ENA
Ethena
ENA ✓ VerifiedPrice
$0.0705
24h
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Mkt cap
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Volume
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We read this asset as:Cash-flow lensFees accrue to token holders — read via P/F, P/S and premium.
Verdict
Fee data building
As of 2026-06-30 · latest · 30-day annualized
Premium (peer percentile · 0 explained → 100 unexplained)
Premium — building
Premium decomposition (price vs holder cash flow) needs our own on-chain fee data, which we are building. Until then we show price, supply, and on-chain identity.
4Overview
A synthetic dollar (USDe/sUSDe) plus governance (ENA). The sENA fee switch activates in Q1 2026 (distribute).
5Official links & addresses
ENA (governance)0x57e114B691Db790C35207b2e685D4A43181e6061 widely-cited; not independently re-confirmed
USDe (synthetic dollar)0x4c9EDD5852cd905f086C759E8383e09bff1E68B3 widely-cited; not independently re-confirmed
sUSDe (staked)0x9D39A5DE30e57443BfF2A8307A4256c8797A3497 widely-cited; not independently re-confirmed
Treasury / reserve fund no single public address (multisig/custody)
Trust official addresses only — beware impersonator tokens
Share this asset
6Market · supply
price·mcap = on-chain pool read (eth_call) · —
Market cap, FDV, and circulating supply are derived from supply. This chain's native supply requires node-level data we don't source keylessly — so we show N/A rather than an estimate. Methodology →
ATH / ATL build as we accumulate price history.
Price
$0.0705 on-chain
24h change
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24h volume
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Market cap
— on-chain
FDV (fully diluted)
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Circulating supply
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Total supply
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Max supply
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Circulating ratio (circ÷max)
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ATH
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ATL
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Full data & breakdownon-chain · events · derivatives · peers · governance · risk — expand for the institutional detail
7On-chain · holders
data wiring — next increment
9Futures · derivatives
Derivatives data (open interest, funding) is N/A. Perpetual/futures feeds require a commercial market-data subscription we don't use, so we show N/A rather than an unverified number. Methodology →
10Protocol fundamentals
Cash-flow metrics do not apply under this lens.
11On-chain value ratios
Cash-flow metrics do not apply under this lens.
12Governance · development
on-chain governance — not on Snapshot
13News · narrative · timeline
2023founded
2024.02USDe mainnet (delta-hedged synthetic dollar)
2024.04.02ENA token
2024sUSDe (yield distribution)
2025.09fee-switch criteria met → activates Q1 2026
14Peer comparison
Cash-flow metrics do not apply under this lens.
15Risk · quality
AuditMultiple — Pashov (2024.05 V2), Quantstamp, Spearbit, Zellic family. docs.ethena.fi. ✅
Exploit historyNo notable hack, exploit or loss from the native protocol (no history ≠ no risk).
Centralization notes⚠️ structural and core: USDe backing relies on CEX perpetual delta-hedging + custody (OES) — exchange/counterparty risk cannot be removed. Negative funding / collateral failure creates depeg risk. ENA governance + a Risk Committee.
16Our metrics over time
No trend metric for this lens yet.
On-chain owned coverage
Not yet computed from our own RPC. For cash-flow assets without our own fee data yet, the premium decomposition is shown as building — never a fake number.