Can I swap ENA without KYC?

Yes. SyntheticSwap supports ENA swaps with no registration or identity verification.

Where does Ethena's yield come from?

Yield comes from (1) staking rewards on stETH collateral and (2) funding rates paid to short positions on perpetual exchanges. When crypto markets are bullish, shorts earn positive funding from longs.

What is the risk in Ethena's model?

If funding rates turn deeply negative for extended periods, the protocol may not generate positive yield. Ethena maintains a reserve fund to cover such periods. Custodial risk from off-exchange collateral custody is another factor.

sUSDe is staked USDe — you deposit USDe and receive sUSDe, which appreciates in value relative to USDe as the protocol's funding rate and staking yield accrues to the staking pool.

Ethena (ENA)

Synthetic Dollar Protocol Backed by Delta-Neutral BTC and ETH

$0.2622-0.43% (24h)

Swap ENA without an account or KYC · supported network: Ethereum (ERC-20).

First AI-powered swap engine

No registration. No KYC. No custody. Just swap.

Market cap

$2.65B

Volume (24h)

$742.99M

Launched

2024

Consensus

Proof of Stake

Max supply

15,000,000,000 ENA

Block time

~12 seconds

Deposit confirmations

4 on Ethereum (ERC-20)

Memo / tag

not needed

Market data by CoinGecko (snapshot 2026-10-01).

30-day price (USD)

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Price history by CoinGecko.

About Ethena

Ethena (ENA) is the governance token of Ethena Labs — a synthetic dollar protocol that issues USDe, a dollar-pegged token backed by a delta-neutral position of staked ETH/BTC and corresponding short perpetuals positions. This design generates high yield from funding rates (often 10-30%+ APY) while maintaining the peg without requiring overcollateralization like DAI or algorithmic backing like the failed UST. sUSDe (staked USDe) distributes these yields to holders. ENA token holders govern the protocol including supported assets, risk parameters, and fee distribution. Ethena grew to billions in USDe supply within months of launch, making it one of the fastest-growing DeFi protocols ever.

Before you swap ENA: what to check

•Receiving address format: 0x… (42 characters) — an ordinary Ethereum wallet address.
•Network: Ethereum (ERC-20). ENA exists on one network here; make sure your wallet sends on it.
•Deposit confirmations: 4 on Ethereum (ERC-20) (block time ~12 seconds). The rate is locked when the deposit confirms, not when you broadcast.
•Limits: minimum and maximum are shown in the form for each pair and change with fees and liquidity.
•Moving it later: sending ENA onward from Ethereum (ERC-20) needs a little ETH in the same wallet.
•Tracking: the status page shows each stage; deposits and payouts can be checked on etherscan.io.

Ethena history

2023Ethena Labs founded by Guy Young; raises seed from Arthur Hayes (BitMEX founder) and top crypto VCs.
2024Ethena USDe launches on mainnet February 2024; grows from $0 to $3.5B in supply in under 6 months.
2024ENA governance token launches via airdrop; Ethena becomes one of the fastest-growing DeFi protocols ever.
2024Ethena expands to support BTC as collateral alongside ETH; integrates with major DeFi protocols for sUSDe yield.

How to swap ENA

In the form above, choose the direction: ENA (Ethereum (ERC-20)) to the coin you want, or the other way round.
Enter the amount — the estimated amount you receive updates live; minimums are shown in the form.
Paste the receiving address and, optionally, a refund address.
Click “Swap now” and send exactly the shown amount to the deposit address from any wallet you control.
After 4 confirmations the payout is sent; track it on the status page. No account, no KYC.

How to store ENA

ENA (ERC-20) is stored in MetaMask, Ledger, Trust Wallet, or any Ethereum wallet. For staking ENA and accessing sUSDe yield, visit app.ethena.fi. Note that sUSDe (the yield-bearing staked USDe) is a separate token from ENA.

If something looks wrong

The deposit is not showing up

Check the transaction in your wallet or on etherscan.io: it must be on Ethereum (ERC-20). Until it has 4 confirmations the status page shows it as pending — this is normal.

I sent a different amount than quoted

Amounts inside the limits are recalculated at the current floating rate. Amounts below the minimum cannot be processed and are returned to the refund address you gave (minus the network fee).

I sent on the wrong network

Funds sent on a network other than Ethereum (ERC-20) do not reach the deposit address automatically. Contact support with the transaction hash and the swap ID from the status page.

The payout has not arrived

Once the deposit is confirmed, the payout is broadcast within minutes. Check the destination address on its explorer; if the receiving service needs a memo or tag that was not provided, ask them to credit it manually with the transaction hash.

The rate changed while I waited

Rates are floating and locked at deposit confirmation. Slow confirmation (low fee, congested network) is the usual reason for a difference from the first estimate.

Frequently asked questions

USDe is backed by staked ETH/BTC (long) + equal-size short perpetual positions on exchanges (creating delta neutrality). The long and short cancel out, maintaining stable USD value regardless of crypto price movements.

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