↓ 0.12: 45%24h Vol: $622.92mo
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↓ 0.12: 45%24h Vol: $622.92moDerivatives and mapped ecosystem data, with source timings and coverage.
Ethena is a protocol on Ethereum focused on crypto-native dollar infrastructure. It is commonly known for USDe, a synthetic dollar mechanism designed to maintain dollar-denominated stability without relying only on traditional bank-held fiat rails.
Official resources:
Ethena was launched by a team with trading, derivatives, and crypto infrastructure backgrounds. The protocol gained adoption through DeFi integrations centered on USDe and its yield-bearing variant design.
Ethena is generally explained with three core components:
USDe is created with crypto collateral and offsetting derivatives positions to target a stable dollar value profile.
Users and integrators interact through mint/redeem mechanisms that support peg efficiency under normal market conditions.
The protocol includes a staked variant model that routes protocol yield dynamics to participants, subject to strategy and market conditions.
Important Ethena components include:
ENA is commonly used for:
Ethena is often differentiated by:
Compared with many stablecoin systems, Ethena is typically positioned around:
Common Ethena use cases include:
Ethena security depends on:
Key considerations include:
Ethena represents a major attempt to build a scalable crypto-native dollar framework that combines on-chain composability with market-neutral hedging mechanics.
ENA is listed on major centralized exchanges. Availability and pairs vary by jurisdiction.
ENA is commonly available on exchanges such as:
Common pairs include ENA/USDT and ENA/USD (availability varies).
After buying ENA, it can be stored:
You can inspect token activity via Etherscan.
You can compare ENA with related ecosystems on Coinrithm:
Track Ethena live price, chart, market cap, and volume in real time. Practice mock trading and demo trading for Ethena on CoinRithm before using real money.
Use a crypto paper trading account to demo trade Ethena with real-time prices, AI trade feedback, and trading leagues. Test strategies, learn risk management, and build confidence before trading Ethena with real money.
Read the complete paper trading guideThe current price of Ethena is $0.2202 with a 8.44% change in the last 24 hours.
The daily trading volume is $131,205,160 representing a 83.03% change in the past 24 hours.
The market capitalization of Ethena is $2,951,732,213, ranking #38 globally.
The fully diluted valuation (FDV) of Ethena is $3,302,637,442, calculated assuming the maximum supply of 15,000,000,000 ENA is in circulation.
Circulating: 13,406,250,000. Total: 15,000,000,000. Max: 15,000,000,000.
In the last 24 hours, Ethena traded between a low of $0.2182 and a high of $0.2473.
ENA/USDTTether USDT0.2202 USDT
Ethena will manage reserves, minting, redemptions and compliance for a platform reporting more than $300 million in existing stablecoin balances.
Bitcoin traded near $84,600 on Oct. 3 as Quant and Midnight led the week’s top crypto gainers, rising 158.3% and 96.5%, respectively. Lighter fell 28.7%, while MemeCore, Ethena and Zcash posted double-digit losses. CoinGecko’s seven-day top-100 rankings for Oct. 3…
The bank also expects Ethena’s ENA token to rise roughly sevenfold to $2 by the end of 2028 as USDe scales and token buybacks increase.
Standard Chartered forecasts a 7x gain by end-2028 on the strength of Ethena's buyback program. The buyback switches on when USDe supply reaches $7.5 billion; USDe sits at $4.9 billion.
Standard Chartered forecasts ENA will reach $2 by the end of 2028 as USDe scales eightfold and buybacks reshape the token's value.
Bitcoin has gained about 3.8% over seven days as U.S. spot Bitcoin ETFs have drawn $2.39 billion this week, while Quant, Ethena and Bitway have led the 100 largest crypto assets by weekly price gain. According to CoinGecko, Bitcoin traded…
