Ethena Labs, a synthetic dollar platform leveraging Ethereum for stability and scalability, has launched its governance token, $ENA, with trading beginning on multiple exchanges including Binance, KuCoin, and Bitfinex. The token, aimed at transforming Ethereum into a crypto-native yield-bearing stablecoin, saw its price start at $0.54, climbing to $0.65, and reached a fully diluted market cap (FDV) of approximately $9.5 billion. Ethena's launch has been highlighted by a $300,000 investment from Echo users in its beta phase and the distribution of 750 million $ENA tokens, 5% of the total supply, against a backdrop of 360.7 billion shards minted. The platform offers 100-200% APY on Pendle pools and has joined the Manta Restaking Paradigm, allowing for staking USDC or USDT to accumulate yield and Ethena Sats. Additionally, Ethena's annualized revenue over the last 30 days is estimated at around $300 million.