Ethena ENA
Rank #40 by market cap
Last 7 days
CM Profile: Ethena
Cryptominium Profile. What we have established, measured and written about ENA, and what we have not.
- Measured
- Selling $100,000 on 2 exchange order books lost between 0.17% and 0.35%, on 8 October 2026.
- Its price, recorded by us every day since 9 August 2026.
- Written, with sources
- Not established
- What an on-chain sale would return on Base and Ethereum. It trades mostly off-chain there, so we do not measure it on-chain.
- 17 of its chains are not among the 3 we read.
- Whether it can be held without a company. We have no sourced answer yet.
- 5 other questions about what it can do have no written answer. Some may not apply to it.
Read from our own records when this page was made. It describes what we know, and is not a view on whether to hold ENA. How each part is worked out
What changed
Week to 8 October- Price down 18.1% since 1 October.
- Circulating supply up 32.8% in 30 days, as CoinGecko reports it.
From our own measurements only, each against the month before. We do not say why a price moves. How this is worked out · Every coin this week
What it actually costs to sell ENA
Selling $100,000 of ENA into each exchange’s resting bids, measured against the mid price:
| Exchange | Lost | Got back | Measured |
|---|---|---|---|
| Kraken ENA/USD | 0.17% | $99,828 | 2026-10-08 |
| Coinbase ENA/USD | 0.35% | $99,649 | 2026-10-08 |
Exchange figures need an account there (and KYC, a permitted country, the tokens already deposited), are before trading fees, and are never averaged with the on-chain figure. Binance is not included: it refuses requests from the region our servers are in. How this is measured →
Watch this number instead of remembering it. A free account keeps ENA on a list, records where it stood the day you added it, and emails you if selling it on these exchanges gets materially harder — one message, not a series. The measurement itself stays public; the account is for being told when it moves without you looking.
What Ethena is
Ethena issues USDe, a dollar-denominated token that holds its value through a hedging strategy rather than through a bank account. ENA is the separate governance token of the protocol that runs it.
The mechanism is a standard trade from conventional finance. The protocol holds crypto collateral and simultaneously opens an equivalent short position in perpetual futures, so a fall in the collateral's price is offset by a gain on the short. The combined position is roughly stable in dollar terms, and the yield comes from the funding payments that traders holding long positions typically pay to shorts, plus any staking return on the collateral.
It is not a fiat-backed stablecoin and should not be reasoned about as one. The yield depends on funding rates being positive on average — during extended bearish periods they invert, and the protocol pays rather than earns, drawing on a reserve fund that is finite. The collateral is held with centralised custodians and the hedges are placed on centralised exchanges, so exchange failure or withdrawal restrictions are direct risks to the peg. It is a genuinely different design from the algorithmic stablecoins that collapsed in 2022, but different is not the same as risk-free, and the returns are compensation for real exposure.
What Ethena can do
Selling $100,000 on Kraken lost 0.17% against the mid price, before trading fees. Check your own amount →
Our own measurement · measured 8 October 2026
ENA does not run applications. It is the governance token of Ethena: holders vote on what backs USDe, on how the protocol's revenue is used and on who sits on its risk committee.
Source: Ethena docs: ENA · checked 2 October 2026
ENA is available on Ethereum and on a number of other chains through LayerZero, and its docs say it can be used to vote wherever it is held.
Source: Ethena docs: ENA · checked 2 October 2026
What a coin can do is not a reason to buy it or to sell it. Each answer names its source and the day we read it; where we could not source one, the row is left out. How these are written · Every coin we have written up
Where ENA lives
On Solana, a mint authority can create more of the token and a freeze authority can freeze it in a holder's account; both are read from the token itself, every day. On Ethereum, Base and BNB Chain, GoPlus's analysis of each contract is read weekly: whether it has a function to block addresses or pause transfers, and whether an owner holds it. That is GoPlus's reading, not ours. Where a token exists on several chains, one copy's settings say nothing about the original coin.
Always verify a contract address against the project's own site before sending anything. Addresses are shown as published by CoinGecko, not as an endorsement — and identical-looking tokens on other chains are the most common way people lose money here.
Price change
Ethena data synced 3m ago from CoinGecko. Figures shown in USD. This page is market information, not financial advice — and nothing here is a recommendation to buy or sell ENA.