Ethena Price
(ENA)
USD($)
Ethena (ENA) Live Price Chart
Overview
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FAQ
Ethena Live Price Data
The live price of Ethena is $1.04, with a total trading volume of $ 11.18M in the last 24 hours. The price of Ethena changed by -14.83% in the past day, and its USD value has decreased by -13.33% over the last week. With a circulating supply of 2.94B ENA, the market cap of Ethena is currently 3.03B USD, marking a --% increase today. Ethena currently ranks #34 in market cap.
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Note: This data is for reference only.
Ethena(ENA) Profile
Rank34
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Contract
- Ethereum 0x57e114...061
Audited By
- --
Code & Community
Investors
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$0.9910
$1.23
- ATH
- $1.52
- Price Change (1h)
- +2.54%
- Price Change (24h)
- -14.83%
- Price Change (7d)
- -13.33%
- Market Cap
- $3.03B
- 24h Volume
- $11.18M
- Circulating Supply
- 2.94B
- Max Supply
- 15B
About ENA
How can I buy Ethena (ENA)?
Buying ENA on KuCoin is fast and simple. Create an account, verify your identity, deposit funds, and start your trading. It's that simple! See How to Buy Ethena (ENA) for more information. What Is Ethena (ENA) Crypto?
Ethena (ENA) is a notable project in the DeFi space, introducing a synthetic dollar protocol named USDe, built on Ethereum. The initiative by Ethena Labs aims to provide a stable, scalable form of currency within the crypto-native space without relying on traditional banking systems. ENA, Ethena's native utility token, plays a central role in the ecosystem, facilitating governance, protocol utility, and incentives.
The Ethena Protocol employs a blend of strategies to maintain the USDe token's stability and generate yields. It uses Ether (ETH) liquid staking tokens for collateral, hedges market volatility through short ETH perpetual futures positions, and introduces Internet Bonds as a novel financial instrument. This multifaceted approach aims to offer a stable and reliable synthetic dollar while generating attractive yields for investors.
The Ethena Protocol distinguishes itself from traditional stablecoins through its decentralized framework, which aims for high capital efficiency and stability without central control. By offering yield opportunities and leveraging innovative strategies like delta hedging, Ethena addresses some of the key issues faced by traditional stablecoins, such as centralization, inflation resistance, and scalability.
Ethena's approach, leveraging the ENA token and its USDe stablecoin, aims to redefine the DeFi market by offering innovative financial instruments and yield-generation strategies. The protocol's introduction of the ENA token and its emphasis on stability, sustainability, and community engagement represents a forward-thinking step in enhancing the DeFi ecosystem's infrastructure and investment opportunities.
Ethena gained significant traction through its listing on the Binance Launchpool. This initiative facilitated wider distribution and engagement with the ENA token, contributing to the protocol's growth and adoption.
How Does Ethena Protocol Work?
Ethena leverages Ethereum's blockchain capabilities and the principles of DeFi to offer a scalable, stable, and censorship-resistant money solution. By backing the USDe token with liquid staked ETH and employing strategic hedging methods, Ethena ensures the stability and reliability of its synthetic dollar, making it a compelling addition to the DeFi landscape. Here's a breakdown of how Ethena works:
Collateralization and Yield Generation
The USDe token is fully collateralized by Ether (ETH) through liquid staking tokens. This foundational asset base provides stability and value to USDe. Additionally, Ethena hedges against market volatility by taking short positions in ETH perpetual futures on derivatives exchanges. This method not only stabilizes USDe's value against fluctuations but also generates steady yields for token holders.
Delta Hedging for Stability
Delta hedging is critical in maintaining USDe's peg to the USD. This strategy involves taking positions opposite ETH's price movement to achieve a delta-neutral status, effectively insulating USDe from ETH price volatility. This traditional finance (TradFi) method ensures that USDe remains stable and reliable as a synthetic dollar.
Innovative Financial Instruments
A standout feature of Ethena is the introduction of the Internet Bond. This financial instrument aims to democratize decentralized finance (DeFi) investment opportunities. It combines yields from derivatives markets and staked Ethereum, offering a unique investment avenue to crypto participants. This not only broadens access to investment opportunities but also showcases Ethena's commitment to innovation and empowering users in the DeFi ecosystem.
Ethena Tokenomics and Governance
The ENA token, built on the Ethereum blockchain, follows the ERC-20 standard. It serves as a governance token, allowing holders to participate in the decision-making processes that shape the protocol's future. The total supply of ENA tokens is capped at 15 billion, with a detailed allocation strategy for core contributors, ecosystem development, investors, and a foundation to support USDe's expansion.
History of Ethena Labs and ENA Coin
Ethena (ENA) was officially launched on March 28, 2024, marking a significant development within the DeFi landscape. This launch introduced the ENA token, aligning with the Ethena Protocol's strategies for sustainable growth and innovation in digital currencies. The initiative has successfully positioned Ethena as an emerging leader in the DeFi sector, especially notable with its USDe supply reaching over $1 billion swiftly, underscoring its offerings' rapid adoption and utility within the crypto ecosystem.
The founding team behind Ethena includes individuals with a deep-rooted background in both traditional and crypto markets. Guy Young, co-founder and CEO, has been explicitly mentioned in connection with the protocol's development. Before Ethena, Young had a significant role in fundraising activities, securing $14 million from notable investors, reflecting the industry's confidence in Ethena's vision and leadership. This round of funding was highlighted by contributions from various sectors, including a mix of traditional financial entities and crypto-specific organizations.
What Is ENA Token Used for?
The Ethena (ENA) token is primarily designed for governance and utility within its ecosystem and as a mechanism to incentivize participation and investment in the protocol. Key uses and functionalities of the ENA token include:
1. Participate in Ethena’s Decentralized Governance
ENA token holders can participate in the governance of the Ethena protocol. This can involve voting on proposals related to the platform's development, updates, and direction. By holding ENA tokens, users get a say in decision-making that affects the protocol's future.
2. Ethena Protocol’s Utility Token
ENA serves as a utility token within the Ethena ecosystem, facilitating various operations and interactions. This utility can extend to paying for services within the ecosystem, accessing certain features, or being used as a medium of exchange for transactions conducted within the Ethena network.
3. Incentivization in Ethena Ecosystem
The ENA token is used to reward participants within the Ethena ecosystem. This could include rewards for liquidity provision, participating in staking mechanisms, or contributing to the protocol in other ways that help secure the network or enhance its operations.
4. Ethena Staking Rewards
Part of Ethena's strategy to ensure stability and engagement involves staking mechanisms where ENA token holders can stake their tokens to receive rewards. Staking not only helps with the security and efficiency of the network but also provides a way for token holders to earn passive income.
5. Ecosystem Development
ENA tokens are allocated for the development of the Ethena ecosystem, including funding new projects, grants for developers, or other initiatives aimed at expanding the protocol’s capabilities and outreach.
6. Trade Ethena on KuCoin
Trade ENA token on the KuCoin Spot Market to capitalize on changing market conditions and volatility. Buy or sell $ENA or HODL if you believe in the future potential of the Ethena platform, but only after doing your own research (DYOR).
Ethena (ENA) Price Movements ($)
| Period | Change | Change (%) |
|---|---|---|
| Today | $-0.1869 | -15.27% |
| 7 Days | $-0.1669 | -13.94% |
| 30 Days | $0.4512 | 77.90% |
| 3 Months | $0.6407 | 164.38% |
24H Investment Barometer
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- The Investment Barometer represents the current sentiment of the majority of KuCoin users. It is based on multiple indicators, and can be used as an aspect to take into consideration when planning investments.
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Ethena Conversion Rate
FAQ
How much is 1 Ethena (ENA) worth?
KuCoin provides real-time USD price updates for Ethena (ENA). Ethena price is affected by supply and demand, as well as market sentiment. Use the KuCoin Calculator to obtain real-time ENA to USD exchange rates. Is Ethena (ENA) a Good Investment?
Investing in Ethena (ENA) has several potential advantages, particularly for those interested in the DeFi space and innovative crypto financial products. Here are some key benefits:
1. Innovative DeFi Solutions
Ethena is at the forefront of DeFi innovation, particularly with its USDe stablecoin and the use of Ethereum's capabilities. Investors in ENA are essentially backing a protocol that seeks to redefine stablecoin utility and yield generation within the DeFi ecosystem, potentially leading to significant returns as the project grows and gains adoption.
2. Governance Participation
By holding ENA tokens, investors can participate in governance decisions. This not only allows investors to have a say in the project's direction and policy changes but also ensures a level of decentralization and community involvement, which is often valued in the crypto space.
3. Yield Generation Opportunities on Ethena
Ethena's focus on yield generation through innovative strategies like delta hedging and the introduction of Internet Bonds provides token holders with opportunities to earn on their holdings. This can be an attractive prospect for investors looking for passive income streams in addition to capital appreciation.
4. Ethena Ecosystem Growth and Token Demand
As the Ethena ecosystem expands and more applications integrate its solutions, demand for ENA tokens could increase, potentially driving their value. Investments in ecosystem development and partnerships with key DeFi players will likely enhance this growth, offering a promising outlook for early investors.
5. Early Adoption Benefits
Investing in emerging DeFi projects like Ethena offers the potential for significant returns as the project matures and its products gain wider adoption. Early investors often benefit from lower entry prices and the potential for substantial appreciation as the project's value proposition becomes more widely recognized and utilized.
6. Backing from Reputable Investors
Ethena has secured funding from notable investors in the crypto and traditional finance spaces, indicating a level of confidence in the project's team and its vision. This external validation can provide additional reassurance to potential investors regarding the project's legitimacy and potential for success.
What Is Ethena Price Prediction?
While we cannot offer a reliable ENA price prediction over any duration, monitoring the following factors could help you better understand the price trends in Ethena cryptocurrency:
Ethena’s Market Adoption and Ecosystem Growth
The extent to which Ethena's protocols and tokens are adopted within the DeFi space significantly impacts its value. Increased adoption of Ethena's stablecoin, USDe, and other financial instruments can drive demand for ENA tokens, potentially boosting the Ethena price.
Overall Crypto Market Trends
The cryptocurrency market's cyclical nature means that the ENA to USD price can be affected by broader market trends. Bull markets can increase speculative interest in DeFi projects like Ethena, while bear markets may see reduced demand.
Future Developments in the Ethena Roadmap
Innovations and enhancements within the Ethena ecosystem, such as new financial instruments or improvements to the protocol's stability and security, can positively influence investor perception and the ENA token price.
Ethena’s Partnerships and Integrations
Announcements of partnerships with other DeFi projects, financial institutions, or significant integrations can increase utility and demand for ENA tokens, potentially driving up the ENA crypto price.
ENA Staking and Reward Mechanisms
Ethena's mechanisms for staking and rewards influence how holders interact with their ENA tokens and impact the $ENA price. Attractive staking rewards can encourage holding, reduce market supply, and increase price, whereas less appealing rewards may not incentivize holding as strongly.
Community Engagement and Governance
Active community involvement and effective governance can lead to better decision-making and project development, bolstering investor confidence and potentially leading to appreciation in the ENA coin price.
ENA Token’s Liquidity and Exchange Listings
The availability of ENA tokens on major exchanges and the liquidity in these markets can significantly affect the Ethena token price. Higher liquidity generally leads to more stable prices, while listings on additional exchanges can increase accessibility and demand.
Investor Sentiment and Speculation
As with any asset, the sentiment and speculative interest around ENA play crucial roles in its price dynamics. Positive news and hype can lead to short-term price spikes, while negative sentiment can cause declines.
How to Earn on Ethena Protocol
You can stake USDe token on Ethena Finance to earn yields. Ethena facilitates yield generation using innovative technologies. This process involves minting USDe using collateral, connecting a wallet like MetaMask to Ethena Finance, and staking the USDe for sUSDe.
Ethena employs diversified financial strategies, including sourcing yield from liquid staking, using profits from shorting Ether, and leveraging DeFi platforms for yield opportunities. Staked ETH yield is controlled by liquid staking providers, while Ethena opens short perpetual contracts on the existing staked ETH. Ethena uses basis spread and other strategies to amplify yield opportunities.
The yield is generated from liquid staking ETH and entering derivative contracts to manage price volatility. You can monitor the yield via the Ethena Finance DApp interface.
You can redeem USDe on Ethena Finance by unstaking the sUSDe position and burning USDe to get back the staked ETH collateral.
What is the all-time high price of Ethena (ENA)?
The all-time high price of Ethena (ENA) is $1.5100. The current price of ENA is down 31.55% from its all-time high.
What is the all-time low price of Ethena (ENA)?
The all-time low price of Ethena (ENA) is $0.1952. The current price of ENA is up 431.72% from its all-time low.
How much Ethena (ENA) is there in circulation?
As of 12 22, 2024, there is currently 2.94B ENA in circulation. ENA has a maximum supply of 15B.
What is the market cap of Ethena (ENA)?
The current market cap of ENA is $3.03B. It is calculated by multiplying the current supply of ENA by its real-time market price of $3.03B.
How do I store Ethena (ENA)?
You can securely store your Ethena in the custodial wallet on the KuCoin exchange without having to worry about managing your private keys. Other ways to store your ENA include using a self-custody wallet (on a web browser, mobile device, or desktop/laptop computer), a hardware wallet, a third-party crypto custody service, or a paper wallet.