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ENA to USDT Converter
1 ENA = 0.208226 USDT · updated 06:21 UTC
Volume Bubbles Chart (1h)
Each 1-hour candle's volume is signed by its direction (up candles count as net buying, down candles as net selling) and drawn as a bubble at the closing price, green for buying and red for selling. Bubble size and colour intensity show how strong that flow is compared with the last 300 candles: the strongest 30% get full bubbles with their USD value, the rest stay as small dots. Unusually large bubbles flag aggressive buying or selling worth a closer look, often near breakouts, reversals or key levels.Seasonal Chart
Plots one line per calendar year showing the % change since the start of that year, with the current year highlighted against up to four previous years. Lining the years up on the same calendar shows whether the price tends to rise or fall in the same months, helping you spot recurring seasonal patterns. Treat it as context rather than a forecast: past seasonality does not guarantee future moves.Ethena Markets
Ethena Historical Data
About Ethena (ENA)
Ethena (ENA) is the governance token of the Ethena protocol, which issues the USDe synthetic dollar. ENA holders vote on how the protocol runs, including which assets may back USDe and who serves on its Risk Committee. Unlike USDe, ENA has no price target and can move sharply. The token launched in 2024 and trades on many major exchanges, with its allocation set out in Ethena's documentation. On this page, ENA's price is FMchart's blended quote from several major exchanges, in dollars.
What ENA holders decide
Ethena's documentation lists the main areas ENA governs. They include the mix of assets backing USDe, new backing strategies, the use of protocol revenue and Risk Committee membership. Proposals are discussed on a public forum, reviewed by the Risk Committee where relevant and then put to a vote of ENA holders. The committee itself sets limits such as exposure to each exchange and counterparty, acting as a check on how much risk the protocol takes on.
Staking ENA as sENA
Holders can deposit ENA into a staking contract and receive sENA, a token that represents their position. Unstaking involves a cooldown period before ENA can be withdrawn. In August 2026, the Ethena Foundation put a fee switch proposal to an ENA holder vote. Once USDe circulating supply reaches $7.5 billion, a share of protocol revenue would go to the Foundation, which would use 95% of it to buy back ENA. The share rises at higher USDe supply levels.
How USDe connects to ENA
Ethena earns revenue from the assets behind USDe, mainly staking yield, funding payments on short futures positions and returns on stable holdings. That revenue funds rewards for sUSDe holders and a reserve fund that covers negative periods. ENA's value is therefore linked to how widely USDe is used, but only indirectly. Strong USDe growth does not automatically lift ENA, and trouble with USDe would likely hurt both.
Supply and vesting
According to Ethena, 30% was allocated to core contributors and 30% to ecosystem development and airdrops, with the rest split between investors and the Ethena Foundation. Contributor and investor tokens began vesting in March 2024 with a one-year cliff. In August 2026, the Ethena Foundation bought out some seed investors and moved all remaining investor unlocks into one release on 5 October 2026. Team tokens still follow their original monthly schedule.
Tied to the fate of USDe
ENA's prospects depend heavily on USDe. Negative funding rates, an exchange or custody failure, or a loss of confidence in USDe's peg could reduce revenue and trust. Team vesting keeps adding supply. Governance tokens give voting rights, not a legal claim on profits. During the market crash of October 2025, USDe briefly traded below $1 on one exchange, a reminder that stress can spread across the protocol.
Last reviewed: Oct 8, 2026
Ethena (ENA) FAQ
What is Ethena (ENA)?
ENA is the token that lets holders steer Ethena, the protocol behind the USDe synthetic dollar. Votes cover settings such as which assets back USDe and who sits on the Risk Committee. ENA launched in 2024 and runs on Ethereum, and its supply is split between contributors, investors, the ecosystem and the Foundation.
What is the difference between ENA and USDe?
USDe is Ethena's synthetic dollar, designed to stay near $1 through hedged positions. ENA is the governance token used to vote on how the protocol works. ENA has no price target, so it can rise or fall like other crypto assets, while USDe aims to remain close to one dollar at all times.
Who runs Ethena?
Ethena Labs develops the protocol, while the Ethena Foundation supports the wider ecosystem. ENA holders vote on protocol settings, with input from a Risk Committee that sets limits on backing assets and counterparties. In August 2026, the two agreed in principle that substantially all protocol IP and economic value would go to the Foundation and its ecosystem.
What is ENA's price right now?
ENA is priced at about $0.2079 on FMchart's composite, which averages quotes from several large exchanges. In the past 24 hours, roughly $160.2M of ENA changed hands across the exchanges in FMchart's composite. Unlike USDe, ENA has no $1 target, so its price can change a lot within a day.
What is Ethena's market cap, and how many ENA are there?
Ethena's market capitalization is about $2.79B, giving ENA rank 39. Around 13,406,250,000 ENA are in circulation. Investor tokens were released in one block on 5 October 2026, while team tokens still vest monthly, so circulating supply keeps growing. The split between contributors, investors and the ecosystem is set out in Ethena's documentation.
What is ENA's all-time high?
ENA reached its all-time high of $1.52 on Apr 11, 2024. As a token launched in 2024, it has a short history with big swings in both directions. A past peak is not a forecast. The Price Statistics panel also lists ENA's all-time low and the distance from each record.
How has ENA performed month by month?
In FMchart's composite price history (since September 2024), ENA's top month so far is November 2024 (+132.9%), while its bottom month is February 2025 (-45.9%). Its record is short, so a handful of months shape the picture. The Monthly Returns (USD) table lists each one, and the Annual Price (USD) Change table adds yearly figures. These are past results only.
What is sENA?
sENA is staked ENA. Holders deposit ENA into Ethena's staking contract and receive sENA, a token that represents their position. Withdrawing requires a cooldown period. A 2026 fee switch proposal would use protocol revenue to buy back ENA once USDe supply reaches $7.5 billion, so sENA holders gain only indirectly.
Is Ethena a good investment?
FMchart does not give investment advice. ENA's value is tied to the success of USDe, which faces funding-rate, custody and exchange risks. Team vesting still adds supply, and governance tokens do not give a legal claim on revenue. ENA's price has been volatile since it launched in 2024.
What affects the price of ENA?
ENA reacts to the overall crypto market and to the growth or shrinkage of USDe supply. Protocol revenue, funding rates, governance decisions such as the fee switch, token unlocks and exchange listings all play a role. Confidence in USDe's peg is especially important, since problems with USDe would directly affect Ethena.