Ethena
ENA Rank #47Price chart
What is Ethena?
Protocol and governance
Ethena introduced ENA in 2024 alongside the development of its USDe synthetic dollar. ENA supplies governance power rather than representing a dollar balance. Its remit includes backing composition, new strategies and revenue allocation. Token holders also influence the membership and responsibilities of the Risk Committee. Specialist committees handle many operational decisions within their assigned mandates.
Allocation and distribution
The published allocation assigns 30% to core contributors and 30% to ecosystem development and airdrops. Other portions support investors and the Foundation. Contributor and investor schedules begin with a one-year lock followed by a 25% release. The remainder then vests in monthly installments over three years. Foundation tokens fund work such as development, audits and risk assessments.
Staked ENA
Depositing ENA into its staking vault creates an sENA position. This transferable ERC-20 receipt uses an ERC-4626 wrapper. Incentive distributions can increase the amount of ENA represented by each sENA. Those distributions are discretionary, and unstaking requires a cooldown before withdrawal. The 2026 fee-switch framework provides for revenue-funded buybacks when approved supply milestones are reached. A separate governance process determines any sENA reward program.
Where to trade ENA
99 exchanges · top 10
Live spot quotes from connected exchanges
ENA funding rates
Live perpetual funding on every connected exchange. Positive = longs pay shorts.
Contracts & chains
Exact contract or mint per network — the identity layer used for DEX routing.
On-chain routes
Networks with a connected DEX routing adapter.