Bubble
Ethena ENA
Ethena (ENA) was trading at $0.088, ranked #75 by market cap at $791M, with 24h volume of $185.88M.
Data snapshot: 2026-08-03 09:00 UTC.
ENA is the governance token of Ethena, the protocol behind the synthetic dollar USDe (a separate token BubbleLayer also tracks). Rather than holding cash reserves like a normal stablecoin issuer, Ethena backs USDe with crypto collateral plus offsetting short futures positions, and ENA holders vote on the protocol's risk parameters and future governance committees — governance over the mechanism, not a claim on the dollar peg itself. ENA governs Ethena, the protocol behind the USDe synthetic dollar. What it governs is unusual: not a lending market but a delta-neutral trading position — crypto collateral hedged with short derivatives positions — that is packaged as a dollar token. That means the protocol's revenue comes from funding rates, so it earns most when markets are bullish and can earn nothing or less when they are not. On this map ENA is best understood as exposure to derivatives funding conditions rather than to lending demand.
What does Ethena's protocol do?
It holds crypto collateral and offsetting short derivatives positions so the combined value stays near a dollar, issuing USDe against it and distributing the funding-rate income.
Where does the revenue come from?
Mainly funding rates paid to short positions, which are positive when markets are bullish and can turn negative in sustained downturns.
What is the main risk with Ethena?
Prolonged negative funding, and dependence on centralised derivatives venues remaining solvent and accessible for the hedge to be maintained.
What is ENA used for?
Governance of the protocol, including risk parameters and how reserves are managed.
Market cap decides how big a bubble is drawn, so rank is what places ENA on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #44 | Sky (SKY) | $1.47B |
| #54 | Morpho (MORPHO) | $1.02B |
| #75 | Ethena (ENA) | $791M |
| #76 | JUST (JST) | $872.57M |
| #120 | Falcon Finance (FF) | $338.86M |