Ethena

What is Ethena (ENA)?

Ethena (ENA) is a financial protocol that offers a fully decentralized solution for money that operates independently of the traditional banking system. Financial services provided by Ethena are delta hedging, staking mechanisms, and synthetic dollar applications. ENA is the governance token that fuels the protocol.

Built on the Ethereum blockchain, Ethena introduces USDe, a synthetic dollar that maintains a value equal to one U.S. dollar and it does this by using ETH (Ethereum) as collateral. ETH price is very unstable, it can rise or drop at any moment making it harder to maintain that 1:1 value with the dollar.

Officially launched on March 28, 2024, by Guy Young, marking a significant development within the DeFi landscape, Ethena uses Ethereum’s smart contract to provide various financial services.

Ethena represents a shift towards a more user-centric financial landscape and offers a straightforward solution. It empowers users by providing a stable currency while fostering a community where everyone has a voice.

How does Ethena (ENA) work?

Ethena protocol uses a delta hedging strategy, a financial balancing act used to protect investments from sudden price changes by holding two opposite positions that cancel each other out. No matter which direction the market moves, overall risk is minimized.

The protocol strategically manages the synthetic dollar to withstand market fluctuations. This keeps USDe steady, allowing users to focus on what they do best—trading, lending, and borrowing—without worrying about wild price swings.

Ethena (ENA) token Summary

ENA is the cryptocurrency of the Ethena blockchain. The token has the following use cases:

• Utility and Staking for Security: 

ENA token is used as a utility token for making transactions. Besides, USDe, Ethena’s synthetic dollar, can be used for staking to secure the network, and users receive rewards for their efforts, which encourages them to keep the network running smoothly.

• Fueling Governance: 

ENA gives token holders a say in the network’s future. They vote on proposals and changes, helping to shape the direction of Ehena. 

On March 28, 2024, the token was directly listed at an initial price of $0.6522. As of 2024, the token recorded an all-time high price of $1.52 on Apr 11, 2023, and an all-time low price of $0.20 on Sep 7, 2024.

Where to buy ENA tokens?

INJ token is traded on 40+ crypto exchanges in the market; some popular centralized exchanges supporting ENA tokens are Binance, MEXC, Bitget, Bybit, Kraken, HTX, and Gate.io.

Some popular decentralized exchanges supporting ENA tokens are Uniswap, Helix, DeGate, and OpenOcean.

Wallets for ENA Coins:

Security, cost-effectiveness, and user-friendliness are important factors to consider while selecting a wallet for ENA tokens. 

Some of the best crypto wallets for ENA tokens are Trust Wallet, MetaMask, Token Pocket, imToken, and Torus.

Ethena (ENA) Price Prediction 2025-2030:

Ethena (ENA) has seen an increase in value in recent years due to its growing usage and demand. 

According to Coinpedia, Ethena (ENA) could reach a potentially high price of $0.64 and a potentially low price of $0.20.

• Ethena (ENA) Price 2025:

For 2025, the Ethena (ENA) price is projected to range between $0.83 and $0.26.

• Ethena (ENA) Price 2026:

For 2026, the Ethena (ENA) price is projected to range between $1.08 and $0.33.

• Ethena (ENA) Price 2027:

For 2027, the Ethena (ENA) price is projected to range between $1.40 and $0.43.

• Ethena (ENA) Price 2028:

For 2028, the Ethena (ENA) price is projected to range between $1.82 and $0.57..

• Ethena (ENA) Price 2029:

For 2029, the Ethena (ENA) price is projected to range between $2.37 and $0.74.

• Ethena (ENA) Price 2030:

For 2030, the Ethena (ENA) price is projected to range between $3.08 and $0.96.