Ethena (ENA)
Tell the governance token apart from the protocol’s dollar asset.
CoinMarketCap rank #35 · 1 November 2026
How it works
Ethena uses distinct tokens for governance and its synthetic dollar. ENA and USDe represent different assets, even though both appear under the same protocol name.
Worked example
When an exchange lists an ENA/USDe market, buying ENA spends the quote asset to acquire the governance token. Read both sides of the pair before entering an amount.
What to verify
Check the token symbol, contract and order preview. A reference to Ethena alone does not identify the asset.