Ethena on Robinhood Chain

ENA, the governance token of Ethena, the protocol behind USDe, a dollar backed by crypto collateral with the price risk hedged away in short futures. Holders vote on how that machine is set up: what is allowed to back USDe, which new backing strategies are added, where protocol revenue goes, and who sits on the risk committee that sets the exposure limits. It was airdropped in April 2024 to people who had held USDe through the campaign that preceded it. Ethena was founded by Guy Young and launched the dollar itself in February 2024.