ENA is the native utility token of Ethena Labs, which focuses on creating synthetic financial products such as the USDe, a synthetic dollar. This protocol aims to provide a stable, scalable form of money within the cryptocurrency ecosystem, without relying on traditional banking systems. ENA tokens are used for governance within the Ethena platform, allowing holders to vote on protocol decisions.

Ethena Labs also introduces the concept of "Internet Bonds," which offer a yield-bearing, stable, and censorship-resistant asset. These bonds combine yields from staked Ethereum and the derivatives market to provide a dollar-denominated savings mechanism. This aims to rival traditional savings instruments like US Treasury bills by offering a stable and accessible form of savings within the crypto space [[❞]](https://www.coingecko.com/en/coins/ethena) [[❞]](https://blog.bitfinex.com/education/what-is-ethena-labs-ena/).

The total supply of ENA is 15 billion tokens, with a circulating supply of about 1.52 billion tokens. The current market cap is approximately $1.41 billion, and the price of ENA hovers around $0.94. The tokenomics of ENA include allocations for core contributors, investors, the foundation, and ecosystem development [[❞]](https://www.binance.com/en/price/ethena) [[❞]](https://world.cryptonews.net/market/331030/).

For purchasing ENA, you can use exchanges like Binance, Gate, and Bitfinex. On these platforms, ENA can be traded directly with other cryptocurrencies or fiat currencies, depending on the exchange [[❞]](https://www.binance.com/en/price/ethena) [[❞]](https://world.cryptonews.net/market/331030/).