How to trade Ethena?

This post is for educational and informational purposes only and must not be constructed as containing investment advice. The blogger who wrote this post is not a financial advisor, depending on your country and local regulation, you should seek advice from the appropriate financial advisors to ensure you are informed about the risks.

Status: Planned.

a list of already published how to trade guides can be found HERE.

do your own research

Last update: August 23, 2026

Summary

ENA is the governance token of USDe, a synthetic stablecoin backed by a market position instead of USD bank deposits. This post will avoid talking about USDe and will try to focus on ENA.

Allocating 1% at most of an entire crypto position seem to be the right thing to do, depending on the size of your portfolio.

1- Category

ENA is the governance token of the Ethena protocol. ENA is used to govern parameters of the protocol, including :

• - the composation of USDe backing,
• - the introduction of new backing strategies,
• - the future allocation of protocol revenue,
• - and the membership and remit of the risk commitee.

ENA is available across Ethereum and a number of supported chains through LayerZero, with governance accssible wherever ENAis held.

2- Utility

• - governance,
• - staking,
• - rewards,

3- interoperability

4- Market capitalization

5- Metrics

app.ethena.fi/dashboard/market-data

6- Competition :

7- Ecosystem

Category	Number
Echanges	40
Money Markets	24
chains	13
custodians	8
yield	6
wallets	6
stablecoins	5
Card & payments	4
Structured products	3
other	21

7-A- Ethena Labs

Ethena Labs is a decentralized protocol built on Ethereum that provide a crypto-native solution for money not reliant on traditional bankng system infrastructure, alongside a globally accessible and permissionless dollar denominated savings instrument – the internet bond.

7-B- Partnership

7-B-1- HyENA

Perpetuals exchange uses USDe as a collateral.

7-E- Governance

Ethena governance operates through the Ethena governance forum and on-chain voting, with proposals subject to duscussion, Risk Committee review where relevant, and a vote of ENA holders. The risk committee is a tanding body responsible for setting risk parameters across the protocol – including eligibility of backing assets, exposure limits, and the activation conditions for mechanisms such as the fee swith – and its membership is itself subject to governance. The combination of token-holder voting, an active risk-committee, and implementation of approved parameters allows the protocol to operate a diversifie and dynamic baking portfolio while keeping decision-making transparent and subject to ENA holder oversight.

7-G- Explorers

7-H- Reserve pool

7-I- Events

7-J- Staking

app.ethena.fi

7-K- Ecosystem tokens

sENA is the staked form of ENA. Holders deposit ENA into the staking contract and receive sENA, an ERC-20 toke representing their position. The contract is implemented as an ERC-4626 wrapper, and unstaking is subject to a cooldown period efore ENA can be withdrawn. Staking ENA into sENA signals long-term alignment with the protoco and is a route which ENA holders participate in governance.

7-K- Ventures

8- Stakeholders

8-A- ETFs

Name	AUM
21share ethena ETP	USD273,624.99

8-B- investments Holding

8-C- ENA holders

9- ENA ups and downs

9-A- Supply

ENA tokens are subject to unlock schedules for core contributors and investors that started on ENA TGE at March 5th 2024.

Allocation	%	ENA
core contributors	30 %
investors	%
foundation	%
ecosystem development and airdrops	30%
Total	100 %	15,000,000,000

9-B- Inflation

9-C- Burning

9-D- Buy back

9-E- Why would someone need to buy ENA ?

9-E-1- Transaction

9-E-2- Rewards

Airdrops as rewards for liquidity providers.

9-E-3- Governance

Whales, corporate or institutional holding significant USDe position are interested in having governance rights.

10- Why ENA go down ?

10-B- Competition

10-D- Supply increase

10-D-1- Unlock schedule

unlock schedule

10-E- Unstaking

10-F- USDe

When derivatives funding conditions are not favouring USDe (shorts pay longs, yield reduction).

10-F- List of possible other reasons ENA price can go down:

Stakeholder	How they can push the price down?
Community	start taking profit, selling their ENA position
individual and organizations developers	find an alternative, no longer interested in integrating ENA in their platforms
Social media influencer	Start criticizing ENA
Asset managers	unable or not interested in launching a ENA ETF.

11- Why ENA go up ?

11-A- fee switch

fee switch governance vote will share protocol revenue with ENA stakers

11-B- incentives

airdrops : claim.ethena.fi

11-C- Launch of native tokens in new exchanges

new exchange listing increase liquidity and accessibility

11-D- Partnerships

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11-E- USDe

USDe fees came from the expasion of USDe :

• - liquidity,
• - integrations,
• - on-chain growth,
• - funding conditions,
• - and usage,….

11-F- Governance events

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11-G- Protocol announcements

n

11-C- Supply decrease

11-E- Staking

11-F- Upgrades

11-G- Validator bond

11-H- List of possible other reasons the price can go up:

Stakeholder	How they can push the price up?
Asset managers	launch new ENA ETF.
Community	Mobilize for more ENA purchase
individual and organizations developers	more interested in integrating ENA in their platforms
Social media influencer	Promote ENA

12- where to trade Ethena?

I recommend using BloFin.com, a crypto trading solution that provides an easy-to-use, secure and reliable trading experience to beginners and experienced traders.

BloFin allow users to trade +500 cryptocurrencies and provide services and features such :

• - DCA,
• - trading bots,
• - demo trading,
• - copy trading,
• - staking,….

To start trading Ethena you need to Sign up, you can use this LINK to quickly register as a user with no KYC needed, or use this checklist if you are interested in getting more details.

Once you are registered you can follow steps bellow to start trading Ethena:

As a beginner you should start using 2 order types:

1. Market order : allow trader to buy or sell immediately at the best available price in the market,
2. Trigger order : trigger orders convert to market order when ever a specific condition is met,

12-A- Buy

1. go to spot tab,
2. click on spot,
3. select ENAUSDT,
4. go to the order panel (trade) on the right side,
5. click on buy,
6. select order type,
7. enter the order amount,
8. review the order details,
9. click ENA Buy,…..

12-B- Sell

1. go to spot tab,
2. click on spot,
3. select ENAUSDT,
4. go to the order panel (trade) on the right side,
5. click on sell,
6. select order type,
7. enter the order amount,
8. review the order details,
9. click ENA sell,….

13- How to stay informed about Ethena?

Here you can find a list of resources to stay informed about Ethena.

13-A- Good read:

	News Outlet
1	evedex.com/en/blogwhat-is-ena-crypto

13-B- Ethena News:

	News Outlet
1	crypto.news/?s=ethena
2	cryptonews.com/?s=ethena
3	coingape.com/search_gcse/?q=ethena
4	cryptoslate.com/search/ethena/?type=content
5	blockchainmagazine.net/?s=ethena
6	voiceofcrypto.online/?s=ethena
7	blockchainreporter.net/?s=ethena
8	droomdroom.com/?s=ethena
9	coinjournal.net/search/ethena

13-C- Limited access / require subscription:

	News Outlet
1	bloomberg.com/search?query=ethena
2	forbes.com/search/?q=ethena

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