ENA

Use Cases

1. Governance

ENA is first and foremost a governance token, governing the Ethena protocol and its critical decisions. ENA holders can vote bi-annually to elect members to a Risk Committee, and in the future additional committees performing critical roles within the ecosystem. In this framework, $ENA governance tokenholders are able to delegate everyday decision-making with respect to key aspects of the ecosystem to sophisticated, expert-level stakeholders - most of whom provide advisory and similar services to other projects and protocols in the industry - while retaining transparency during the process.

Ethena's Governance discussion forum is located here.

Ethena's Snapshot ENA voting page is located here.

For the first six month term, the Risk Committee members are:

• Gauntlet​

• Block Analitica​

• Steakhouse

• Blockworks Research

• LlamaRisk

• Ethena Labs Research

sENA holders will be able to vote directly on ENA tokenomics proposals and any proposals concerning ENA specifically.

The community has been active with governance, with ENA holders voting on Ethereal (a perp DEX launching on the Ethena Network later this year), as well as a proposal onboarding SOL as a backing asset for USDe, and announcing the winners of the Reserve Fund RWA Allocations - which saw Blackrock's BUIDL application receiving the highest allocation.

1. sENA Rewards

sENA serves as the liquid receipt token for locking ENA and is composable throughout a wide range of DeFi apps. sENA itself will earn rewards, initially receiving unclaimed ENA from the season 2 airdrop distribution.

This is intended to reward users who are more aligned to the long term growth of Ethena from more mercenary pools of capital.

Additionally, staked ENA (sENA) now earns rewards for Ethereal. The Ethereal team committed to giving sENA holders 15% of any potential future token supply. The sENA page of our app has more details.

sENA has been structured to accrue value in a similar token model to BNB where ecosystem applications have set aside material portions of their token supply to be airdropped to sENA holders.

1. Restaked ENA

Generalized restaking pools in partnership with Symbiotic for staked $ENA were incorporated to add utility to $ENA, introduced to provide economic security for cross-chain transfers of USDe relying on the LayerZero DVN-based messaging system. This is the first of multiple layers of infrastructure related to the upcoming Ethena Network and financial applications built upon the chain which will utilize and benefit from restaked $ENA modules.