Ethena (ENA), an Ethereum-based synthetic dollar protocol, aims to provide its users with a stable and censorship-resistant alternative in the decentralized finance ecosystem. The protocol is characterized by innovative financial instruments such as the collateralized stablecoin USDe and the “Internet Bond” that provides dollar returns. The ENA token offers the right to vote in governance processes and contribute to the security of the ecosystem, while rewards can be earned by staking. Ethena aims to provide financial freedom and stability using the decentralized nature of blockchain technology.
ENA, down 3.47% in the last 24 hours and at the time of writing, is among the day's decliners. According to Santiment data, $2.5 million worth of Ethena was transferred to centralized exchanges. While such large transfers are often associated with the whales' intention to sell, the transfer of supply to exchanges may have put selling pressure on the market and the price may have fallen following this development.
