Convert between ENA and US dollars at the live rate.
$1.52
−94.14% from current
$0.070228
+26.69% from current
Independent editorial ranking. Score is 0–10 across six criteria: Security, Fees, UX, Features, Support, Reputation.
US and EU users who prioritise a spotless security record — no major hack since 2011 — and want a serious pro-grade trading terminal.
Institutions and funds requiring an SEC-registered venue with segregated qualified custody and audited on-chain reserves.
Active spot traders chasing the deepest global liquidity and the widest listing catalogue outside the US perimeter.
Traders who mix spot and on-chain — the Web3 wallet, DEX aggregator and Ethereum L2 X Layer sit inside the same account as CEX pairs.
Long-horizon EU holders who want the oldest continuously-operating exchange (2011) with conservative listings and full MiCA licensing.
Derivatives-first traders who want tighter perp funding and a maker-friendly fee schedule; accept offshore regulatory footprint.
Top coins in the same category, ordered by market cap.
Ethena is a protocol that issues USDe, a "synthetic dollar" backed by cryptocurrency collateral and delta-hedged short positions on centralised exchanges. Launched in early 2024 by Guy Young and the Ethena Labs team, Ethena grew from zero to over $6 billion in USDe circulation within its first year — one of the fastest growth trajectories in DeFi history. ENA is the protocol's governance token.
In 2026, USDe is one of the top-five stablecoins by market cap, competing directly with USDC and USDT despite a fundamentally different backing model. Where USDT and USDC are backed by traditional bank reserves and US Treasuries, USDe is backed by a delta-neutral position: long crypto collateral (ETH, BTC, LSTs) plus equivalent short positions on perpetual futures. This produces the equivalent of dollar exposure with additional yield from perpetual futures funding rates.
sUSDe — the staked version of USDe — captures this yield and distributes it to holders. Historical sUSDe APY has ranged from 4-30% depending on perpetual funding rate conditions, with typical periods around 8-15%. This yield differential vs. Treasury-backed stablecoins is Ethena's core competitive advantage and its core risk vector.
The USDe minting mechanism works as follows: a user deposits ETH, stETH, WBTC, or another approved collateral. Ethena takes the collateral and opens an equivalent-sized short perpetual futures position on a major centralised exchange (Binance, OKX, Bybit, Deribit). The long collateral + short perpetual position is delta-neutral — price movements in the underlying asset cancel out, leaving the USD value approximately constant.
Two revenue streams flow to the protocol: (1) staking yield on the collateral (e.g., ETH staking rewards on stETH), and (2) perpetual funding rate payments (which have historically been positive during bull markets, meaning shorts get paid by longs). When both are positive, USDe generates substantial yield that flows to sUSDe holders. When perpetual funding rates flip negative (bear market conditions), Ethena has an insurance fund that absorbs losses to protect the peg.
Redemption reverses the flow: users burn USDe, Ethena closes the corresponding short perpetual position and returns the underlying collateral. This mechanism keeps USDe pegged near $1 through primary-market arbitrage, similar to how USDC and USDT pegs are maintained.
sUSDe is USDe staked in Ethena's yield vault. When you hold sUSDe, you receive:
Historical sUSDe APY has been highly variable — 30%+ during peak bull-market conditions (2024 late-year peaks), 4-8% during bear-market or sideways conditions. The 2025-2026 period has averaged approximately 10-15% APY, well above Treasury-backed stablecoin yields (typically 4-5%).
ENA has a total supply of 15 billion tokens. Distribution:
As of July 2026, circulating supply sits at approximately 4.5-5 billion ENA. Investor and team vesting continues through 2027, remaining a supply-side factor. ENA is used for governance participation, sUSDe farming rewards, and potential future fee-sharing mechanisms which have been discussed but not fully implemented.
Ethena's ecosystem has grown quickly. Notable integrations:
The 2025 announcement of Converge — a dedicated blockchain for institutional stablecoin and RWA settlement, developed in collaboration with Securitize (a leading tokenised securities platform) — positions Ethena for potential expansion beyond synthetic dollars into broader tokenised finance infrastructure.
Ethena's 2026 setup is defined by two variables: perpetual funding rate regime and regulatory clarity. If funding rates remain net-positive (bull-market conditions), sUSDe continues generating attractive yield and USDe circulation grows steadily. If funding rates flip negative for a sustained period, the insurance fund is tested and the yield thesis is weakened.
The bull case is decisive stablecoin market growth combined with USDe capturing meaningful share against USDC/USDT — currently at $6B+, potential to grow to $20B+ in a supportive environment. The bear case is regulatory action (MiCA or SEC classification challenges), a sustained bear market that stresses the model, or a major CEX event that affects Ethena's hedging positions.
For a comparison of USDe versus USDT, USDC, DAI, and other stablecoins, see our stablecoin comparison guide and our independent rating of stablecoins.
Analysis last updated:
Ethena (ENA) trades at $0.088971 with a 24-hour volume of $127.3M and a market capitalization of $849.92M. The asset is currently ranked #74 among all tracked cryptocurrencies.
In the last 24 hours, the ENA price has fallen +2.21%. On a seven-day window, Ethena has climbed +5.81%, showing mixed signals between the short and medium term. Short-term moves are often amplified by liquidity, news flow, and derivatives positioning, so confirm signals across multiple indicators before acting.
Ethena's all-time high of $1.52 was set on April 11, 2024. The current price sits +94.14% below that peak. Distance from the all-time high is a common reference point when evaluating long recoveries and macro support or resistance.
Buying Ethena (ENA) is a five-step routine once you have picked the right venue and pair. The steps below mirror what most investors do today.
You can also use the Ethena converter above to estimate how much ENA you would get for a given dollar amount before placing the order.
Whether Ethena is a good investment depends on your goals, time horizon, and tolerance for volatility. Like all cryptocurrencies, ENA carries real market risk: prices can rise or fall sharply in a day, and past performance is not a reliable indicator of future returns.
This page provides data and analysis for educational purposes only. It is not financial advice. Always do your own research, diversify, and never invest more than you can afford to lose.
