EENA
The 21shares Ethena ETP (EENA) offers investors a liquid way to integrate exposure to the Ethena protocol's core token, ENA. This token positions investors at the heart of the ecosystem’s governance and economic engine, which guides the development of the high-growth synthetic dollar (USDe) money market.
A structured, market-driven path to digital dollar yield
Ethena is the world’s first scalable, crypto-native repo market. Its protocol creates the USDe stablecoin, which is uniquely backed by hedged crypto assets (using spot buys and perpetual shorts) rather than bank dollars. Its rapid growth to ~$8B AUM1 in less than two years has made it one of the largest stablecoins in the world, demonstrating unprecedented adoption.
Ethena is becoming a full-stack infrastructure
Ethena is expanding into a complete platform for digital dollars by offering Stablecoin-as-a-Service2 for corporate issuance, developing the Converge3 tokenization chain for trading, and providing specialized products like iUSDe for institutions and a savings/payments app for Telegram4 users.
ENA token holders have a stake in Ethena's future revenue and profit growth
As USDe and sUSDe turn into prime collateral (spot, perps, lending), revenue sharing5 will send fees to ENA holders. ENA is a long-term bet on Ethena as crypto's settlement/yield backbone. Risks remain on timing and execution.
Footnotes:
1 DefiLlama. “Stablecoin.” https://defillama.com/stablecoins
2 https://ethena.fi/products/whitelabel
3 https://www.convergeonchain.xyz/
4 https://evaa.finance/?lng=en
5 Blockworks. “Ethena Foundation prepares ENA fee switch for token holder vote.” https://blockworks.co/news/ethena-foundation-prepares-ena-fee-switch
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