What is Ethena (ENA)
Ethena is a decentralised finance (DeFi) protocol built on Ethereum, best known for issuing USDe, described as a “synthetic dollar”: a tokenised version of the dollar that is not backed by reserves in traditional currency, but maintained through complex financial strategies. The protocol has integrated with other networks for interoperability.
One point should be clarified: unlike a stablecoin backed by cash reserves, USDe is a synthetic instrument that carries specific and higher risks, and any associated yield is not guaranteed. ENA is the protocol’s governance token.
How it began and what to consider
Ethena raised around 20 million dollars across two funding rounds, with the participation of investors such as DragonFly Capital, Delphi Ventures and OKX Ventures. The project positions itself as a crypto-native solution for “money”, independent of the traditional banking infrastructure.
Like all crypto-assets, ENA has shown a highly volatile price trend and is a recent project; past performance is not a guarantee of future results.
Ethena Market Data
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What does the Young Platform do?
Young Platform is the Italian platform for the crypto-asset world. Since 2018, we have been working from Turin to make buying and selling crypto-assets a clear and accessible experience — whether you are taking your first steps or trading regularly. Over 2 million users have already chosen us (as of June 11, 2026). Our shareholders include Azimut, United Ventures, and Banca Sella, among others. For details on our updated corporate structure, please visit the official page on our website.
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