ENA

Ethena (ENA) governs a synthetic dollar protocol providing crypto-native yield via delta-neutral hedging on Ethereum.

Ethena issues USDe: a scalable synthetic dollar backed by staked ETH and stabilized through short futures positions. The protocol offsets market volatility by pairing spot assets with equivalent perpetual swaps (maintaining a delta-neutral profile) to capture staking rewards and funding rates. With a Total Value Locked (TVL) exceeding $2.5 billion and backing from firms like DragonFly and Binance Labs, ENA enables a financial system decoupled from traditional banking infrastructure.

https://ethena.fi