$ENA $ENA is the native token of the Ethena protocol, a DeFi platform built on Ethereum that aims to offer a synthetic stablecoin called USDe. Ethena combines derivative strategies and liquid staking to maintain the parity of USDe with the US dollar without the need for traditional collateralization. The token $ENA is used for governance and rewards within the ecosystem. Since its launch, it has generated interest due to its innovative approach to the stability and scalability of stablecoins. However, its model carries risks associated with the volatility of the derivatives market and reliance on external DeFi protocols for its operation.