Ethena (ENA): what you need to knowEthena (ENA): what you need to know

Ethena is a DeFi protocol on Ethereum that issues a synthetic dollar (USDe), backed by delta-neutral positions in crypto assets. ENA is the governance token of the protocol, allowing holders to vote on the future of Ethena. The project focuses on a scalable, crypto-native dollar as an alternative to traditional stablecoins.

Source: https://drive.google.com/file/d/1-z9WKOqvjeXwGl-dOVoV4AiMLWp96GKS/view

Ethena combines spot positions in liquid staking tokens (like stETH) with short perpetual positions on centralised exchanges. This delta-neutral strategy keeps the value of USDe stable around one dollar. Holders of USDe can stake the token to receive sUSDe, which earns yield from funding rates and staking rewards.

• Ticker: ENA

• Category: Synthetic Dollar Protocol / DeFi

• Blockchain: Ethereum (ERC-20)

• Protocol: Delta-neutral hedging (USDe)

• Year of launch: 2024

Ethena uses smart contracts on Ethereum for issuing and managing USDe and sUSDe. Part of the collateral is held on centralised exchanges via off-exchange settlement solutions to reduce counterparty risk. The protocol regularly publishes transparency reports on the composition of its reserves.

The Ethena ecosystem includes USDe as a synthetic dollar, sUSDe as a yield-bearing variant and ENA as a governance token. USDe is increasingly being integrated into other DeFi protocols for lending, trading and liquidity. Ethena partners with major exchanges and custody providers.

Ethena was founded by Guy Young and launched in 2024. Young has a background in traditional finance and prior experience with crypto derivatives. The project received investments from well-known crypto investors and quickly gained adoption within DeFi.

BTC Direct has been the European entry point to crypto since 2013. We make buying Ethena straightforward, even if it is your first time:

• Trusted in Europe. BTC Direct is registered with the Dutch Central Bank (DNB) and operates under MiCA, the EU regulation for crypto.

• Familiar payment methods. Pay with iDEAL, Bancontact, Sofort, SEPA bank transfer, credit card, PayPal or Apple Pay. Your ENA is on its way within minutes.

• Your coins, your control. We do not store your ENA. After your purchase, your coins are sent straight to your own wallet address.

• Based in the Netherlands, serving all of Europe. Our experts are based in the Netherlands and answer in your language across the SEPA zone. Need help? We are here.

• Start with a small amount. From just €30. The minimum varies per coin.

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For more technical information about Ethena, visit the official website.

Cryptocurrencies, including Ethena (ENA), are volatile and carry risks. The value of ENA can fluctuate greatly and investments can lead to financial losses. Always do your own research and only invest money that you are willing to lose.

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