Researched coins: 629
Exchanges: 1,020
Market Cap: 2.8T
24h Vol: 131.4B
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Ethena Price, Live Chart & Market Cap

Ethena (ENA): A Dynamic, Yield-Driven Stablecoin for DeFi and Staking Crypto

Ethena Overview

Ethena offers a delta-neutral stablecoin backed by crypto collateral and short futures. It is designed to hold a steady peg, reward users, and integrate deeply with DeFi. Ethena supports fast cross-chain access, letting USDe flow freely. By holding ENA, users can govern protocol updates and shape the system’s long-term direction.

Utility & Use Cases ENA

Staking & Savings

Staking & Savings

Lock USDe in the protocol to gain staking rewards through sUSDe. This approach delivers passive yield while keeping value stable. Ethena’s ENA token can also be staked for governance rewards.
Liquidity Pools

Liquidity Pools

USDe pairs with other stablecoins on key DEX platforms to boost on-chain liquidity. Users can earn fees in yield farming pools and strengthen Ethena’s ecosystem.
Community Governance

Community Governance

ENA holders steer Ethena’s future. They vote on protocol improvements, decide new collateral, and shape incentive campaigns that drive adoption.

Ethena Technologies Overview

Fast Transactions

Fast Transactions

Ethena uses Ethereum and L2 solutions for quick, low-cost transfers, ensuring smooth trading and rapid cross-chain movement.
Cross-Chain Compatibility

Cross-Chain Compatibility

USDe and ENA function on multiple networks, letting DeFi users bridge assets and access yield opportunities across various blockchains.
Smart Contracts

Smart Contracts

All Ethena functions run on audited Solidity code. This enables decentralized minting, staking, and governance under transparent conditions.
Regular Security Audits

Regular Security Audits

Top audit firms and independent researchers review Ethena’s code. Frequent testing and bug bounties maintain a secure, reliable environment.

Funding

Ethena raised $6 million in a seed round in 2023, led by Dragonfly Capital and supported by major exchanges. In early 2024, it secured an additional $14 million to fuel mainnet launch. By 2025, further investments reached over $30 million, helping Ethena expand USDe adoption and refine the ENA token ecosystem.

Roadmap

USDe Mainnet Launch

Ethena introduced the USDe stablecoin in early 2024 after successful audits. It quickly gained liquidity on major platforms.

ENA Listing & Campaigns

In April 2024, ENA went live on top exchanges. Incentive programs boosted USDe usage and rewarded early participants.

Cross-Chain Integration

Throughout late 2024, Ethena bridged to multiple chains. Additional collateral, yield farms, and new stablecoins broadened its ecosystem.

Converge Chain Development

By 2025, Ethena announced its own blockchain rollout. ENA stakers will secure Converge with faster transactions and real-world asset support.

Ethena Security & Audit Reports

Ethena has passed multiple audits by renowned firms. A reserve fund protects against unexpected shortfalls, and off-chain hedges reduce market risk. The protocol uses multisig governance for contract upgrades and emergency responses, ensuring USDe stays stable under various market conditions.

FAQ

How to stake ENA?

+
Use the Ethena dApp to lock ENA in the staking contract. You earn extra rewards and gain voting rights in the protocol.

How to get USDe?

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Buy USDe on supported crypto exchanges or swap on DEX platforms. Most users find it easiest to trade USDe directly on-chain.

What makes Ethena unique?

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Ethena’s delta-neutral strategy generates yield from staked assets plus short futures, offering a stable yet profitable system.

Does USDe maintain a steady peg?

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Yes. The protocol hedges price movements, and it keeps a reserve to defend the peg if extreme volatility occurs.

Which wallets support ENA?

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Any Ethereum-compatible wallet, like MetaMask or Ledger, can store ENA and let you interact with Ethena’s staking features.

What are the main benefits of sUSDe?

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Staked USDe grows over time by capturing the protocol’s real yield, letting you earn passive returns in a stable format.

Top Crypto Exchanges to Trade Ethena (ENA)

# Exchange Pair Price 24h Volume
1
Binance
ENA/USDT ~$0.87 $357,940,522
2
Bybit
ENA/USDT ~$0.86 $94,173,743
3
Gate.io
ENA/USDT ~$0.87 $188,847,407
4
Bitunix
ENA/USDT ~$0.86 $27,350,120
5
Ourbit
ENA/USDT ~$0.86 $16,051,878
6
KuCoin
ENA/USDT ~$0.87 $30,437,120
7
Hibt
ENA/USDT ~$0.86 $15,481,179
8
Bitget
ENA/USDT ~$0.87 $5,525,681
9
Binance
ENA/TRY ~$30.8 $14,571,492
10
PointPay
ENA/USDT ~$0.86 $5,650,044
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Ethena
Ethena ENA Price
#9
$0.32
-4.15%
Market Cap
Market capitalization of Ethena (ENA) represents the total value of all circulating tokens. It is calculated by multiplying the current price of one token by the total number of tokens in circulation
$1,930,474,780
Fully Diluted Variation
Fully diluted valuation of Ethena (ENA) represents the theoretical market cap if all tokens that will ever exist were in circulation. It provides insight into the long-term value projection assuming the maximum supply is reached
$4,756,816,706
24 Hour Trading Vol
24-hour trading volume shows the total amount of Ethena (ENA) traded across all exchanges over the past day. Higher volumes generally indicate more market liquidity and interest in the token
$310,640,669
Total Value Locked (TVL)
Total Value Locked (TVL) represents the aggregate value of Ethena (ENA) and other assets deposited in DeFi protocols. It indicates the overall usage and adoption of Ethena (ENA) in decentralized finance applications
$5,747,541,130
Circulating Supply
Circulating supply shows the number of Ethena (ENA) tokens currently available and circulating in the market. This excludes locked, reserved, or unissued tokens that cannot be sold or traded
6,087,500,000
Total Supply
Total supply represents all Ethena (ENA) tokens that currently exist, including both circulating tokens and those locked in various protocols or treasuries. It excludes tokens that will be created in the future
15,000,000,000

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