$ENA 🚀 What is $ENA? The Ethena token explained

In the dynamic crypto world, new projects are born every week seeking to revolutionize the way we use digital money. One of the names that has caught the most attention recently is Ethena and its native token $ENA.

💡 What is Ethena?

Ethena is an innovative decentralized finance (DeFi) platform built on Ethereum that aims to offer a stable alternative to the dollar, but without the need for banks or centralized institutions. Its main product is USDe, a “synthetic stablecoin” that does not directly depend on reserves of physical dollars, but is backed by positions in Ethereum and financial derivatives.

🪙 What role does it play

The token is the central piece of the Ethena ecosystem. It has multiple functions:

Governance: Holders of $ENA can participate in key decisions of the protocol.

Rewards: Staking allows you to earn benefits and participate in the growth of the platform.

System security: Through mechanisms such as incentives and insurance, $ENA strengthens the stability of USDe.