ENA stands out as one of the most dynamic cryptocurrencies in the DeFi ecosystem in 2025, embodying Ethena's revolutionary innovation in the stablecoin space. With its incredible performance, ENA is more than just a speculative asset. Powering a protocol that redefines industry standards, ENA leads the way with the USDe stablecoin achieving a record market capitalization and offering attractive returns.
ENA is the native governance token of the Ethena protocol, a revolutionary DeFi platform that has developed the first USDe. This next-generation cryptocurrency allows holders to participate in the governance of an ecosystem that has generated more than $290 million in revenue since its launch, establishing a new paradigm in the world of decentralized stablecoins.
The uniqueness of ENA lies in its function as a utility token within a protocol that uses sophisticated delta-neutral strategies to maintain the parity of USDe with the US dollar. This innovative approach eliminates dependence on traditional banks and fiat reserves, creating a truly decentralized and censorship-resistant stablecoin.
The Ethena protocol has revolutionized the stablecoin industry by offering a crypto-native alternative that generates attractive yields for its users. This technical innovation has attracted inflows of $750 million recently, demonstrating the market’s appetite for more decentralized and profitable stablecoin solutions.
The journey of ENA begins with the creation of Ethena Labs, founded by a team of experts in traditional finance and cryptocurrencies determined to overcome the limitations of existing stablecoins. The project emerged from the necessity to create a truly decentralized stablecoin, independent from the traditional banking system.
The development of USDe and the ENA token accelerated in 2024 with the official launch of the protocol. This deployment phase marked the introduction of a revolutionary approach using derivatives and hedging strategies to maintain price stability without relying on traditional fiat reserves.
The launch of ENA in April 2024 was a pivotal moment with the initial distribution of 1.425 billion tokens (9.5% of the total supply). This market introduction immediately captured the attention of the DeFi community thanks to the protocol’s innovative mechanics and the attractive yields offered.
ENA was developed by the Ethena Labs team, led by recognized experts in traditional finance and blockchain technology. This multidisciplinary team combines deep expertise in financial engineering and decentralized protocol development.
Ethena Labs’ founding team brings significant experience from traditional financial markets, particularly in derivatives trading and risk management. This expertise proves crucial for implementing the complex delta-neutral strategies that underpin the functioning of USDe.
The protocol developers also have solid experience in the DeFi ecosystem, having participated in the development of several innovative projects. This combination of traditional and crypto expertise allows the team to create solutions that bridge the gap between both worlds.
The team’s rigorous technical approach is reflected in the protocol’s sophisticated architecture, which uses advanced hedging mechanisms to maintain the stability of USDe.
The ENA token fulfills several essential functions within the Ethena ecosystem, creating an innovative economic model that aligns participants’ interests while supporting the protocol’s growth. Unlike traditional governance tokens, ENA possesses multidimensional utility that extends across all aspects of the protocol.
The first function of ENA concerns decentralized governance of the Ethena protocol. Holders can vote on improvement proposals, risk parameters, and strategic evolutions of the protocol. This participatory governance ensures that important decisions reflect the community’s interests.
Staking ENA constitutes the second major use, allowing holders to secure the protocol while receiving rewards. This mechanism creates an economic incentive for long-term participation and strengthens the security of the entire ecosystem.
Revenue rights represent the third pillar of ENA‘s utility. Holders can benefit from a portion of the revenue generated by the protocol, which has already reached $290 million since launch. This value distribution creates an attractive passive income stream.
The Ethena ecosystem is experiencing rapid expansion with USDe reaching a market cap of $6.17 billion. This sustained growth generates increasing demand for ENA and strengthens its positioning as a reference utility token in the stablecoin universe.
The Ethena protocol is built on sophisticated technical architecture that combines delta-neutral trading strategies with innovative collateralization mechanisms to maintain the stability of USDe. This revolutionary approach eliminates the need for traditional banking reserves while generating yields for users.
The USDe creation mechanism uses a combination of crypto assets as collateral, primarily ETH and stETH, coupled with short positions on derivatives markets. This delta-neutral strategy allows maintaining stable exposure to the US dollar regardless of crypto market fluctuations.
The rebalancing algorithm continuously monitors the protocol’s positions and automatically adjusts hedges to maintain delta neutrality. This automated system ensures that the value of USDe remains close to $1 even during extreme crypto market volatility.
The sUSDe reward system allows USDe holders to stake their tokens to receive yields generated by the protocol’s trading strategies. These yields, currently around 10%, come from funding premiums and trading revenues generated by delta-neutral positions.
The security mechanisms include risk monitoring systems, position limits, and emergency procedures to protect users’ funds. This robust infrastructure has allowed the protocol to manage more than $6 billion without major incidents.
An objective evaluation of ENA requires a balanced analysis of its strengths and challenges in the current competitive context of decentralized stablecoin protocols.
The 5 Main Advantages of ENA :
The 5 Main Disadvantages of ENA :
Analysis of ENA‘s price reveals a volatile but promising trajectory, influenced by protocol developments, USDe adoption, and DeFi market dynamics.
The recent price evolution of ENA shows spectacular performance in July 2025. The token surged 110% in six days to reach a peak of $0.50, marking its highest level since February. This rise comes with a trading volume of $744.82 million over 24 hours.
Price predictions for 2025 vary considerably among analysts. CoinCodex anticipates a correction toward $0.30 by August 2025, while other experts forecast a continued rise toward $2 if market conditions remain favorable.
Long-term forecasts suggest significant potential with targets of $7 by 2030 according to some optimistic analyses. These projections are based on the continued growth of the protocol and increasing adoption of decentralized stablecoins.
Factors influencing ENA’s price include the expansion of USDe‘s market cap to $6.17 billion, the attractive yields of sUSDe at 10%, and accumulation by whales. Recent inflows of $750 million demonstrate growing confidence in the protocol.
On-chain activity for Ethena shows positive signals with increased use of USDe in the DeFi ecosystem and growing integrations with other protocols. Seeking regulatory clarification from the SEC could also catalyze institutional adoption.
The history of ENA is punctuated by significant events that have shaped its development and positioning in the DeFi ecosystem.
Early 2024 : Launch of USDe by Ethena Labs, introducing the first crypto-native synthetic stablecoin using delta-neutral strategies to maintain parity with the dollar.
April 2024 : Initial ENA distribution with 1.425 billion tokens (9.5% of the total supply) distributed to the community, marking the token’s official entry into the markets.
Summer 2024 : Explosive growth of USDe with rapid adoption in the DeFi ecosystem and the establishment of strategic partnerships with major platforms.
January 2025 : Crossing $100 million in cumulative revenue in just 251 days, positioning Ethena as the second fastest protocol to reach this milestone.
July 2025 : Historic peak for USDe reaching $6.17 billion in market cap with inflows of $750 million and sUSDe yields exceeding 10%.
July 2025 : ENA price explosion with an increase of 110% in six days reaching $0.50, accompanied by massive accumulation by whales.
July 2025 : Seeking regulatory clarification from the SEC regarding USDe‘s status, demonstrating the team’s proactive approach to regulatory challenges.
Acquiring ENA tokens is an essential step for those who wish to invest in the project, participate in its governance, or use applications in its ecosystem. Due to its growing market capitalization and popularity, the ENA token is available on most centralized exchange platforms (CEX).
These platforms allow you to buy ENA directly with euros or dollars via different payment methods (bank card, wire transfer). Here is our ranking of the best platforms in 2025 :
Here’s how to buy ENA in 5 steps on the best platform in our ranking.
Choose a platform that meets your needs in terms of fees, security, ease of use, and regulatory compliance in your jurisdiction.
Once you’ve acquired ENA tokens, the question of their secure storage becomes paramount. Leaving your cryptocurrencies on an exchange platform (CEX) carries significant risks: you don’t directly control your private keys, and your funds could be lost in case of platform hacking, regulatory issues, or company bankruptcy.
This is why it’s strongly recommended to transfer your ENA to a personal wallet where you alone hold the private keys. “Not your keys, not your coins” is a fundamental adage in the ecosystem.
There are mainly two types of wallets for storing your ENA :
The choice between a cold wallet and a hot wallet depends on your specific needs: prioritize a cold wallet (like Ledger) for maximum security of your main investments, and potentially use a hot wallet (like MetaMask or Trust Wallet) for smaller amounts intended for regular interactions with Ethena’s DeFi ecosystem. The essential thing is to always carefully secure your recovery phrase (seed phrase) and never share it or store it digitally.
Several legitimate methods allow obtaining ENA without direct investment, although these opportunities typically require active participation in the Ethena ecosystem or specific skills.
Ethena’s liquidity programs reward users who provide liquidity to ENA trading pools on DEXes. These incentive programs distribute additional ENA tokens to participants, creating passive income opportunities.
Governance rewards allow active participants to receive ENA in exchange for their engagement in voting and proposal processes. This approach encourages democratic participation while rewarding the most involved contributors.
Next, ecosystem airdrops reward USDe and sUSDe users with periodic distributions of ENA. These programs aim to retain protocol users and encourage adoption of Ethena products.
Finally, development programs offer grants and rewards to creators of applications and integrations around the Ethena protocol. These initiatives support innovation and expansion of the ecosystem while rewarding talented developers.
The legality of ENA varies across jurisdictions, but the token generally enjoys a favorable status in most countries. This situation results from its nature as a governance token and the team’s proactive approach to regulatory compliance.
In the European Union, ENA benefits from the MiCA regulatory framework which clarifies the status of governance tokens. France, Portugal, Germany, and most European countries explicitly authorize the holding and trading of ENA, although USDe‘s status may be subject to specific examinations.
In the United States, the situation is evolving with clarifications sought from the SEC. Ethena is legal, but Ethena Labs is actively working with regulators to define USDe‘s status and ensure protocol compliance. This proactive approach strengthens the project’s legitimacy.
Restrictive countries like China maintain their general bans on cryptocurrencies which also apply to ENA. However, the majority of crypto-friendly jurisdictions allow trading and holding the token without particular restrictions.
The distribution of ENA tokens follows an allocation model designed to balance the interests of different holders while maintaining progressive decentralization of governance.
The Ethena Labs team and initial investors hold a significant allocation of ENA tokens intended for protocol development and long-term incentives. This allocation is distributed gradually according to a transparent vesting schedule to avoid massive sales.
Whales and institutional investors own a growing share of tokens thanks to recent accumulations. More than 200 million ENA have been purchased by large addresses, demonstrating institutional confidence in the protocol.
The community and protocol users hold an important portion thanks to initial distributions and reward programs. This community distribution strengthens governance decentralization and alignment of interests.
Finally, exchange platforms and staking services hold significant amounts of ENA for their services, acting as intermediaries for their users while participating in protocol governance.
ENA positions itself as one of the most innovative cryptocurrencies in the DeFi ecosystem in 2025, benefiting from a revolutionary protocol, exceptional growth, and significant potential for institutional adoption.
ENA’s strengths lie in Ethena’s technical innovation with USDe reaching $6.17 billion in market cap and generating $290 million in revenue. This exceptional financial performance fundamentally distinguishes ENA from traditional governance tokens without real revenue.
The Ethena ecosystem benefits from a sustainable competitive advantage with its unique delta-neutral strategies and 10% yields via sUSDe. This attractive value proposition generates growing demand and favorably positions the protocol against centralized stablecoin competition.
That’s why our opinion is generally positive on Ethena. Nevertheless, one must remain cautious and keep in mind the terrible collapse of Terra Luna which offered a similar protocol with very attractive yields on its stablecoin.
Caméléon de la rédaction et experte SEO, Maholy Ny Voary a découvert le monde des cryptomonnaies et du Web3 en 2021. Constamment à l’affût des nouveautés, elle continue de se former pour créer des contenus engageants qui aident véritablement les internautes.
ENA stands out due to its role in governing a protocol that generates $290 million in real revenue, with USDe reaching $6.17 billion. Unlike traditional DeFi tokens, ENA governs a synthetic stablecoin offering a 10% yield through innovative delta-neutral strategies.
The 110% rise in just six days to $0.50 reflects significant interest in the protocol. With $750 million inflows and whale accumulation, ENA holds interesting potential despite varying price predictions ranging from $0.30 to $2 for 2025.
Staking ENA allows participation in governance while earning rewards. Holders can also use USDe to acquire sUSDe, which offers a 10% yield, or provide liquidity on DEX platforms to earn additional tokens.
(Comment générer des revenus passifs avec ENA ?
ENA is available on Bitget, Binance, Bybit, and Coinbase, with high liquidity. Decentralized exchanges like Uniswap V3 offer an alternative. Be cautious of regular token unlocks, which may create temporary selling pressure.
USDe offers unique advantages with its crypto-native nature, 10% yield, and banking independence. However, competition with USDT and USDC remains intense. The success of ENA will depend on institutional adoption and ongoing regulatory clarifications with the SEC.
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