CashboardDeFi · ENA
Ethena (ENA) live price dashboard
ENA is the governance token of Ethena, the protocol behind USDe, a synthetic dollar backed by crypto collateral and short perpetual futures. This board puts ENA beside BTC and ETH with 7-day and 30-day candles.
What is Ethena?
ENA is the governance token of Ethena, the protocol behind USDe, a synthetic dollar backed by crypto collateral and short perpetual futures. Guy Young founded Ethena, and ENA launched with an airdrop in April 2024. Ethena also issues USDtb, a stablecoin backed mostly by BlackRock's tokenized BUIDL fund.
USDe went public in February 2024. For each dollar minted, Ethena holds collateral such as ETH, staked ETH or BTC and opens a short perp of the same size, so the position stays close to delta neutral. When funding is positive, the shorts collect it and that money becomes the yield on staked USDe. When funding turns negative, a reserve fund covers the gap.
So supply follows funding. USDe peaked near $15 billion in 2025 and was around $4.2 billion by late August 2026, which is why the fee switch still pays nothing. On September 2, 2026 ENA holders approved a ladder: buybacks start at $7.5 billion of USDe with 5 percent of revenue and rise to 25 percent above $25 billion.
ENA has a max supply of 15 billion. In August 2026 the foundation bought out most of the early investors who had been selling and folded the remaining investor vesting into one release on October 5. Team and foundation tokens keep vesting monthly into 2028.
| Symbol | ENA |
|---|---|
| Category | DeFi |
| CoinGecko id | ethena |
| Price sources in Cashboard | CoinGecko |
| Wallet tracking | Watch-only, on Solana or an indexed EVM chain |
What do traders watch on ENA?
- USDe supply against $7.5 billion, the level that switches on ENA buybacks.
- Perp funding rates, because USDe yield comes mostly from shorts getting paid.
- The October 5, 2026 release of about 1.41 billion ENA, the last investor tranche.
Where can you read more about Ethena?
Frequently asked questions
How is USDe different from USDT or USDC?
USDe is not backed by cash or Treasury bills. It holds crypto collateral hedged with short perpetual futures, so it earns a yield when funding is positive and carries exchange and funding risk that a fiat-backed stablecoin does not.
What is the max supply of ENA?
15 billion ENA. About 9.8 billion were circulating in late August 2026. Team and foundation tokens vest monthly into 2028, the last investor tranche comes on October 5, 2026, and part of the ecosystem allocation has no published schedule.
Can I track ENA without an account?
Yes. The ENA board on this page runs in your browser and saves on your device. Prices come from CoinGecko. Paste a public Solana or EVM address into a watch-only Portfolio widget if you hold ENA there.
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Last reviewed . Market data in Cashboard comes from the providers named on each widget and may be delayed. Nothing here is financial advice.