$ENA The strategy behind it, delta-neutral hedging, is as fascinating as it is complex. Through a combination of staked Ethereum (sETH) and short perpetual futures positions, it attempts to remain insulated from market volatility. This approach, while attempting to solve the scalability problem of a crypto-native dollar, also introduces new kinds of risks. The reliance on funding rates and the overall complexity of the system make it a powerful asset, yet one that must be monitored with caution.