Ethena is a DeFi protocol on Ethereum, offering a synthetic stablecoin called USDe, pegged to the US dollar. Unlike traditional stablecoins, USDe maintains stability through delta-hedging strategies, using crypto assets like Ethereum and Bitcoin as collateral, paired with short futures positions to mitigate price volatility. Ethena’s goal is to provide a stable, scalable, and censorship-resistant digital currency that operates independently of traditional banking systems, alongside a globally accessible savings tool called the "Internet Bond," which generates yield through staking and derivatives. The protocol’s governance token, ENA, enables community-driven decision-making and incentivizes ecosystem participation.
1. Create an Account
Visit the Netcoins website and click on the sign-up button. Or download the Netcoins app from the app store for mobile. Enter your email address, create a strong password, and agree to the terms and conditions. You will receive a confirmation email, click on the link to verify your email address.
2. Fund It
Choose your preferred funding method: bank wire transfer, interac e transfer, crypto deposit, or cash deposit. Follow the prompts to transfer funds into your Netcoins account. The process is quick and incurs no fees.
3. Start Trading
Why Buy ENA?
Ethena (ENA) presents a compelling case for investors interested in decentralized finance (DeFi) due to its innovative synthetic dollar protocol, USDe, which offers a stable, crypto-native alternative to traditional stablecoins without relying on fiat reserves. Built on Ethereum, ENA serves as the governance token, allowing holders to influence protocol decisions, such as risk management and partnerships, while also enabling staking for high-yield rewards. The protocol’s delta-neutral hedging strategy, balancing long spot positions with short futures, ensures USDe’s stability, making it attractive for DeFi applications like lending and trading. With billions in TVL achieved plus over 228,000 active users, and backing from major players like Dragonfly and Arthur Hayes, ENA demonstrates strong market traction and growth potential.
How Much ENA Can I Buy?
You can buy as much ENA as you want starting from the minimum of $10 worth on Netcoins. Using Netcoins you can deposit and trade ENA without restrictions, enabling you to build or diversify your crypto portfolio according to your needs.
What Does The Future Hold For Ethena?
Ethena’s future looks promising as it aims to establish USDe as a cornerstone of DeFi, leveraging its scalable, censorship-resistant synthetic dollar to integrate across lending protocols and exchanges. The protocol’s focus on delta-neutral strategies and on-chain governance could drive adoption, especially if it expands partnerships and maintains USDe’s peg during market turbulence. If Ethena continues to innovate, attract developers, and capitalize on its $6 million seed funding to enhance ecosystem features, it could solidify its position as a DeFi leader, though success depends on navigating volatility and proving long-term stability.
FAQs
Why is KYC (Verification) required?
Netcoins Inc. is a licensed money service business under FINTRAC, and a registrant under the Provincial Securities Commissions, and adheres to the strict guidelines set by them for Money Transmitter Businesses and Securities Registrants. We are required to have a Know-Your-Client (KYC) process and compliance program in place. KYC is a process that allows us to verify the identity of our customers.
What do I need to provide for your verification process?
You will have to provide your email address, phone number and personal information including your first name, last name, address, date of birth and a piece of identification (like a driver’s license). Most users are verified at this point through our automated process. If you don’t pass the automated KYC process, you will have to go through an additional document verification stage. This is important and required as we are a regulated money service business.
How can I fund my account?
Your Netcoins account can be funded with a crypto deposit, Interac e-Transfer, or a bank wire transfer. Once you have funds in your Netcoins account, you’ll find that it’s super easy to buy ENA in Canada.