Ethena (ENA) Launches on Ndax: A New Step in the DeFi Ecosystem

Ethena (ENA) is at the forefront of decentralized finance innovation, enabling the creation of USDe, a crypto-native synthetic dollar designed for stability, censorship resistance, and yield generation—all without reliance on traditional financial institutions.

Now available for trading on Ndax, ENA gives Canadian users access to one of the most talked-about DeFi protocols of 2024. Whether you’re a crypto investor, stablecoin enthusiast, or Web3 builder, Ethena offers a new way to engage with a truly decentralized monetary system. 

Ethena is a decentralized synthetic dollar protocol built on Ethereum. It allows users to mint USDe, a stablecoin backed by on-chain collateral (like ETH and staked ETH derivatives) and stabilized using delta-neutral hedging strategies through perpetual futures.

Unlike fiat-backed stablecoins that depend on centralized banks or custodians, Ethena is entirely on-chain and built for censorship resistance. The ENA token governs this ecosystem, allowing holders to vote on protocol decisions and adjust parameters. 

• Crypto-Native Stability: USDe is stabilized not by fiat reserves, but by pairing long ETH collateral with short futures positions—neutralizing market volatility in a fully decentralized manner.
• Yield-Bearing Synthetic Dollar: Thanks to staking yields and perpetual funding rates, USDe can generate on-chain yield for holders—an attractive alternative to traditional savings tools.
• Governance with ENA: ENA is the governance token of the Ethena protocol. Holders play a vital role in shaping decisions around collateral types, yield distribution, risk management, and more.
• Censorship-Resistant and Transparent: With no dependency on centralized issuers or banks, Ethena offers a stablecoin that aligns with the principles of decentralization—fully transparent, composable, and globally accessible. 

ENA is the core utility and governance token of the Ethena ecosystem, offering real utility beyond simple speculation.

Utility of ENA:

• Governance: Vote on proposals to evolve and protect the Ethena protocol.
• Incentives: Earn rewards through liquidity mining, staking, or participating in ecosystem growth.
• Security: Align interests of users, developers, and contributors by decentralizing control.
• Stability Support: Help govern decisions around the collateral backing and risk models of USDe.

Supply Info (as of June 2025):

• Circulating Supply: ~5.82B ENA
• Total Supply: 15B ENA
• Distribution Model: Mix of airdrops, community incentives, and long-term protocol emissions aimed at sustainable, decentralized growth. 

Ethena emerged in early 2024, developed by a team with deep experience in crypto markets and DeFi infrastructure. It quickly made headlines with the launch of USDe—bringing a new, decentralized vision to the stablecoin space.

Within months, Ethena attracted widespread DeFi adoption and became one of the most used protocols on Ethereum. Backed by leading investors and supported by integrations across major DeFi platforms, Ethena is a key part of the on-chain finance ecosystem. 

• Trusted Canadian Platform: While ENA is a volatile digital asset, Ndax offers a regulated, user-friendly environment where Canadians can buy, sell, and hold ENA with peace of mind.
• Top-Tier Security: For optimal asset protection, Ndax employs a robust security framework, including cold storage, hot wallets, and Multi-Party Computation (MPC). A portion of client assets are also held with trusted third-party custodians, who adhere to stringent security standards.
• Recurring Buy Options: Set up automatic daily, weekly, or monthly ENA purchases starting at just $10 CAD to build your position over time.
• Advanced Trading Tools: Take advantage of Ndax’s full suite of trading options, including Limit Orders, Stop Orders, Trailing Stops, Fill or Kill, and Iceberg Orders—designed for both casual investors and professional traders.
• Trade Anywhere, Anytime: Use the Ndax mobile app for iOS and Android to manage your ENA portfolio on the go. 

With Ethena (ENA) now available on Ndax, Canadians can tap into an innovative DeFi protocol. From creating stable, yield-bearing money with USDe to shaping the protocol through ENA governance, Ethena offers real-world financial utility powered entirely by smart contracts. Whether you're diversifying your crypto strategy, earning yield, or actively participating in DeFi governance, ENA puts you at the center of a new financial frontier.

Start trading ENA on Ndax today and take part in building decentralized, programmable money for the Web3 economy. Stay updated by following Ndax on social media and joining the community to learn more about how Ethena is transforming decentralized finance.

Disclaimer: This article is not intended to provide investment, legal, accounting, tax, or any other advice and should not be relied on in that or any other regard. The information contained herein is for informational purposes only and is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise. Ndax is a member of the Canadian Investor Protection Fund (CIPF). Please refer to the CIPF for coverage qualification criteria.