◆ Decentralised finance (DeFi) · ENAUSDT
Ethena
Ethena issues USDe, a synthetic dollar backed by crypto hedged with short perpetual positions. ENA is its governance token; it depends on USDe supply growth and funding rates.
◆ Live market
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24h
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- Ticker
- ENAUSDT
- Category
- Cryptocurrencies
- Type
- Decentralised finance (DeFi)
- Sector
- DeFi
- Market-cap rank
- n°45
- Trading hours
- 24/7
What is Ethena?
Ethena issues USDe, a synthetic dollar backed by crypto hedged with short perpetual positions. ENA is its governance token; it depends on USDe supply growth and funding rates. Decentralised finance covers protocols providing financial services without intermediaries: decentralised exchanges (DEX), lending and borrowing, derivatives, yield. Rules are coded in smart contracts.
How Ethena works and what gives it value
A DeFi token usually grants governance and sometimes a share of protocol fees (buybacks, distribution). The market rewards protocols generating real, durable revenue.
What moves the price of Ethena
- ◆Trading and borrowing volume on the protocol
- ◆Fees and revenue shared with holders
- ◆Health of the host chain
- ◆Yields and incentives offered
- ◆Regulatory changes
Key metrics to watch
- ◆TVL
- ◆Protocol revenue
- ◆Market cap to fees ratio
- ◆Daily volume
Risks specific to Ethena
- ◆Smart-contract hacks
- ◆Cascading liquidations in sell-offs
- ◆Temporary incentives inflating activity
How to analyse Ethena on GraphTrade
Daily and 4h; buyback or fee-switch announcements often trigger breakouts. Open the ENAUSDT chart, add the indicators below, compare Ethena with similar assets in Performance and ask the AI Compass to explain the latest move with news and macro context.
Themes
Included in: Top 11–50.
◆ Indicators suited to Ethena
◆ FAQ
What is Ethena (ENAUSDT)?
Ethena issues USDe, a synthetic dollar backed by crypto hedged with short perpetual positions. ENA is its governance token; it depends on USDe supply growth and funding rates.
Why is Ethena going up or down today?
The main drivers are: trading and borrowing volume on the protocol, fees and revenue shared with holders, health of the host chain, yields and incentives offered. The AI Compass cross-references these with today's news.
Which indicators work best on Ethena?
Daily and 4h; buyback or fee-switch announcements often trigger breakouts.
What are the risks of Ethena?
Smart-contract hacks ; Cascading liquidations in sell-offs ; Temporary incentives inflating activity.
What is the market-cap rank of Ethena?
Ethena was ranked #45 by market cap when this page was generated, in the DeFi sector. The live rank appears at the top of the page.
How do I follow Ethena in real time?
Open the free GraphTrade chart for ENAUSDT: price updates live every second, with all indicators.
How do I add Ethena to my portfolio?
Click « Add to portfolio » on this page: the asset joins your active portfolio.
Is this investment advice?
No. GraphTrade provides information and analysis tools only.
◆ Assets similar to Ethena
Information only, not investment advice.