EthenaENA

Ethena (ENA) is the governance token of the Ethena protocol, which issues the synthetic dollar USDe. The protocol was founded in 2023 by Guy Young through Ethena Labs, and its aim is to offer a dollar-like asset that does not rely on bank accounts. ENA is an ERC-20 token on Ethereum, and it launched in April 2024. ENA holders can vote on decisions of the protocol, such as the assets that back USDe and the membership of its Risk Committee.

USDe keeps its value by hedging: the protocol holds crypto collateral and opens an opposite position in futures markets, so that price changes in the collateral are offset. ENA is separate from USDe. It is the token used for governance, and it can be staked to receive sENA, a token that represents the staked position. Governance combines votes by token holders with committees of delegated experts.

ENA has a maximum supply of 15 billion tokens. The token launched with an airdrop to early users in April 2024, and a large share of the supply was allocated to contributors, investors, the Ethena Foundation and ecosystem development, with tokens released over time. Current circulating and total supply figures are shown at the top of this page.

ENA reached a high of about $1.52 in April 2024, shortly after it started trading. You can see the all-time high and the full price history on the chart above.

Cointelegraph's Ethena price index gives you the current ENA to USD price and the numbers behind it: market cap, 24-hour volume, all-time high and year-to-date performance. Explore the price chart across six timeframes and use the ENA to USD converter for quick calculations. For market updates, see our markets news page.