Key Takeaways
- The Ethena protocol is a DeFi project that offers a synthetic dollar stablecoin whose price is kept stable through a delta hedging strategy;
- ENA is the official native token of the Ethena protocol that gives its holders governance rights over the project;
- You can buy ENA on Binance, Kraken, Bybit, and KuCoin.
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Stablecoins have long become an indispensable tool in the crypto scene – but who says there’s no room for improvement? Certainly not the creators of Ethena, an Ethereum-based protocol that introduced a novel spin on the concept with its synthetic dollar, USDe. In this guide, you’ll learn all there is to know about this project and find out how to buy ENA, the protocol’s native token.
In contrast to traditional stablecoins that are backed by fiat reserves in the bank, Ethena’s USDe employs a mechanism called “delta hedging strategy” to keep the price pegged to USD. In April 2024, the platform hit a new major milestone with the launch of its governance token, ENA, which can also be used for staking.
This token is now available on a number of popular exchanges, including Binance, Kraken, and Bybit. So, let me teach you how to buy ENA quickly, easily, and safely!
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Table of Contents
- 1. Top Exchanges for Buying ENA
- 2. How to Buy ENA
- 2.1. How to Buy ENA on Binance
- 2.2. How to Buy ENA on Kraken
- 2.3. How to Buy ENA on Bybit
- 2.4. How to Buy ENA on KuCoin
- 3. Key Factors to Consider Before Buying ENA
- 4. Best Crypto Wallets to Store ENA
- 5. What is Ethena? A Brief Overview
- 5.1. How Does the Ethena Protocol Work?
- 5.2. ENA Token
- 6. Conclusions
Top Exchanges for Buying ENA
Let’s be honest – buying crypto coins is hardly rocket science once you get the hang of it. More often than not, it’s the “where”, not the “how”, that can give you a headache!
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This is why I’ve researched all the major centralized exchanges to see what buying options they offer for ENA and how they compare against each other. Here’s my list of the best picks:
- Binance is the largest exchange by trading volume, offering competitive fees, a wide selection of cryptocurrencies, and advanced trading options, including P2P.
- Kraken features a flexible yet intuitive interface, making it well-suited for beginners. It operates in over 190 countries and supports more than 360 cryptocurrencies, as well as futures and copy trading.
- Bybit is known for its multiple rewards and earning programs, as well as its robust security. With its clean interface and a range of trading options, it’s suitable for both beginners and experienced traders.
- KuCoin, another top-tier CEX, supports over 900 cryptocurrencies, offers flexible earning options, and provides a wide range of payment methods. It has spot and margin trading, as well as trading bots.
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| Beginners | Advanced Users & Beginners | More Advanced Users | |
| United States, Germany, United Kingdom, France, Canada, + 190 more | Turkey, Argentina, Vietnam, Ukraine, + 180 more | South Korea, United Kingdom, Ukraine, Turkey, +160 more | |
| All Kraken Coupons | See All Coupons of Best Exchanges | See All Coupons of Best Exchanges | |
| One of the best crypto exchanges, especially in the US. | One of the leading crypto exchange platforms in the industry. | A popular crypto derivatives exchange with some super-low trading fees. | |
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Table: Binance, Kraken, and Bybit comparison
I’ll go into more detail about the advantages of buying ENA on all of these exchanges in the coming sections – but for now, rest assured that you couldn’t go wrong with any of these options!
📚 Check Out: Best Cryptocurrency Exchange
How to Buy ENA
Let's go over all of these best places to buy ENA step by step.
How to Buy ENA on Binance
When it comes to buying ENA, Binance definitely deserves the number one spot for the sheer versatility of options it has on the table, including the largest number of ENA trading pairs.
Speaking of how to buy Ethena on Binance, there are three main ways: purchasing it directly with a credit or debit card, converting another crypto asset to ENA, or buying it on the spot trading market.
Via "Buy Crypto"
Let’s start with the easiest one – I’ll show you how to buy ENA instantly with one of 35+ available fiat currencies:
📚 Read More: How to Pass KYC Checks on Binance
If you choose to pay with your Fiat balance, make sure you've deposited some funds into your account by clicking the [Deposit] button in the top right corner of the page.
All done! Keep in mind that some payment methods may charge additional fees. Make sure to check them before finalizing your transaction.
📚 Related: Binance Fees Breakdown
Via "Convert & Block Trade"
Next up, let's see how to buy ENA using another cryptocurrency. This method is a lot more flexible because you can choose from hundreds of coins and tokens available on Binance. Here is how to do it:
That's it! One thing worth noting is that your exchange rate will refresh after a certain amount of time. Pay attention to this to avoid getting a less favorable rate than expected.
📚 Read More: Mastering Binance Convert
Via the Spot Market
Last but not least, there's an option to buy ENA on Binance's spot trading market. This platform makes up over a third of ENA's total trading volume, so you're unlikely to have any issues with liquidity here.
You can choose between seven pairs in total: three stablecoin pairs (ENA/USDT, ENA/USDC, and ENA/FDUSD), two crypto pairs (ENA/BTC and ENA/BNB), and two fiat pairs (ENA/TRY and ENA/BRL).
Additionally, stablecoin and BTC pairs also have an option of up to 5x leverage. That said, follow these steps to buy ENA on Binance using its spot trading platform:
There you go! You'll see your order in the [Open Orders] panel at the bottom of the page.
How to Buy ENA on Kraken
Kraken is another great alternative for buying ENA. It boasts a simple and intuitive user interface and top-notch security measures. Kraken offers the same three ways of buying ENA as Binance.
Kraken is also one of the few big exchanges that has never lost customer funds to a hack.
Via "Buy Crypto"
Now, I'll start by showing you how to purchase ENA instantly with your credit or debit card:
The available deposit method may vary depending on the currency you choose.
That is it! ENA will appear in your wallet once the transaction is processed.
Via "Convert Crypto"
Alternatively, you can convert one of the 500+ available cryptocurrencies on Kraken to the token in question. Here's how to do it:
Your chosen cryptocurrency will be converted to ENA in no time.
Via the Spot Market
Finally, you can buy ENA on Kraken's spot trading market with two fiat trading pairs: ENA/EUR and ENA/USD (the latter also supports up to 3x leverage):
You'll see your order on the panel at the bottom. A friendly reminder: always check the associated fees before finalizing your transactions to avoid any unexpected charges.
📚 Check Out: Kraken Review
How to Buy ENA on Bybit
Bybit is one of the household names in the crypto scene for a reason. It has competitive trading fees, over 1,900+ cryptocurrencies, and plenty of advanced trading types. You can buy ENA on Bybit through the One-Click Buy option, by converting it from another crypto, or through spot trading.
Via "One-Click Buy"
Let's dive into the most direct approach first. Here's how to buy ENA on Bybit with your credit/debit card:
Your purchase might take a couple of minutes to show up. Additionally, some payment methods may include additional fees, so keep that in mind.
Via "Convert"
Like the other two exchanges, Bybit also has an option to convert one crypto to another. The best part, you can do that with zero fees. Let's see how this works with ENA:
The conversion will be made shortly after you approve it.
Via the Spot Market
The last method of how to buy ENA on Bybit is, of course, spot trading. This platform offers easy one-click access to the trading platform and two ENA trading pairs with EUR and USD. Let's give it a try:
It's as quick and simple as that! Once you're done, you'll see your order in the [Open Orders] panel at the bottom.
📚 Check Out: Bybit Review
How to Buy ENA on KuCoin
KuCoin is yet another safe and reliable exchange to buy ENA. Unfortunately, it doesn't offer an option to purchase it directly with a credit/debit card, but you can still convert it from another coin or token or buy it on KuCoin's spot trading market.
Via "Convert"
Here's how the conversion method works:
Your chose asset will be converted to ENA shortly after.
Via the Spot Market
And finally, as you've probably guessed, we're going to look into how to buy ENA on KuCoin's spot trading market. Follow these instructions:
That's it! Just like most other exchanges, KuCoin displays your open orders at the bottom. Of course, you do have to have some USDT in your KuCoin account beforehand.
📚 Check Out: KuCoin Review
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Key Factors to Consider Before Buying ENA
If you’ve finished reading the previous section and have taken it to heart, you should now be proficient in all the ways of how to buy Ethena on four of the most popular exchanges. Still, as the saying goes, just because you can doesn’t mean you should! At least not quite yet. Before you take the plunge, there are still a few things you should consider.
If you’re still mulling over which exchange you should choose, here are a few tips to help you out:
1
Regional Compatibility. Make sure the exchange operates in your country; there’s nothing more annoying than getting down to business only to find that you won’t be able to sign up for the platform of your choice after all.
2
Payment Options. Find out if the exchange you’re considering offers your preferred method of payment. Prioritize platforms that support your local currency so that you won’t have to worry about conversion fees.
3
Market Volatility. The cryptocurrency market is famously volatile – the ENA price might fluctuate drastically and unpredictably in any direction. Consider using tools like BitDegree Crypto Tracker to gauge how the market is moving.
4
Trading Goals. As with everything else in life, setting specific and actionable goals is key to success! Think about your short-term and long–term goals and outline a plan.
5
Security Measures. Choose an exchange with robust security. For centralized exchanges, this includes 2FA authentication, KYC, anti-phishing tools, and robust data encryption. Cold offline asset storage would be a bonus, too.
📚 Read More: Cryptocurrency Security Guide
That’s about it! If you’ve checked all of those marks, there’s nothing left stopping you from getting in the fray. As long as you remember this advice and keep your expectations realistic, you’re good to go.
Best Crypto Wallets to Store ENA
Every centralized exchange comes with its own built-in custodial crypto wallet, but there’s never a wrong time to consider upgrading your setup. If you’re interested in giving your newly acquired ENA tokens the best possible protection, you might want to transition to self-custodial wallets at some point.
The topic of how to choose a crypto wallet isn’t something that could be covered in just a paragraph or two, so, to make things simpler, here is a table comparing my top crypto wallet recommendations to store ENA:
Type | Private Key Ownership | Price | Key Features | |
|---|---|---|---|---|
Hardware wallet | ✓ | $399 | Curved E-Ink touchscreen, Bluetooth, NFC, USB-C, wireless charging, supports 5,500+ coins | |
Hardware wallet | ✓ | $249 | E-Ink touchscreen, Bluetooth, Secure Element chip, supports 5,500+ coins | |
Hardware wallet | ✓ | $169 | Large color touchscreen, open-source firmware, advanced Shamir Backup | |
Hardware wallet | ✓ | $79 | Secure Element chip, USB-C connection, supports thousands of assets | |
Software wallet | ✓ | Free | Built into the Binance app, self-custody with MPC tech |
Table: Best crypto wallets to store ENA
Any of these wallets could take your foray into the Ethena protocol to the next level by giving you more peace of mind, knowing that your tokens will be as safe as possible.
📚 Check Out: Best Cryptocurrency Wallet
What is Ethena? A Brief Overview
Now that I’ve introduced you to all the possible ways to buy Ethena’s governance token (and shown you the best crypto exchanges for the job), you’re probably curious to find out more about the project itself and the token in question.
Now’s the perfect time for an intro course! Let's talk all about Ethena’s key features, the tokenomics of the ENA crypto, and more.
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How Does the Ethena Protocol Work?
Ethena is an Ethereum-based blockchain project that claims to provide a superior alternative to popular stablecoins. The ecosystem is built around a new type of “synthetic dollar” protocol, USDe.
Unlike traditional stablecoins, such as USDT and USDC, which are reliant on centralized banking institutions to back up their reserves and keep their price pegged to USD, this cryptocurrency uses other cryptocurrencies for this purpose, keeping the process on-chain and independent from centralized third-party institutions.[1]
If you’re feeling skeptical, you’re not alone! At first glance, crypto seems like a poor choice – everyone knows the prices of even established coins like Bitcoin and Ethereum still fluctuate all the time. Rather than simply buying BTC and ETH and holding them, Ethena uses a trading strategy called “delta hedging” that involves balancing two opposite positions (long and short) so that price changes cancel each other out.
The protocol buys stETH (staked Ethereum) and BTC on the spot trading market while at the same time selling an equal amount of those same assets through perpetual futures contracts. If prices go up, the value of their long positions increases, and if they go down, the value of their short positions grows (and vice versa for both positions).
Perpetual futures contracts play another important role here. The key feature of perpetual contracts is that they have no expiration date,[2] which allows Ethena to hold short positions pretty much indefinitely. What’s more, Ethena gets to collect funding rates from long traders (thanks to the futures market’s preference for long positions), creating additional yield for USDe holders.
As of writing this, USDe has a backing ratio of 101.21% and a total backing and reserves fund of $5.36 billion.
If you’re a fan of staking, Ethena has one more token up its sleeve, completing its dual-token system model. Enter sUSDe – USDe’s yield-bearing sibling. It represents staked USDe and lets users earn rewards from protocol revenue (including earnings from staked ETH collateral and income generated from derivatives trading). sUSDe offers an APY of up to 4%.
Of course, buying USDe unavoidably results in initial price fluctuations, but Ethena counters this by rebalancing the liquidity pool through minting more USDe tokens.
At this point, the Ethena protocol has grown into an entire ecosystem with multiple integrations, including other stablecoins like Frax and MakerDAO, DEXs like Uniswap and Orca, online crypto payment systems, and more.
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ENA Token
Most crypto platforms end up launching a governance token if they’re successful enough, and Ethena’s no exception. Holding ENA lets users have a say in the protocol’s operations and vote on major decisions, such as risk management frameworks, the composition of USDe's supporting assets, and potential partners or integration plans.
Just like USDe, ENA has a staking twin, too. Its staked variant, sENA, acts as the liquid receipt token for locking ENA tokens. It also lets holders earn rewards for Ethereal, a next-generation spot and perpetuals DEX powered by USDe.
Here’s what ENA’s tokenomics look like:
Group | Allocation |
|---|---|
Private Sales Investors | 25% |
Core Contributors | 30% |
Ecosystem Incentives | 17.5% |
Foundation | 15% |
Airdrops/Bounty | 12.5% |
Table: ENA tokenomics
Core contributors (consisting of the Ethena Labs team and advisors who have contributed to the development of the protocol) had their tokens locked up for 1 year. After that, 25% of the allocated tokens were unlocked, while the remaining 75% vest linearly on a monthly basis over the next 3 years.
This type of vesting schedule is a common tactic blockchain protocols use to prevent quick sell-offs. On March 5, 2025, however, the developers opened the floodgates and unlocked 2.07 billion ENA tokens (worth roughly $728 million at the time) to encourage higher liquidity.
As of March 20, 2025, 35.24% of ENA tokens (5.29 billion out of the total supply of 15 billion) are unlocked.
The announcement caused an initial price dive. On May 29, 2025, the ENA price was hovering around $0.3898 (roughly a quarter of the all-time high of $1.52 on April 11, 2024). By the same time the next day, it had plummeted to $0.3521 – a 9.63% fall, but still far from ENA’s all-time low of $0.1953 on September 7, 2024.
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Conclusions
The Ethena Protocol is among the growing number of alternatives to fiat-backed stablecoins that promise better alternatives to established coins like USDT. Its synthetic dollar, USDe, uses the delta hedging strategy to keep its price stable by balancing out long and short positions.
Before you go all in, though, keep a few things in mind. Like any other altcoin, the ENA crypto is still subject to market volatility, and it’s always a good idea to double-check (or even triple-check) your level of risk tolerance and the current market conditions to make wiser choices.
The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.
Scientific References
1. Chen S., Jiang M., Luo X.: 'Exploring the Security Issues of Real World Assets (RWA)';
2. Hossinzadeh J.: 'The Concept, Structure and validity of the Perpetual Futures Contract in the Cryptocurrency Market'.
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