Trade ENA with Leverage

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Ethena (ENA) is a synthetic dollar protocol developed on the Ethereum blockchain that aims to offer a stable, scalable, and censorship-resistant solution for the digital asset market. Launched by Ethena Labs, a decentralized finance (DeFi) protocol, Ethena aims to provide a crypto-native solution for money, moving away from reliance on traditional banking systems. 

ENA is the native governance ERC-20 token of Ethena, and was distributed via airdrop to holders of the protocol’s USDe token. Holders can vote on protocol governance decisions. 

Ethena also developed the Internet Bond and the USDe token, which collectively aim to enhance the utility and efficiency of digital currencies, contributing to the broader adoption and capital inflow into the crypto ecosystem.

USDe is not directly pegged to physical assets but is instead backed by delta-hedging strategies using Ethereum (ETH) as collateral, aiming to maintain its value relative to the US dollar​. The protocol uses a delta-hedging mechanism to ensure the stability of USDe, countering market volatility by taking opposite positions in the derivatives market equal in size to the Ethereum collateral. This approach allows for the minting and redemption of USDe in a manner that closely maintains its peg to the USD​.

Internet Bond is a financial savings instrument that seeks to democratize investment opportunities within the DeFi space by combining yields from derivatives markets and staked Ethereum, offering an avenue for investors to participate in the crypto economy while potentially earning returns.