Ethena’s ENA token made its debut on the market on April 2, 2024, and it already broke into the top 100 cryptocurrencies by market capitalization, jumping to over $1.25. Ethena is a synthetic dollar protocol built on the Ethereum blockchain that introduced a novel stablecoin known as USDe. Unlike conventional stablecoins such as USDC or USDT, USDe does not rely on fiat currency pegs. Instead, it functions as a synthetic dollar backed by cryptocurrency assets and short futures positions. This strategy allows Ethena to offer a censorship-resistant, scalable, and stable form of digital currency.