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Ethena

Ethena

ENA
#50
$0.1675Up 10.42 percent($0.02)

Key Stats

Market Cap$1.65BUp 10.42 percent
Volume (24h)$343.68M
Fully Diluted Value$2.51B
Vol/Mkt Cap (24h)20.88%
Total Supply15.00B ENA
Max Supply∞
Circulating Supply9.83B ENA
Launch Date2024-03-05
Built OnETH
Token StandardERC20
Smart Contract Address0x57e1…6061
Decimal Places18

Ethena Information

Websites
www.ethena.fi
Industries
Governance

Ethena Price Converter

EthenaENA
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Latest Ethena News

View all
Ethena surges as buyback vote, VC unlock overhaul boost token outlook
Positive

Ethena surges as buyback vote, VC unlock overhaul boost token outlook

Neutral

Ethena's ENA token surges 48%, but altcoin season will have to wait

Positive

BlackRock pushes deeper into DeFi with Ethena integration, sending ENA up 8%

Positive

Ethena lands Janus Henderson backing as asset manager invests in ENA, eyes USDe distribution

Research Reports

View all
Stablecoin Market Cap Reached New All-Time High In December
Featured

Stablecoin Market Cap Reached New All-Time High In December

Solomon's Synthetic Dollar in a Declining Treasury Market

Solomon's Synthetic Dollar in a Declining Treasury Market

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Ethena Markets

View all
InstrumentExchangeBenchmark DataPrice24h Change
EthenaUSDT logo
ENA-USDT
ENAUSDT
binance logobinance
AA
0.1676USDT
10.48%
EthenaUSDT logo
ENA-USDT
ENAUSDT
bybit logobybit
A
0.1675USDT
10.47%
EthenaUSDT logo
ENA-USDT
ENA-USDT
okex logookex
A
0.1677USDT
10.56%
EthenaUSDT logo
ENA-USDT
ENA_USDT
gateio logogateio
A
0.1676USDT
10.49%
EthenaUSDT logo
ENA-USDT
ENA_USDT
whitebit logowhitebit
BB
0.1676USDT
10.62%

Ethena Supported Platforms

View all
Trading AsToken StandardBuilt OnSmart Contract AddressLaunch Date
ENAERC20ETH0x57e114B691Db790C35207b2e685D4A43181e60612024-03-05
ENASPLSOL72QvBVwpxqmheEPfaCwWSWqEFsUy3rhWt6JhQBMNTwD12024-07-26
ENAERC20XPL0x58538e6A46E07434d7E7375Bc268D3cb839C01332025-09-10
ENAOFTERC20ZK0x686b311F82b407f0be842652a98e5619F64cC25F2024-06-14
ENAERC20ZRC0x813635891aA06bd55036bbd8f7d1A34aB3de9a0F2024-08-23

About Ethena

Ethena is a decentralised finance (DeFi) protocol that creates scalable, censorship-resistant financial instruments. Its core products include USDe, a crypto-native synthetic dollar stabilised through derivatives, and sUSDe, the first "Internet Bond," providing yield-generation opportunities. Ethena addresses issues of centralisation and reliance on traditional banking systems, offering a decentralised solution for global users. The protocol’s governance token, ENA, enables decision-making, staking rewards, and economic security, fostering long-term ecosystem growth. Founded by Guy Young, Ethena Labs is supported by a distinguished risk committee and notable investors, including Arthur Hayes. Ethena aims to redefine DeFi with applications like Ethereal and cross-chain integrations, creating a self-sufficient financial system.

Frequently Asked Questions

Ethena is a decentralised finance (DeFi) protocol aimed at creating a scalable, censorship-resistant financial system through synthetic assets. The project addresses critical issues with existing stablecoins, such as their reliance on traditional banking infrastructure and their inherent centralisation, by introducing USDe, a crypto-native synthetic dollar, and sUSDe, the world's first "Internet Bond." These innovations enable global access to decentralised, dollar-denominated financial instruments, while fostering a more resilient cryptocurrency ecosystem.

  • Synthetic Dollar (USDe): USDe is a delta-neutral synthetic dollar backed by cryptocurrency assets (e.g., Ethereum and Bitcoin) and stabilised through short futures positions. This approach ensures stability while eliminating reliance on centralised custodians or the banking system. The peg to the US dollar is maintained through derivatives trading, with all assets stored transparently on-chain in secure custody solutions.
  • Internet Bond (sUSDe): sUSDe combines staking rewards from backing assets, such as staked Ethereum, with funding and basis spreads from perpetual futures markets. This financial instrument offers users yield generation opportunities, acting as a decentralised alternative to traditional fixed-income products like US Treasury bonds. It also serves as a reserve asset within the broader cryptocurrency ecosystem.
  • Scalability through Derivatives: Ethena utilises liquid derivatives markets to ensure scalability and capital efficiency, allowing USDe to maintain a 1:1 collateralisation ratio without over-leveraging. This contrasts with traditional stablecoins, which face limitations due to reliance on centralised banking systems or fragile algorithmic mechanisms.
  • Censorship Resistance: By avoiding ties to traditional banking systems and maintaining decentralised on-chain custody, Ethena offers users a censorship-resistant financial alternative, addressing risks of regulatory intervention and centralised control.

Ethena’s native governance token, ENA, underpins the protocol's decision-making and operational framework. ENA holders participate in governance by voting on critical aspects such as risk management, protocol upgrades, and ecosystem expansion. The token is central to ensuring decentralised governance while incentivising user participation and long-term alignment with the project's growth.

The ENA token has a capped supply, with allocations distributed among core contributors, investors, the foundation, and ecosystem initiatives. Vesting schedules ensure responsible distribution and long-term commitment to the project's sustainability:

  • Core Contributors (30%): Distributed to the Ethena Labs team with a one-year cliff and three-year linear vesting.
  • Investors (20%): Locked with a one-year cliff and three-year vesting to support initial development.
  • Foundation (20%): Used to fund audits, development, and ecosystem expansion.
  • Ecosystem Development (30%): Incentivises user participation through airdrops, campaigns, and partnerships.

ENA has multiple use cases that align with Ethena's mission to decentralise financial systems:

  • Governance: ENA holders can vote on critical governance proposals, including protocol upgrades, risk committee appointments, and treasury management. Decision-making is delegated to expert committees, ensuring professional oversight of the protocol's operations.
  • Staking Rewards (sENA): Staked ENA (sENA) allows users to earn rewards, fostering long-term participation in the ecosystem. Rewards are derived from unclaimed airdrops, transaction fees, and contributions from Ethena’s decentralised applications, such as Ethereal (a decentralised perpetual exchange).
  • Restaking for Economic Security: ENA can be restaked in partnership with Symbiotic to secure cross-chain transfers of USDe via the LayerZero messaging system. This enhances the protocol’s resilience and strengthens its infrastructure.
  • DeFi Composability: ENA and sENA are fully composable within DeFi applications, enabling integration with lending platforms, decentralised exchanges, and yield farming protocols.

Ethena was developed by Ethena Labs, founded by Guy Young, who serves as the project’s CEO. With nearly a decade of experience in traditional finance, including roles at investment banks, hedge funds, and private equity firms such as Cerberus Capital Management, Young brings extensive expertise in financial systems and innovative markets. His vision for Ethena is to establish a self-sufficient financial ecosystem, reducing dependence on traditional banking infrastructure while addressing critical gaps in the cryptocurrency space.

Ethena Labs is supported by a distinguished risk committee comprising industry leaders such as Gauntlet, Block Analitica, Steakhouse, LlamaRisk, and others. This committee plays a key role in ensuring the robustness and scalability of the protocol.

The project has also garnered support from notable figures in the cryptocurrency sector, including the founders of Synthetix, Aave, Curve, and Frax. Furthermore, prominent investor Arthur Hayes, co-founder of BitMEX, has shown active interest in the project, solidifying its credibility within the ecosystem.

Ethena’s roadmap reflects its commitment to advancing decentralised finance infrastructure, with initiatives such as Ethereal (a decentralised perpetual exchange) and the development of cross-chain integrations to expand its use case and accessibility globally.