$0.1643+13.10% 24hThe Ethena price in context
The ENA price in USD in the top bar runs live from the Binance exchange; the chart and market statistics (cap, volume, supply) come from the CoinGecko aggregator. Chart ranges span from the last 24 hours to the full trading history — the period change is measured from the first point of the selected range.
The complete ranking lives on the crypto prices page.
About Ethena
Ethena is behind USDe, a synthetic dollar that holds its value with neither bank deposits nor bonds. The protocol holds a crypto asset and simultaneously an open short against it in perpetual futures — when the underlying falls, the short's gain offsets the loss. The construction is called delta-neutral.
The yield USDe carries comes from the funding rate: in a bull market longs pay shorts, and the protocol sits on the short side. That is also the main risk — with persistently negative funding, yield turns into cost. The second risk is counterparty, because the short runs on centralized exchanges.
The ENA token is the protocol's governance token, not the stablecoin itself. The project drew attention for how fast it grew and for how often it is compared to earlier "algorithmic" dollar attempts; the construction differs, though — USDe is backed by a real position, not by faith in its own token.