Ethena is a "synthetic dollar" protocol built on the Ethereum network that aims to offer a form of stable digital currency that is not tied to traditional banking or financial institutions.
ENA is the governance token of Ethena and can be purchased via a number of popular cryptocurrency exchanges including Binance, CoinSpot, Swyftx, OKX and Kraken. It can also be traded directly on the Ethereum network via Uniswap.
How to buy Ethena (ENA)
You can buy ENA by following these simple steps:
Compare crypto exchanges. You can buy ENA on many leading crypto exchanges so it's worth looking for the exchange that offers the most competitive fees and supports the payment method you want to use.
Create your account. After you've found an exchange, you'll need to sign up for a trading account using your personal details and proof of ID.
Deposit funds. Depending on the exchange you choose, you should be able to buy Ethena directly with AUD using your debit or credit card, or deposit AUD onto the exchange and buy it via the spot market. It's worth keeping in mind that buying with a card often attracts higher fees.
Buy Ethena. Search the exchange for Ethena (ENA), enter the amount you want to buy, select your payment method and hit "Buy".
Where to buy Ethena
You can Ethena (ENA) via these exchanges in Australia:
1 - 12 of 12
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What's the easiest way to buy Ethena (ENA)?
If you're a beginner, the easiest way to buy Ethena may be via a crypto exchange that offers instant AUD purchases using a debit or credit card, such as Binance, CoinSpot or Kraken.
However, while this method is the most straightforward, you're likely to pay higher fees than you would by buying it off an exchange's spot market.
If you're familiar with decentralised exchanges and have your own crypto wallet, you can also buy Ethena directly via Uniswap.
What do I need to buy Ethena?
If you're buying Ethena via a crypto exchange, you'll need the following to get started:
ID document. You'll need to verify your account using a recognised ID document such as a passport or drivers licence.
Payment method. As we mentioned above, many exchanges let you purchase crypto directly using your debit or credit card, or by depositing AUD via bank transfer.
The Ethena vision
The Ethena team is looking to build the Internet's money by creating an alternative digital currency system built on, and for, the internet.
While other projects are exploring other sectors, Ethena is working towards fulfilling cryptocurrency's original purpose as outlined in the Bitcoin whitepaper - to be a legitimate form of money.
By 2025, Ethena had become one of the top 10 largest DeFi protocols by total value locked (TVL), according to DefiLlama.
What makes Ethena important?
Ethena has created a scalable crypto-native, collateralised stablecoin that is backed by cryptocurrency instead of US dollars.
This solves many of the issues with centralised stablecoins, namely custodial risk, relying on traditional banking infrastructure and the collateral yield not being passed on to the holder.
The US Treasury bond market is worth US$30 trillion and serves a vital purpose in global money markets, but there has been no similar bond-like asset in the crypto markets.
Ethena's sUSDe (the so-called "Internet Bond") is a crypto-native equivalent that combines the stability of a stablecoin with decentralised, censorship-resistant backing and allows DeFi users to earn a crypto-native yield.
How does the Ethena ecosystem work?
Ethena has launched a number of digital currencies and stablecoins, including its flagship USDe and native ENA token:
USDe
A synthetic dollar, USDe is designed to be a crypto-native currency that doesn't rely on traditional banking.
Unlike a regular stablecoin (such as USDT or USDC), the USDe price isn't backed directly by US dollars.
Instead, it uses a "delta neutral" strategy, meaning it hedges its fully-backed collateral (ETH and BTC) by taking a corresponding "short" position on the price of Bitcoin and Ethereum.
sUSDe
Holders can also stake USDe in the form of sUSDe and receive a yield (currently around 10-11% APY). This yield comes from underlying staked assets (e.g. staked ETH) and the funding rates from the futures positions held to peg the price of USDe.
As a result, sUSDe has been called the "Internet Bond".
sUSDe can also be used as collateral in various money markets, including centraliased and decentralised exchanges and margin trading, as well as support interest rate swaps and stablecoin infrastructure.
ENA
ENA is the governance token of Ethena, which means ENA holders can vote on strategic proposals and help influence the direction of the Ethena protocol.
ENA can also be staked in the form of sENA and earn rewards, including unclaimed ENA from previous airdrop distributions.
Who is on the Ethena team?
Ethena was founded in 2023 by Guy Young, who had previously spent a decade working in traditional finance including 6 years at Cerberus Capital Management.
Young was inspired to start Ethena Labs by an article by BitMEX founder Arthur Hayes that floated the concept of an on-chain crypto-collateralised currency using hedged crypto.
Notable crypto figures like Hayes and Jordan Fish (CryptoCobain) have invested in Ethena Labs.
Ethena is also backed by Binance Labs, ByBit, Deribit, Fidelity Investments, OKX Ventures and Franklin Templeton.
How far is ENA from its all-time high?
Ethena's price: $0.415813 USD ATH date: April 11, 2024
27.36%
Ethena ATH: $1.52 USD
Ethena (ENA) AUD live price
Use our graph to track the performance of (ENA) over time.
How we keep this Ethena guide up-to-date
ENA price data is regularly updated through data feeds so you always have the latest information.
Ethena at a glance
Information last updated March 26, 2025 03:03 UTC.
Coin symbol
ENA
Coin Marketcap
AUD$2,196,110,963
Total ENA supply
15,000,000,000
Circulating ENA
5,285,937,500
Current price
AUD$0.65698454
All time high
AUD$3.792
Notable team members
Industry
Token uses
Network
Ethena price performance over time
Historical prices compared with the price of $0.65698454.
1 hour
-2.07%
24 hours
-3.96%
7 days
6.63%
14 days
15.40%
30 days
3.20%
60 days
-51.61%
200 days
96.88%
1 year
0.00%
Crypto market update: March 2025
Cryptocurrency prices showed the first signs of recovery after months of prolonged drops following US president Donald Trump's ongoing trade wars, geopolitical tensions and continued inflation worries.
Kylie Purcell is the senior investing editor for Finder.
Disclaimer: Cryptocurrencies, including Ethena, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of ENA is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Ethena or any other cryptocurrency discussed.
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To make sure you get accurate and helpful information, this guide has been reviewed by Fred Schebesta, a member of Finder's Editorial Review Board.
Tom Stelzer is a journalist with 6 years of experience covering personal finance, specialising in investment and cryptocurrency. With a Master of Media Arts and Production and a Bachelor of Communications in Journalism from the University of Technology Sydney, Tom provides expert analysis on digital assets and market trends, helping readers navigate the fast-evolving world of finance. See full bio
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