Decoding Ethena’s Remarkable Market Performance

3 min readApr 9, 2024

Ethena (ENA) recorded a steep bullish trend just after its airdrop, which is quite rare for a newly launched DeFi. In fact, after such a massive surge, Ethena now ranks as the 74th largest cryptocurrency asset by market capitalization.

With such numbers, almost every crypto investor is trying to get a piece of this coin. But before putting your money on any crypto, it’s important to better understand what the crypto is and what problems it solves. Here’s a quick rundown of the Ethena blockchain and its governance token, ENA.

What is ENA Crypto?

ENA cryptocurrency is a governance token used in the Ethena network under the Ethereum dApps platform. But that’s not all! Ethena Labs, the company behind the Ethena blockchain, also introduced a new approach towards finance by creating a synthetic dollar protocol, USDe, that runs on the Ethena blockchain.

USDe is designed to be a stablecoin within the Ethena ecosystem, as the network offers a savings instrument dominated by dollars. This stablecoin is assured by the use of delta hedging e positions for assets with the protocol, hence the term, ‘internet bond.’

Typically, the Internet bond is created to function similarly to the US treasury bonds in normal financial markets. On the other hand, ENA tokens are used for voting rights for project governance proposals.

ENA Cryptocurrency Price on CoinEx

On 2nd April 2024, Ethena Labs invited holders of the USDe to claim their airdropped 750 million ENA coins. That equated to about 5% of the total supply of ENA that’s set to be listed on central exchanges. This announcement pumped the coin’s price and market cap.

The announcement encouraged users to interact with this protocol in exchange for shards that determine the allocation of the ENA coin airdrop. By 3rd April 2024, the Ethena DeFi platform was valued at $1.9 billion, with the USDe being ranked as the fifth largest stablecoin in the market today.

It’s clear that the ENA coin and USDe stablecoin are set to leave a mark in the crypto market. Moreover, the Ethena network is backed by some of the greatest names in the cryptocurrency space. That said, the best place to trade ENA coins is on CoinEx.

*This article does not constitute investment advice.

About CoinEx

Established in 2017, CoinEx is a global cryptocurrency exchange committed to making trading easier. The platform provides a range of services, including spot and margin trading, futures, swaps, automated market maker (AMM), and financial management services for over 5 million users across 200+ countries and regions. Founded with the initial intention of creating an equal and respectful cryptocurrency environment, CoinEx is dedicated to dismantling traditional finance barriers by offering easy-to-use products and services to make crypto trading accessible for everyone.