Ethena
Synthetic Dollar Protocol Backed by Delta-Neutral BTC and ETH
- No KYC or registration
- Non-custodial — your keys, your crypto
- 1000+ supported exchange pairs
- Best available exchange rate
Ethena Price Chart
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.
History
How to Swap ENA
To swap Ethena (ENA) on SyntheticSwap, no account creation or KYC is required. ENA runs on the Ethereum blockchain as an ERC-20 token, compatible with MetaMask, Ledger, Rainbow, and any Web3 wallet. Navigate to SyntheticSwap, choose ENA as either source or target, enter your wallet address for the destination asset, and send ENA from your personal wallet to the deposit address shown. Swaps typically settle within a few Ethereum block confirmations, and your destination asset lands directly in your specified wallet.
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.
