$ENA Ethena (ENA) is a synthetic dollar stablecoin protocol, with USDe-Stablecoin at its core, aimed at providing a censorship-resistant, scalable, and stable dollar-denominated protocol, thereby transforming the way yields are earned in the DeFi space. The ENA coin has garnered attention for its innovative approach in the DeFi sector, offering a combination of innovation, stability, and significant return potential.

Here are some key details about the ENA coin:

• Market Performance: The ENA coin has recently shown active market performance, with the latest data indicating that ENA has grown by 21.41% in the past 24 hours, priced at $0.74981, with a 24-hour trading volume of $375.571 million, a market cap of $2.1311 billion, a total circulating supply of 28.4218 million ENA, and a total issuance of 1.5 billion ENA.

• Institutional Investor Dynamics: Recently, Pantera Capital has increased its position in ENA by $8 million in the past 24 hours, showing institutional investor confidence in ENA. In addition, Arthur Hayes has cumulatively increased his holdings by 16.79 million ENA over the past two days, valued at approximately $11.21 million.

• Unlock Events: This week, ENA and other tokens will see a significant unlocking event, releasing a total value of over $20 million. Specifically, ENA will unlock 12.86 million tokens on November 20, valued at around $7.14 million, accounting for 0.45% of the circulating supply.

• Operating Model: USDe is a stablecoin issued by Ethena, designed to be pegged to the dollar at a 1:1 ratio. Ethena incorporates various authorized participants (APs), who can mint and burn USDe in a 1:1 dollar ratio. Ethena utilizes an off-exchange settlement (OES) solution, with funds held by reputable third-party custodians, only mapping account balances to CEX for trading margins, ensuring that funds are never deposited into centralized exchanges.

• Advantages and Risks: The scalability of Ethena is one of its main advantages, allowing USDe to scale with capital efficiency through the use of derivatives. Since staked ETH can be perfectly hedged with equivalent short positions, synthetic dollars only require 1:1 collateral.