ENA
$0.28

Ethena (ENA) Price

$0.28
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Ethena (ENA) Price Today

The live price of Ethena is $0.28 USD. In the past 24 hours, the trading volume of Ethena was $114.6M USD, with a change of -0.10%. 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 $1.6B USD, marking a -51.14% change in the last 24 hours. Ethena currently ranks 49 by market capitalization.

Ethena (ENA) Market Data

Market Cap
$1.5B
24h Volume
$114.6M
Circulating Supply
15B ENA
Maximum Supply
--
Fully Diluted Market Cap
$4.3B
Liquidity Indicator
7.20%
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About Ethena (ENA)

What Is Ethena Protocol?


Ethena (ENA) protocol is a player in the decentralized finance (DeFi) arena, offering a unique take on stablecoins. Unlike traditional stablecoins pegged to fiat currencies like the US dollar, Ethena's brainchild, USDe, is a synthetic dollar. This means its value is maintained through a clever combination of crypto assets and derivatives, not by directly referencing a traditional currency.


Ethena's approach aims to achieve several things. Firstly, it seeks to create a censorship-resistant and scalable alternative. Traditional stablecoins can be susceptible to control or blockage by centralized institutions. Ethena, built on the Ethereum blockchain, leverages the power of decentralization to avoid such limitations.


So how does USDe maintain its peg? Ethena utilizes a combination of staked Ethereum (a process where users lock up their Ethereum to earn rewards) and short futures positions. The short futures act as a hedge, meaning they essentially offset potential price fluctuations in Ethereum. This helps USDe stay relatively stable around the $1 mark.


 


What Issues Does Ethena Solve?


Based on the above description, you may think ENA protocol just provides another stablecoin, similar to USDT or USDC. However, Ethena's USDe is by no means the same as a fiat stablecoin like USDC or USDT.


Ethena emerges from a critical need in the cryptocurrency world. DeFi aspires to create an independent financial system, but stablecoins, a cornerstone of DeFi, now mostly depend on traditional banking systems. Traditional financial institutions can exert undue influence on stablecoins. We've witnessed how popular stablecoins become vulnerable when traditional institutions face problems. A prime example is USDC, whose managing company deposited a large sum in Silicon Valley Bank. When the bank encountered issues, the value of USDC immediately dropped.


Ethena aims to be a scalable, native cryptocurrency. Unlike USDC and USDT relying on traditional banking system, ENA creates USDe via staked crypto assets, facilitating the development of a genuinely decentralized financial landscape.


 


What Is Ethena (ENA) Token?


Ethena also recently launched its ENA token. This token grants holders governance rights, allowing them to participate in decisions about the protocol's future development. The launch and strong initial performance of ENA highlight the growing interest in Ethena's synthetic dollar solution.


It is worth noted that ENA token is not the same as USDe. The former is the governance token in the ENA protocol, and the latter is the stablecoin generated by the ENA protocol, making the two completely different.

Information source

Ethena (ENA) Price Converter

ENA to USD
1 ENA = $ 0.28
ENA to VND
1 ENA = ₫ 7,425.88
ENA to EUR
1 ENA = € 0.24
ENA to TWD
1 ENA = NT$ 9.31
ENA to IDR
1 ENA = Rp 4,827.18
ENA to PLN
1 ENA = zł 1.06
ENA to UZS
1 ENA = so'm 3,705.62
ENA to JPY
1 ENA = ¥ 40.38
ENA to RUB
1 ENA = ₽ 23.26
ENA to TRY
1 ENA = ₺ 10.97
ENA to THB
1 ENA = ฿ 9.47
ENA to UAH
1 ENA = ₴ 11.87
ENA to SAR
1 ENA = ر.س 1.07
All Ethena historical price data

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