Ethena (ENA) is a synthetic dollar protocol developed on the Ethereum blockchain that aims to stabilize the DeFi world. The ENA protocol introduces USDe, a synthetic stablecoin that is not directly tied to fiat currencies and attempts to be pegged 1:1 to the US dollar. While this feature makes USDe more decentralized, the ENA token is also used in the governance of the protocol, giving its holders a vote in decision-making processes. Furthermore, Ethena is fully integrated into the DeFi ecosystem, enabling users to use USDe in various DeFi applications, such as participation in liquidity pools, lending and receiving.
ENA is among the day's decliners, down 4.32% in the last 24 hours and at the time of writing. One of Indonesia's largest crypto exchanges suffered a $22 million cyberattack on September 11. The attackers stole various crypto assets, including Bitcoin and altcoins, and quickly converted some of them into different tokens. The exchange team stated that user funds are 100% safe and that maintenance work is ongoing in the system and users should not worry. This development may have negatively affected the ENA price.
