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Ethena (ENA) price today

ENA is the governance token of Ethena, the protocol that issues USDe, a synthetic dollar supported by crypto assets and futures positions.

Written and reviewed by the Cripto View editorial team

Ethena price now

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Market data source: CoinGecko, with a reference USD/BRL rate. Values can lag by a few minutes.

What is Ethena?

Ethena is a protocol launched in 2024 that issues USDe and its yield-bearing version, sUSDe. The ENA token was distributed in April 2024 to users, the team and investors.

ENA is not the stablecoin: it is the token that gives a say in protocol decisions.

How Ethena works

ENA holders vote on matters such as which assets are accepted as collateral, which exchanges and custodians the strategy uses, and how the reserve fund is managed.

The token can be locked in staking, which gives access to rewards and ecosystem programs. Governance also discusses directing part of protocol revenue to stakers.

What ENA is used for

  • Voting on Ethena governance decisions.
  • Staking to take part in ecosystem programs.
  • Exposure to the growth of USDe.

Risks and points of attention

  • Its value depends on the success and stability of USDe, whose derivatives strategy can fail in adverse markets.
  • Scheduled token unlocks for the team and investors increase supply.
  • Any share of protocol revenue depends on governance decisions.
  • High volatility.

Key facts

SymbolENA
Asset typeToken
Launch2024-04
NetworkToken on Ethereum
Maximum supply15 billion ENA

Reference data checked on October 3, 2026 against CoinGecko and the project's official pages.

Frequently asked questions about Ethena

What is the difference between ENA and USDe?

USDe is the synthetic dollar, which aims to be worth 1 dollar. ENA is the governance token, with a free-floating, volatile price.

Does ENA pay yield?

Not by itself. Staking gives access to rewards and programs defined by governance, which can change.

What is the maximum supply of ENA?

15 billion tokens, part of which is still subject to scheduled unlocks.

Where does the Ethena price on this page come from?

The panel shows the ENA price in US dollars and Brazilian reais, with change, volume and market capitalization. Data comes from CoinGecko, uses a reference exchange rate and can lag by a few minutes.