what is ethena crypto

What is the New ENA/INR pair on Pi42?

Greetings, Pi42 traders!

We’re thrilled to announce the arrival of Ethena (ENA) on our platform. Now, Indian investors can leverage Pi42 to explore the Ethena governance token – ENA with INR pairs. 

What is Ethena (ENA)?

Ethena tackles the stablecoin landscape with a unique approach, offering a synthetic dollar called USDe. Unlike traditional stablecoins pegged directly to fiat currencies, Ethena utilizes a delta-neutral strategy to maintain USDe’s value at $1. This strategy involves automatically adjusting positions to offset any potential price fluctuations in the underlying collateral assets.

Here’s what makes Ethena stand out:

  • Decentralized Stability: Ethena operates on the Ethereum blockchain, aiming to provide a stablecoin solution independent of traditional banking systems.
  • Algorithmic Management: The delta-neutral strategy automates adjustments, potentially offering greater stability compared to manually managed systems.
  • Yield Generation Opportunities: Ethena offers users the potential to earn rewards through various mechanisms, like staking ENA tokens.

Key Features of Ethena (ENA) on Pi42:

  • Direct INR Trading: Seamlessly Trade ENA pair using Indian Rupees (INR) for easy accessibility.
  • Competitive Spreads: Pi42 strives to provide competitive bid-ask spreads, potentially leading to favorable execution prices for your trades.
  • Secure Trading Environment: Our platform prioritizes security to safeguard your crypto investments.

Market Overview(30th May, 2024):

Market Cap: $1.29 B

Circulating Supply: 1.52 B ENA

Price: ₹75.21

1-Year Growth: 23.73%

Benefits of Trading Ondo (ONDO) on Pi42:

Tax Efficiency:

No TDS (Tax Deducted at Source): Simplify your tax calculations and avoid upfront deductions on your crypto trades.

No VDA Tax (Virtual Digital Asset Tax): Benefit from the absence of this recently proposed tax in India

Loss Offsetting: Offset potential losses from your crypto trades with your gains for tax optimization purposes.

Thinner Spreads: Pi42 strives to provide competitive bid-ask spreads, potentially leading to more favorable execution prices for your trades.

Ready to Explore Ethena (ENA)?

Here’s a quick guide to get you started:

Login: Access your Pi42 account.

Navigate: Head to the trading terminal.

Select the Pair: Choose ENA-INR from the dropdown menu.

Define Your Position: Enter your desired investment amount, select your preferred leverage (if applicable), and adjust the percentage according to the minimum asset requirements.

Set Limits (Optional): Establish Take Profit and Stop Loss orders to manage your risk.

Execute Your Trade: Click “Buy/Long” or “Sell/Short” based on your market analysis.

Track Your Trade: Monitor your open positions in the “Orders and Positions” section below the trading chart.

Disclaimer: This blog post is for informational purposes only and should not be considered financial advice. Please conduct your own research before making any investment decisions.