Ethena Price

Ethena (ENA) is a synthetic dollar protocol built on Ethereum. Launched on March 29, 2024, it aims to provide a crypto-native solution for money not reliant on traditional banking infrastructure. Ethena also offers a globally accessible dollar-denominated savings instrument called the 'Internet Bond'. As of 2025-09-06, Ethena is ranked #33 by market capitalization. Its current price is $0.744, with a 24-hour trading volume of $23.61M. The circulating supply is 6.88B ENA ENA tokens, and the total supply is 15B ENA ENA. Ethena has seen a +14.27% price change in the last 24 hours, with a 24-hour high of $0.7478 and a low of $0.6443. The current market cap stands at $5.12B, representing 45.93% of its fully diluted valuation of $11.16B. Since its launch, Ethena has reached an all-time high of $1.52 on April 11, 2024, and an all-time low of $0.194 on September 6, 2024. The project is actively developing its ecosystem and gaining traction in the DeFi space.

Ethena was created on March 29, 2024. The cryptocurrency was launched on the Ethereum blockchain as an ERC-20 token. Since its inception, Ethena has aimed to provide a crypto-native solution for synthetic US dollars and offer a globally accessible dollar-denominated savings instrument called the 'Internet Bond'. As of 2025-09-06, Ethena has a market cap of $5.12B and is ranked 33 among all cryptocurrencies. The current price of ENA is $0.744, with a 24-hour trading volume of $23.61M. There are 6.88B ENA ENA tokens in circulation, with a total supply of 15B ENA.

The founders of Ethena (ENA) are not publicly disclosed. Ethena was launched as a decentralized synthetic dollar protocol built on Ethereum in March 2024. The project aims to provide a crypto-native solution for money that doesn't rely on traditional banking infrastructure, along with a globally accessible dollar-denominated savings instrument called the 'Internet Bond'. While the founding team remains anonymous, Ethena has gained significant traction in the DeFi space, currently ranking 33 by market cap at $0.744 with a 24-hour trading volume of $23.61M. The project is backed by notable investors and has been listed on major exchanges, indicating a level of credibility despite the founders' anonymity.

Ethena works as a synthetic dollar protocol built on Ethereum. It aims to provide a crypto-native solution for money that doesn't rely on traditional banking infrastructure. The key features of Ethena include: 1. Synthetic USD: ENA tokens are designed to maintain a stable value pegged to the US dollar. 2. Internet Bonds: Ethena offers a globally accessible dollar-denominated savings instrument, dubbed the 'Internet Bond.' 3. Decentralized: The protocol operates on Ethereum, leveraging blockchain technology for transparency and security. 4. ERC-20 Token: ENA is an ERC-20 token, making it compatible with various Ethereum wallets and decentralized applications. 5. Limited Supply: Ethena has a total supply of 15B ENA tokens, with 6.88B ENA currently in circulation. The Ethena ecosystem includes staking, liquidity provision, and governance mechanisms. Users can participate in the network by holding ENA tokens, providing liquidity, or engaging in governance decisions. As of 2025-09-06, ENA is trading at $0.744 with a market cap of $5.12B and a 24-hour trading volume of $23.61M.

Ethena utilizes a sophisticated technical architecture built on the Ethereum blockchain. It operates as an ERC20 token, leveraging Ethereum's robust smart contract capabilities. The protocol employs advanced cryptographic techniques to maintain stability and security. Key components of Ethena's architecture include: 1. Smart Contracts: Govern token issuance, redemption, and collateralization. 2. Collateral Management: Utilizes a diverse range of crypto assets as collateral. 3. Price Oracles: Ensures accurate and tamper-resistant price feeds. 4. Liquidity Pools: Facilitates efficient token minting and redemption. 5. Governance Mechanism: Allows token holders to participate in protocol decisions. 6. Yield Generation: Implements strategies to generate yield on collateral assets. This architecture enables Ethena to function as a synthetic dollar protocol, providing a crypto-native solution for stable value transfer and savings. The system is designed to be scalable, secure, and resistant to various attack vectors, making it a robust foundation for the 'Internet Bond' concept.

The future and roadmap of Ethena (ENA) look promising. The project aims to become a leading synthetic dollar protocol on Ethereum, providing a crypto-native solution for stable value storage and global savings. Key milestones in the roadmap include: 2026: Expanding partnerships with major DeFi protocols to increase ENA adoption and liquidity. Target price: $0.9015. 2027: Launching new financial products built on top of ENA, such as yield-generating strategies. Expected price: $1.25. 2030: Achieving widespread integration in the broader crypto ecosystem as a trusted stablecoin alternative. Projected price: $1.41. 2035: Establishing Ethena as a global 'Internet Bond' and savings instrument, potentially rivaling traditional finance options. Long-term price target: --. The team is focused on continuous protocol improvements, security audits, and community governance to ensure sustainable growth. With its innovative approach to synthetic dollars and strong backing from major crypto investors, Ethena is well-positioned to play a significant role in the future of decentralized finance.