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ENA — Ethena
Creates a dollar token whose backing comes from futures positions instead of bank deposits.
What it is for
- Set out to
- The synthetic dollar USDe, backed by crypto holdings plus offsetting futures positions.
- Today in addition
- Further dollar products, income from bonds and institutional lending.
- Notable
- A dollar whose backing comes substantially from funding rates of the futures market.
- Strength
- Income independent of the interest rate level.
- Weakness
- Negative funding rates weigh on the backing.
Contract address
Chain: Ethereum
0x57e114B691Db790C35207b2e685D4A43181e6061
Unabridged and deliberately not linked: a blockchain explorer that we have not checked would be a statement we cannot support.
Score
42of 93
Market capitalization
$1.50Bas stored
against Bitcoin, 90 days
—not against the dollar
CoinMarketCap
#30171numeric identifier
Leverage group D because of dollar-pegged fees. The income on USDe is measured in dollars, around 294 million dollars a year; on top of that the valuation of 1.64 billion is above the limit of 1.5 billion. By the wording that is group D, exactly as with Sky. This asset is not in the sector barometer.
The four cycles
Measured on daily closing prices, never on daily highs or lows. The cycle boundaries are Bitcoin’s own highest and lowest daily closes: January 14, 2015, December 16, 2017, December 15, 2018, November 8, 2021, November 21, 2022, October 6, 2025 and the current low on June 30, 2026. A day counts only if at least ten thousand dollars were traded on it. The price against Bitcoin is given in satoshi — one satoshi is one hundred-millionth of a bitcoin.
| Cycle | Lowest daily close | Highest daily close | Rise low → high | Fall high → low |
|---|
| 2015 to 2017January 14, 2015 to December 16, 2017 | did not yet exist |
| 2018 to 2021December 15, 2018 to November 8, 2021 | did not yet exist |
| 2022 to 2025November 21, 2022 to October 6, 2025 | $0.2379†235.55 satJune 22, 2025 | $1.26†1,282 satJanuary 5, 2025 | in dollars +$0.5710 (+240.0%)against Bitcoin +185.9%from $0.2379 on June 22, 2025 to $0.8089 on August 12, 2025 | in dollars -$1.02 (-81.1%)against Bitcoin -81.6%from $1.26 on January 5, 2025 to $0.2379 on June 22, 2025 |
Only partly measured: reliable trading only from September 28, 2024. What lay before that in the window is not recorded; the figures above are the endpoints of the measured part, not those of the whole cycle. |
| Year by year |
| 2024: in dollars +145.9% (from $0.3693 to $0.9082) · against Bitcoin +73.5% |
| 2025: in dollars -37.0% (from $0.9574 to $0.6036) · against Bitcoin -52.3% |
| since 2026, ongoingJune 30, 2026 to September 17, 2026 | $0.0711118.58 satJuly 1, 2026 | $0.1763219.44 satSeptember 6, 2026 | in dollars +$0.1052 (+148.0%)against Bitcoin +85.1%from $0.0711 on July 1, 2026 to $0.1763 on September 6, 2026 | in dollars -$0.0401 (-22.7%)against Bitcoin -19.2%from $0.1763 on September 6, 2026 to $0.1362 on September 13, 2026 |
| Year by year |
| 2026: in dollars +114.3% (from $0.0721 to $0.1545) · against Bitcoin +64.3% |
If the high of a window comes before the low, the rise is calculated from the low to the next interim high within the same window.
† For twelve assets the highest and the lowest closing price come from a window of 720 days, because the source does not reach further back. This window moves with the retrieval date. Both closes reported can therefore change without the market having moved.
The four questions that are always answered
Net supply and issuance pressure6 of 20
Starting valuation and size leverage6 of 14
Survivability4 of 12
Relative strength against Bitcoin4 of 6
11 of the twelve criteria collected individually, nothing extrapolated. What the twelve questions measure and what has been corrected about the measurement is on the method page.
The remaining criteria are not recorded individually for this asset; the total comes from the assessment of September 5, 2026.
For User growth per valuation it says “not determined” – that does not count.
The figures in detail
Price, as stored$0.1528
against Bitcoin, 7 days—
against Bitcoin, 30 days—
listed on CoinMarketCap sinceMarch 2024
Age since listingnot researched
Fees relative to valuationnot determined
Supply still lockednot researched
hard supply capnot researched
Carried by Nexocarried
Trading venues of 15 checked15 of 15
The fifteen largest centralized exchanges by the CoinMarketCap ranking were counted, as of September 5, 2026. Decentralized exchanges do not count. Bybit is not included in any figure, because the venue was not reachable through sixteen address forms. Which five venues are the best for each asset has not been collected yet.
Finding
The most serious single finding of the second Nexo run, without being a reason for exclusion: BaFin ordered the winding-up of Ethena GmbH on June 25, 2025, and since August 7, 2025 the company counts as wound up in the EEA. At the same time the USDe supply has fallen from its peak of $14.83 billion to $4.24 billion, that is by 71 percent. No MiCA white paper can be found in three registers. Governance is explicitly not on chain — in the wording of its own documents, full on-chain governance is not currently practicable. The shallowest order book of the run at $1,676,290 and the strongest asset over thirty days against Bitcoin.
Investors and partners: not researched — awards no points, because projects with large backers did not perform better.
Nexo: Carried by Nexo — purchase page documented on September 1, 2026.
No investment advice, no price forecast, no buy or sell recommendation. A high score does not mean “will rise”. It means the asset scores better on these questions than the others.