Ethena WalletENA — Governance
The governance token of the Ethena protocol. It is not a stable dollar.
What ENA represents
ENA is the governance token of the Ethena protocol. Governance concerns decisions within the protocol’s defined process. ENA is neither a synthetic dollar nor a stable-value asset.
Governance context
A governance token and a payment for network execution have different roles. This website does not present ENA as the gas token for Ethena Wallet. Network fees depend on the relevant network.
Risks to understand
Governance tokens can fluctuate in price. Governance processes, market liquidity and participation requirements also matter. Holding a token does not imply a guaranteed financial return.
Related products
USDtb, Ethena Pay and Whitelabel are separate products. Their features do not establish capabilities of this desktop application. The educational catalogue here covers USDe, sUSDe and ENA.
Glossary
Governance: a process for protocol decisions. Gas: a network execution fee. Liquidity: the ability to trade under prevailing market conditions.