Ethena (ENA) is the native token of the Ethena protocol, which designs and issues synthetic U.S. dollar assets (commonly referenced as eUSD) on Ethereum layer‑2 networks to enable low‑cost, high‑speed dollar exposure within decentralized finance. ENA supports governance, staking, and incentive distributions, allowing holders to vote on parameter changes, upgrades, and collateral policies. The protocol typically uses overcollateralized positions, liquidity pools, and algorithmic mechanisms to maintain peg stability and manage risk. Developers position Ethena as an on‑chain alternative for users and protocols seeking dollar‑denominated instruments without relying solely on centralized stablecoins. Market adoption and integrations continue to evolve across DeFi ecosystems.