Buy Ethena

$300

~ 0 BTC

$500

~ 0 BTC

$1,000

~ 0 BTC

Market Cap

$1.43B

Volume

$1.88K

Daily Change

$0.04

Daily Change

8.92%

30d Change

-25.27%

90d Change

-57.99%

How to Buy Ethena ENA: A Step-by-Step Guide

Ethena (ENA) is a DeFi protocol built on top of the Ethereum (ETH) network aiming to provide a scalable, reliable, and stable digital currency that does not rely on traditional banking instruments – now available at CEX.IO. 

In the following guide, we explore everything you need to know about Ethena, as well as provide you with straightforward instructions on how to obtain this token using your favorite payment method.

What is Ethena (ENA)?

As mentioned earlier, Ethena (ENA) is a DeFi protocol built on the Ethereum blockchain. This project introduced a synthetic stablecoin, USDe, that operates independently of traditional banking systems. Because it’s built on top of the Ethereum network, Ethena is able to utilize smart contracts. This allows the protocol to potentially provide financial services such as:

  • Staking
  • Delta hedging
  • Yield generation

Stability could be Ethena’s main selling point. To achieve USDe stability, the protocol employs delta hedging, a risk management strategy that could mitigate the price volatility of Ethereum. 

 

Additionally, Ethena utilizes the ENA token for governance, allowing holders to influence the platform’s development. With backing from major industry players, Ethena aims to create a scalable, decentralized financial system that facilitates cross-border transactions and diverse market opportunities while maintaining transparency and security.

What Could Make Ethena Stand Out From the Rest?

Ethena aims to distinguish itself through its delta-hedged stablecoin model. This may potentially set it apart from traditional fiat-backed stablecoins like Tether (USDT) and algorithmic stablecoins like Dai (DAI), both of which are also available at CEX.IO. 

Unlike Tether (USDT), which is collateralized by fiat reserves held in banks, Ethena’s USDe stabilizes its value using financial instruments such as short futures positions. This reduces reliance on centralized banking structures, potentially making it more resistant to regulatory risks.

Compared to MakerDAO’s DAI, which relies on overcollateralized crypto assets such as Ethereum, USDe operates differently by employing delta hedging rather than asset backing. While DAI depends on the demand for collateralized loans, USDe generates yield through funding rate capture, allowing for potentially higher rewards. 

Tokenomics

ENA token is the native cryptocurrency of the Ethena protocol. It is used for governance and ecosystem incentives. With a total supply of 15 billion tokens, 30% are distributed to core contributors, 25% to investors, 15% to the Ethena Foundation, and 30% to ecosystem growth. 

How to Buy ENA on CEX.IO?

CEX.IO offers multiple pathways to obtain ENA. Experienced enthusiasts can trade ENA against USD and USDT on Spot Trading. On the other hand, those looking to acquire ENA beyond trading can utilize Instant Buy. This feature allows eligible users to buy ENA, as well as other 200+ vetted assets, at the current market price using their favorite payment methods. 

Step-by-Step Guide: Buy ENA through Instant Buy:

  1. Create an account with CEX.IO.
  2. Verify your identity.
  3. Navigate to Instant Buy.
  4. Choose ENA as your preferred cryptocurrency.
  5. Select the fiat currency you want to use for the purchase. We currently support USD, EUR, and GBP. 
  6. Specify the amount of fiat you want to spend on purchasing ENA. 
  7. Choose your preferred payment method from the list of available funding gateways. 
  8. Review all transaction details. 
  9. Confirm your ENA purchase by following the on-screen instructions. 

Payment Methods for Buying ENA on CEX.IO

CEX.IO provides multiple funding gateways to accommodate varying user needs. Eligible participants can obtain ENA through Mastercard and Visa-issued bank cards, which are traditionally popular methods of payment among our customers. Prepaid card can also be used as an alternative, however, you may face difficulties with transaction confirmation.  

In addition, users can purchase ENA using their bank accounts, which typically come with lower fees but higher processing times than credit and debit cards. Besides bank transfers and credit/debit cards, eligible customers can also use the following funding gateways: 

 

 

However, users should keep in mind that the availability of certain payment methods may differ between countries. For example, while they can use PayPal to acquire ENA, US-based users cannot purchase through bank transfers. For this reason, we encourage users to conduct research and verify the availability of their preferred payment method before attempting any transactions at CEX.IO. 

FAQ

How to store ENA on CEX.IO?

Once you register and verify your account, you receive a crypto wallet, courtesy of CEX.IO. This allows you to seamlessly buy, sell, trade, swap, and store your ENA holdings, as well as participate in other services and features, such as Staking and Savings

 

Disclaimer: CEX.IO Crypto Savings and Staking programs currently do not support ENA token. 

How can I track the value of my ENA?

Those looking to observe the real-time price of ENA can utilize our crypto prices page. Besides the current market value, this resource also provides insights into ENA's 24-hour price change and market capitalization. 

What are the fees for buying ENA on CEX.IO?

The fees for buying ENA depend on the selected payment method. For example, credit and debit cards may incur fees between 0.49% and 4.99% per transaction. Bank transfers offer potentially lower costs but include higher processing times. Users should research potential fees associated with selected payment methods before purchasing ENA on CEX.IO. 

Can I sell ENA on CEX.IO? 

Yes, there are several ways to sell ENA through CEX.IO. One is through Spot Trading, where you can trade ENA against USD and USDT currencies. Beyond Spot Trading, ENA holders can utilize our Withdraw functionality to convert ENA into fiat and cash out through available withdrawal methods. 

Why choose CEX.IO to buy ENA? 

With more than a decade of experience in the crypto field, our platform has become a prominent player within the ecosystem. CEX.IO holds various licenses and adheres to strict regulations to enable users worldwide to participate in the crypto market. We aim to accommodate both seasoned traders and beginners, offering a wide range of assets (over 200, including ENA), payment and withdrawal methods. Still, whether one chooses CEX.IO or another exchange may depend on various factors. Therefore, we encourage enthusiasts to conduct due diligence and choose their platform cautiously. 

Buy Ethena

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