How to buy Ethena (ENA) in Canada

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:

1. Compare crypto exchanges. You can buy ENA in Canada through a number of 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.
2. 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.
3. Deposit funds. Depending on the exchange you choose, you should be able to buy Ethena directly with CAD using your debit or credit card or deposit CAD 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.
4. 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 Canada:

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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 CAD purchases using a debit or credit card, such as Bitget and Crypto.com.

However, while this method is the most straightforward, you’re likely to pay higher fees than you would by buying ENA off an exchange’s spot market.

If you’re familiar with decentralized 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 recognized 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 CAD 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, collateralized stablecoin that is backed by cryptocurrency instead of US dollars.

This solves many of the issues with centralized stablecoins, namely custodial risk, relying on traditional banking infrastructure and collateral yield not being passed on to holders.

The market for outstanding US Treasury bonds is worth around US$30 trillion. These securities serve 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 decentralized, 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% 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 centraliazed and decentralized 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 six years at Cerberus Capital Management.

Young was inspired to start Ethena Labs after coming across an article by BitMEX founder Arthur Hayes that floated the concept of an on-chain crypto-collateralized 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?