Ethena

ENA Launched 2024 source

What this page is: neutral, sourced facts about Ethena. Every line links where it was checked. 9 facts, 7 from primary sources. Educational, not financial advice.

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Launch

Ethena announced that April 2nd 2024 would mark the launch of its native token ENA, with 750m ENA, or 5% of the total supply, distributed according to accumulated shards. primary source source

Founders and creators

Ethena Labs founder and CEO Guy Young; Ethena is based in Lisbon, Portugal. secondary source source

Origin story

In March 2023 Arthur Hayes published his piece "Dust on Crust" outlining a vision for creating a synthetic dollar using crypto collateral and derivatives. primary source source

Stated purpose

Ethena protocol token. secondary source source
Ethena is a synthetic dollar protocol built on crypto rails, issuing USDe alongside sUSDe. primary source source

Consensus mechanism

ENA is available across Ethereum and a number of supported chains through LayerZero. primary source source

Supply model

sENA is the staked form of ENA; holders deposit ENA into the staking contract and receive sENA, an ERC-20 token. primary source source

Main uses today

ENA is the governance token of the Ethena protocol, used to govern parameters including the composition of USDe backing and the membership and remit of the Risk Committee. primary source source

Notable events and controversies

Mar 21, 2025: BaFin prohibited Ethena GmbH from new business with USDe. primary source source

Sources & studies

Last checked: 2026-11-04 · Prices, market caps and circulating supply are left out on purpose because they change by the minute. Educational, not financial advice.

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