The Watch List: Ethena (ENA)

Summary

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Ethena burst onto the scene in early 2024 with a bold idea to create a scalable, yield-bearing, crypto-native dollar backed by delta-neutral trading strategies rather than traditional banks.

The protocol quickly found product-market fit, reaching nearly $15 billion in TVL at its peak. But the bear market has been brutal, with the ENA token falling roughly 94% from its all-time high.