$ENA ENA is the governance token of the Ethena protocol—a decentralized, synthetic-dollar system built on Ethereum. It powers USDe, a DeFi-native stablecoin backed by crypto collateral and short derivative positions, enabling delta-neutral hedging and yield generation . As of early August 2025, ENA is trading around $0.79, with a market cap of approximately $5+ billion and a circulating supply of ~6.6 billion out of 15 billion total . The protocol’s Total Value Locked (TVL) has topped $10 billion, underscoring its growing DeFi traction .