Ethena wallet

What is Ethena (ENA)?

Holding ENA is not the same as holding Ethena's dollar. Ethena is the protocol behind USDe, a synthetic dollar that keeps its value not with bank deposits but with crypto collateral hedged by short perpetual futures positions, so the backing stays flat while the market moves. ENA is the protocol's governance token: it gives holders a say in how the protocol is run, which collateral and venues it uses and how its parameters change. It does not track a dollar and it is not what you receive when you mint USDe.

Several tickers under one name

Around the protocol a holder meets tokens that look related but behave differently:

• USDe, the synthetic dollar itself.
• sUSDe, USDe that has been locked in the protocol's staking contract; it is a separate token with its own contract.
• ENA, the governance token, and sENA, its staked form.

If a transfer arrives as USDe or sUSDe, it is not ENA, and the wallet lists it as a separate asset.

Where ENA lives

ENA's home is Ethereum, where it is an ERC-20 and fees are paid in ETH. The token also exists on other networks, bridged through a cross-chain messaging standard, so the same ENA can sit on Ethereum, on one of the Layer 2 rollups or on Solana. On each chain it is a separate balance, and sending it costs that chain's native coin: ETH on most of the rollups, SOL on Solana. On Solana it is an SPL token, so the address needs a small amount of SOL to open a token account before ENA can be received there.

Supported networks in Tangem (12): zkSync, Manta Pacific, Optimism, Scroll, Arbitrum One, Base, Blast, Ethereum, Solana, Avalanche, Mantle, Kava.

Because the same ENA can be on several networks at once, Tangem keeps a separate balance for each of them and shows the network a transfer goes out on before the card signs. Checking that line against what the recipient expects is still on you, but the answer is in front of you every time, and that is why holding ENA across several chains in one Tangem wallet stays manageable.