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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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How to Buy ENA the Easy Way: A Beginner’s Guide

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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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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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:

STEP 1:

Visit Binance and create a new account. You can click either [Start Now], [Join Now], or [Sign Up]. But if you already have an account, you can click [Log In].

How to buy ENA: the BitDegree affiliate landing page on Binance with the Sign up buttons highlighted.

STEP 2:

Before you can access most of Binance's features, you'll need to complete the KYC verification process. To do this, go to your [profile icon] at the top right corner of the screen and choose [Account] > [Identification].

📚 Read More: How to Pass KYC Checks on Binance

STEP 3:

Once your account is verified, click [Buy Crypto] on the top menu bar.

How to Buy ENA: click Buy Crypto on Binance.

STEP 4:

Select the fiat currency you want to buy ENA with.

How to Buy ENA: select fiat currency on Binance.

STEP 5:

Scroll down to find ENA on the list or type it into the search field.

How to Buy ENA: select ENA on Binance.

STEP 6:

Enter the amount you want to pay.

How to Buy ENA: enter the amount of ENA on Binance.

STEP 7:

Choose your payment method. In this example, I chose the credit card option. After that, click [Confirm].

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.

How to Buy ENA: choose your payment method on Binance.

STEP 8:

Click [Buy ENA] and confirm your purchase.

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:

STEP 1:

Hover over [Trade] and click [Convert & Block Trade].

How to Buy ENA: click Convert & Block Trade on Binance.

STEP 2:

Select your preferred order type.

How to Buy ENA: select conversion order type on Binance.

STEP 3:

Choose the cryptocurrency you want to convert from.

How to Buy ENA: select crypto to convert to ENA on Binance.

STEP 4:

Scroll down to find ENA on the list or type it into the search field.

How to Buy ENA: find ENA on Binance crypto conversion window.

STEP 5:

Enter the amount you want to convert and click [Preview].

How to Buy ENA: enter the amount on Binance conversion window.

STEP 6:

Review your order details and click [Convert].

How to Buy ENA: click Confirm on Binance.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:

STEP 1:

Hover over [Trade] and click [Spot].

How to Buy ENA: click Trade and Spot on Binance.

STEP 2:

Type ENA into the search bar and choose your preferred trading pair.

How to Buy ENA: find ENA on Binance spot trading market.

STEP 3:

Choose your order type. Binance offers Limit, Market, Stop Limit, and several other order types.

How to Buy ENA: choose spot trading order type on Binance.

STEP 4:

Enter the amount you want to pay and click [Buy ENA].

How to Buy ENA: buy ENA on Binance.

There you go! You'll see your order in the [Open Orders] panel at the bottom of the page.

📚 Check Out: Binance Review

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:

STEP 1:

Create a new account on Kraken by entering your email address, password, and country of residence. After that, click [Create account]. If you already have an account, click [Sign in] in the top right corner of the page.

How to buy ENA: the sign up page on Kraken with the Create account button highlighted.

STEP 2:

Before you can use any of Kraken's features, you'll need to pass the KYC verification process. You can do this by clicking your profile icon, then going to [Settings] > [Verification].

How to buy ENA: the account verification page on Kraken.

STEP 3:

Before you can buy ENA with Fiat, you need to deposit some into your Kraken account. To do this, go to [Transfer] > [Deposit] on your dashboard's home, then choose your preferred Fiat currency and the deposit method.

The available deposit method may vary depending on the currency you choose.

STEP 4:

Next, hover over [Explore] and click [Buy Crypto].

How to Buy ENA: click Buy Crypto on Kraken.

STEP 5:

Choose the fiat currency you want to pay with.

How to Buy ENA: select fiat currency on Kraken.

STEP 6:

Find ENA on the list or enter it into the search field.

How to Buy ENA: find ENA on the list of Kraken's instant buy window.

STEP 7:

Enter the amount of ENA you want to buy and click [Buy Crypto].

How to Buy ENA: enter the amount of ENA on Kraken's instant buy window.

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:

STEP 1:

Hover over [Explore] and click [Convert Crypto].

How to Buy ENA: click Convert Crypto on Kraken.

STEP 2:

Choose the cryptocurrency you want to convert to ENA.

How to Buy ENA: find ENA on the list of Kraken's conversion window.

STEP 3:

Type ENA into the search field or scroll down to find it on the list.

How to Buy ENA: find ENA on Kraken's instant buy window.

STEP 4:

Enter the amount of ENA you want to convert and click [Trade now].

How to Buy ENA: enter the amount of ENA on Kraken's conversion window.

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):

STEP 1:

Hover over [Explore] and click [Kraken Pro] to go to the spot trading platform.

How to Buy ENA: click Kraken Pro.

STEP 2:

Click on the search bar, type ENA, and pick your preferred trading pair.

How to Buy ENA: find ENA trading pairs on Kraken.

STEP 3:

Choose your order type, enter the quantity of ENA you want to buy, and click [Buy ENA/USD].

How to Buy ENA: click Buy ENA/USD on Kraken.

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:

STEP 1:

Go to Bybit and create a new account by entering your email and password, then clicking [Get my Welcome Gifts]. If you already have an account, simply visit the homepage and click [Log In].

How to buy ENA: the BitDegree affiliate landing page on Bybit.

STEP 2:

Complete the KYC verification process by hovering over your profile icon and clicking [Complete Identity Verification Now].

How to buy ENA: a portion of Bybit's homepage with the identity verification button highlighted.

STEP 3:

Hover over [Buy Crypto] and click [One-Click Buy].

How to Buy ENA: click One-Click Buy on Bybit.

STEP 4:

Pick the fiat currency you want to buy ENA with.

How to Buy ENA: select fiat currency on Bybit.

STEP 5:

Find ENA on the list or type it into the search bar.

How to Buy ENA: find ENA on Bybit's One-Click Buy list.

STEP 6:

Enter the amount of ENA you want to receive.

How to Buy ENA: enter the amount of ENA on Bybit's One-Click Buy window.

STEP 7:

Click on payment methods and select your preferred option.

How to Buy ENA: select payment method on Bybit.

STEP 8:

Click [Buy With USD] (or another fiat currency you picked).

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:

STEP 1:

Hover over [Buy Crypto] and click [Convert].

How to Buy ENA: click Convert on Bybit.

STEP 2:

Choose the cryptocurrency you want to convert to Ethena.

How to Buy ENA: select crypto on Bybit's conversion window.

STEP 3:

Find ENA on the list or type it into the search bar.

How to Buy ENA: find ENA on Bybit's conversion window.

STEP 4:

Enter the amount of ENA you want to buy, click [Get Quote], and follow the instructions.

How to Buy ENA: click getQuote on Bybit.

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:

STEP 1:

Type ENA into the search bar at the top and choose your preferred trading pair under the [Spot] section.

How to Buy ENA: find ENA trading pairs on Bybit.

STEP 2:

Choose your order type. For example, if you choose the Market order type, you can simply enter the amount of ENA you want to buy, and click [Buy ENA].

How to Buy ENA: click Buy ENA on Bybit.

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:

STEP 1:

Go to the KuCoin website and create a new account by entering your email and password. Once you're done, click [Create Account and Claim Reward]. Otherwise, you can click [Log in] to use your existing account.

How to buy ENA: BitDegree's affiliate landing page on KuCoin.

STEP 2:

To use most of KuCoin's features, you'll need to complete the KYC verification process by clicking your profile icon, then choosing [Identity Verification].

How to buy ENA: a part of KuCoin's homepage with the identity verification menu highlighted.

STEP 3:

Hover over [Trade] and click [Convert].

How to Buy ENA: click Convert on KuCoin.

STEP 4:

Select your preferred order type and the account you want to use.

How to Buy ENA: select order and account type on KuCoin.

STEP 5:

Pick the crypto you want to convert to ENA.

How to Buy ENA: select crypto to convert to ENA on KuCoin.

STEP 6:

Find ENA on the list or enter it into the search bar.

How to Buy ENA: find ENA on KuCoin's conversion window.

STEP 7:

Enter the amount of ENA you want to buy and click [Convert to ENA].

How to Buy ENA: click Convert to ENA on KuCoin.

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:

STEP 1:

Hover over [Trade] and [Spot Trading] and type ENA into the search bar to find the only available trading pair: ENA/USDT.

How to Buy ENA: click Spot Trading on KuCoin and find ENA.

STEP 2:

Enter the amount of USDT you want to pay or the amount of ENA you want to buy and click [Buy ENA].

How to Buy ENA: click Buy ENA on KuCoin's spot trading platform.

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

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.

How to buy ENA: two chess pieces, one of them on top of a pile of coins.

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

Ledger Stax

Hardware wallet

 

$399

Curved E-Ink touchscreen, Bluetooth, NFC, USB-C, wireless charging, supports 5,500+ coins

Ledger Flex

Hardware wallet

 

$249

E-Ink touchscreen, Bluetooth, Secure Element chip, supports 5,500+ coins

Trezor Safe 5

Hardware wallet

 

$169

Large color touchscreen, open-source firmware, advanced Shamir Backup

Trezor Safe 3

Hardware wallet

 

$79

Secure Element chip, USB-C connection, supports thousands of assets

Binance Web3 Wallet

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.

How to buy ENA: a screenshot of the Ethena homepage.

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.

How to buy ENA: Ethena Protocol statistics.

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%.

How to buy ENA: a screenshot of the Ethena staking feature.

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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Main Features

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.

How to buy ENA: a close up of a candlestick chart.

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.

How to buy ENA: a screenshot of the ENA vesting schedule.

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.

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.

Crypto enthusiasts who want to know where and how to buy ENA crypto assets can easily do it on Binance, Kraken, Bybit, and KuCoin.

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'.

About Article's Experts & Analysts

By Aaron S.

Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era. W...
Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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FAQ

What are the best crypto exchanges to buy ENA?

The hardest part about learning how to buy ENA is choosing the right platform. Lucky for you, this token is available on a number of centralized exchanges, including Binance, Kraken, Bybit, MEXC, and KuCoin. All of those exchanges have top-notch security, user-friendly interface, numerous trading options, and affordable trading fees, so you can’t go wrong with choosing any of them.

How to buy ENA on Binance?

When it comes to buying ENA, Binance is a pretty convenient option. It has the highest liquidity for ENA among all of the top-rated exchanges and offers three different ways to buy ENA. You can purchase it directly with your credit/debit card, convert another crypto asset to ENA, or buy it on Binance’s spot trading market.

What is the Ethena protocol?

Ethena is a decentralized finance (DeFi) protocol that offers a crypto-native synthetic dollar called USDe. Unlike traditional stablecoins backed by fiat reserves, USDe is backed by a delta hedging trading strategy, which involves holding stETH (staked ETH) and BTC while simultaneously shorting ETH and BTC perpetual futures contracts. This strategy ensures that USDe stays stable without relying on centralized banking systems.

What is ENA?

ENA is the native governance token of the Ethena Protocol, introduced in April 2024. ENA holders gain voting rights on major decisions about the platform’s future, such as potential integrations and partnerships and the tokenomics of USDe. The staked version of ENA, sENA, serves as the liquid receipt token for locking ENA tokens and lets holders earn rewards for the Ethereal DEX.

What makes USDe different from traditional stablecoins?

Unlike USDT and USDC, which are backed by fiat reserves held in banks, USDe is backed by crypto assets and a delta hedging mechanism. This makes it fully on-chain, censorship-resistant, and not dependent on the traditional financial system. In addition, USDe generates yield for holders through funding rate payments and staking rewards, whereas traditional stablecoins generally don’t provide any yield.

What risks are associated with Ethena and USDe?

While Ethena offers a compelling alternative to fiat-backed stablecoins, there are still some risks to consider. For one thing, if funding rates turn negative (i.e., shorting becomes more expensive than going long), Ethena’s yield generation mechanism could be disrupted. Secondly, as an on-chain DeFi protocol, Ethena is exposed to potential hacks or smart contract vulnerabilities.

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