy their stable savings into yield strategies and maintain liquidity in applications like lending protocols and liquidity pools.

Who created Ethena (ENA)?

Ethena was founded by Arthur Hayes in March 2023, built on the insights from his “Dust on Crust” essay advocating for a synthetic dollar with yield. The core team comprises derivatives traders, risk-management engineers and DeFi architects who launched USDe in Q3 2023 and rolled out the ENA governance token in March 2024 with backing from firms such as Gauntlet, Block Analitica and LlamaRisk.

How many ENA tokens are there?

ENA has a fixed supply of 15 billion tokens. The initial allocation was 30% (4.5 billion) to core contributors, 25% (3.75 billion) to investors, 15% (2.25 billion) to the Ethena Foundation and 30% (4.5 billion) for ecosystem development, including airdrops. Core contributors and investors follow a one-year cliff and three-year linear vesting schedule, while ecosystem rewards unlock via community-governed multisigs.

What are the key features of Ethena (ENA)?

Ethena's standout features center on its crypto-native synthetic dollar, USDe, and its dollar savings instrument, sUSDe. USDe maintains a $1 peg via automated delta-neutral hedging of Bitcoin, Ethereum, and Solana spot assets against perpetual futures, topped up with USDC/USDT reserves for added stability. sUSDe holders earn protocol revenue, 2024 saw sUSDe APYs average 18%, by staking USDe to receive rewards from funding rates on futures. Ethena also keeps all backing assets in off-exchange institutional custody, minimizing counterparty risk, and powers governance with the ENA token, enabling holders to vote on protocol parameters, elect Risk Committee members, and drive future enhancements.

Why Trade Ethena (ENA) on BingX?

Trading ENA on BingX puts you at the heart of a leading synthetic dollar protocol with deep liquidity pools and lightning-fast execution. BingX's low fees and millisecond order matching let you move large ENA positions without slippage, while advanced order types and copy-trading features help both novices and pros capitalize on market moves. Whether you're speculating on ENA's price, farming sUSDe yields, or participating in governance, BingX's intuitive interface and robust security give you the tools to act quickly and confidently.

Steps to start trading ENA on BingX:

1. Create Your BingX Account: Visit the BingX website or download the app, then register with your email and set a secure password.

2. Complete Security Settings: verify your email and phone, enable two-factor authentication, and finish KYC if required.

3. Deposit Funds: Use on-chain methods (e.g., USDT or USDC) to save on fees; select the ENA deposit option for cost-effective transfers.

4. Buy Ethena (ENA): Trade ENA via spot markets or USDT-margined futures, or use BingX P2P; make ENA your base asset to enter and exit positions instantly.

With BingX, you benefit from:

• Competitive Trading Environment: Low fees, rapid execution in milliseconds, and minimal slippage.

• Diverse Trading Options: Trade ENA spot, USDT-margined futures, or mirror top traders via copy trading.

• Innovative Trading Tools: Access advanced order types and portfolio management features without deep DeFi expertise.

How to Securely Store $ENA with BingX?

Securing your $ENA tokens calls for robust, dependable storage options. Hardware wallets such as Ledger or Trezor provide strong security by keeping your private keys offline. Alternatively, trusted software wallets or custodial solutions from BingX offer protective features like multi-factor authentication (MFA). Traders must update their wallets regularly, back up their private keys securely, and avoid unreliable services. Your security is BingX's top priority; we implement stringent measures to keep your funds safe. Whether you are a long-term holder or a short-term trader, protecting your $ENA tokens is crucial. With seamless compatibility on BingX, managing your assets is simple. For most users, storing $ENA on BingX offers clear benefits:

• No Private Key Management: BingX handles custody, so you do not need to manage your private keys or seed phrases, reducing the risk of loss or theft.

• Simplified Wallet Management: Keep all your $ENA tokens in one secure location on BingX without juggling multiple wallets.

• Low Fee & Flexible Trading: Enjoy instant trades with low fees and deep liquidity, along with access to derivatives and investment tools without delays.

• Strong Security Infrastructure: BingX employs a comprehensive 100% Proof of Reserve system, cold-hot wallet separation, and regular audits to ensure your assets are fully backed and secure.

If you prefer full control over your digital assets, use a self-custodial wallet. However, be sure to back up your private keys and seed phrases securely and verify that your wallet supports $ENA tokens to avoid irreversible loss. Securing your $ENA calls for robust, dependable storage options. BingX provides two primary storage options tailored to your security needs.

1. On BingX: Store your $ENA directly on the BingX platform. BingX handles custody, so you never have to manage private keys or seed phrases. This method streamlines wallet management and guarantees you benefit from deep liquidity and low fees. BingX employs a 100% Proof of Reserve system, cold-hot wallet separation, and regular security audits to ensure your $ENA is fully backed and secure.

2. Self-Custody: For full control, choose a non-custodial wallet. Hardware wallets like Ledger or Trezor store your private keys offline for maximum security. Trusted software wallets designed for $ENA offer strong protection as well. This method requires diligent management of your private keys and seed phrases, which must be securely backed up and stored offline.

Is ENA safe?

ENA leverages Ethereum's security, audited smart contracts and Ethena's risk controls—off-exchange custody, delta-neutral hedging and independent reserves—to protect backing assets. Governance by ENA holders and transparent on-chain operations add layers of accountability, minimizing central points of failure and ensuring protocol integrity through decentralized oversight.

What blockchain does ENA operate on?

ENA is an ERC-20 token on Ethereum mainnet, benefiting from its high security, mature tooling and DeFi composability. All USDe and ENA transactions settle on Ethereum, while derivatives hedging occurs off-chain with institutional counterparties to optimize capital efficiency and execution speed.

What determines ENA's price?

ENA's market price is driven by governance participation, sUSDe yield dynamics, USDe adoption and overall DeFi demand. Broader crypto sentiment, futures funding rates and unlock schedules also impact supply and demand. Major news such as new asset integrations or Risk Committee proposals can cause significant price moves, as can macro trends in Bitcoin and Ethereum markets.

What gives ENA its value?

ENA captures value through its governance rights over USDe's risk parameters, revenue-sharing via sENA and securing cross-chain modules that expand Ethena's ecosystem. As USDe's market cap currently over $6 billion grows, ENA's utility and scarcity increase, aligning token economics with protocol usage and revenue generation.

How to use ENA?

ENA serves as the Ethena protocol's governance backbone. Holders vote bi-annually to elect the Risk Committee and future governance bodies, delegating key decisions on risk parameters, asset composition, and protocol upgrades to seasoned stakeholders while preserving full transparency. The community has already used Ethena's Snapshot voting page to greenlight the Ethereal DEX launch, onboard SOL as a USDe backing asset, and approve Reserve Fund RWA allocations, exemplifying active, decentralized control.

ENA holders stake tokens to receive sENA and unlock yield from protocol revenue, vote on governance proposals ranging from new backing assets to fee structures, and participate in restaking pools that secure cross-chain transfers. ENA also unlocks fee discounts in upcoming Ethena Network applications, offering early-adopter advantages.

How many committees govern ENA?

ENA governance starts with a six-member Risk Committee: Gauntlet, Block Analitica, Steakhouse, Blockworks Research, LlamaRisk and Ethena Labs Research elected every six months by token holders. Future committees will cover treasury management, ecosystem grants and technical upgrades, ensuring diversified and expert oversight.

What is Ethena Network?

Ethena Network is the on-chain ecosystem built around USDe and sUSDe, incentivizing new protocols such as Ethereal (a perpetual DEX) and Derive (options and structured products) with sENA airdrops and governance alignment. It transforms Ethena from a single-asset issuer into a full DeFi hub where synthetic dollars and yield-bearing assets power next-generation financial innovation.

Information source

Official Website

Whitepaper

Ethena (ENA) Price Converter

ENA to USD

1 ENA = $ 0.41

ENA to VND

1 ENA = ₫ 10,812.04

ENA to EUR

1 ENA = € 0.37

ENA to TWD

1 ENA = NT$ 12.62

ENA to IDR

1 ENA = Rp 6,896.43

ENA to PLN

1 ENA = zł 1.57

ENA to UZS

1 ENA = so'm 5,371.03

ENA to JPY

1 ENA = ￥ 60.82

ENA to RUB

1 ENA = ₽ 33.47

ENA to TRY

1 ENA = ₺ 16.16

ENA to THB

1 ENA = ฿ 13.83

ENA to UAH

1 ENA = ₴ 17.28

ENA to SAR

1 ENA = ر.س 1.56

Ethena Price Converter

How to Buy Ethena (ENA)

Create & Verify Your Account

Create a free BingX account using your email or phone number, set a strong password, and complete identity verification (KYC) by submitting your personal details and a valid photo ID.

Fund Your Account

Choose a payment method—bank account, card, or more—to deposit funds into your BingX account.

Trade Now

Now that your account is funded, you can seamlessly trade Ethena ENA and other cryptocurrencies while exploring BingX’s diverse trading features!

How to Buy ENA Guide

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Disclaimer:

Price analysis and valuation are influenced by multiple factors, and theoretical projections do not guarantee that a token will reach a specific price level. The information provided is for informational purposes only and does not constitute investment advice. Investors should conduct their own research before making any financial decisions.

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Trading cryptocurrencies and other financial instruments involves risks, including the potential for loss of funds. You should never trade more than you can afford to lose. Please be aware of the risks involved and seek independent financial advice if necessary.

For more detailed information, please refer to our Risk Disclosure Statement.

Disclaimer:

By accessing and using this platform, you agree to comply with our Terms of Use.

For more detailed information, please refer to our Risk Disclosure Statement.