Ethena ENA

1 · Decentralized Finance · Ethereum Ecosystem · Governance

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ENA is the governance token of the Ethena protocol. It is used to vote on protocol decisions including risk management frameworks, collateral policies, and committee elections. Holders can stake ENA to receive sENA, which accrues value through ecosystem airdrops and protocol revenue sharing, aligning long-term participants with the growth of USDe, a synthetic dollar maintained through delta-neutral hedging of crypto collateral against derivatives positions.