ENA is first and foremost a governance token, governing the Ethena protocol and its critical decisions. ENA holders can vote bi-annually to elect members to a Risk Committee, and in the future additional committees performing critical roles within the ecosystem. In this framework, ENA governance tokenholders are able to delegate everyday decision-making with respect to key aspects of the ecosystem to sophisticated, expert-level stakeholders — most of whom provide advisory and similar services to other projects and protocols in the industry — while retaining transparency during the process.