Protect holdings

Ex: The ENA unlock on March 5, 2025, could drop ENA from $0.42 to $0.35 as holders sell. You hold 200,000 ENA and want protection. Buy a ENA put: $0.4 strike, March 7, 2025 expiry, $0.018/ENA premium ($3,600 total).

If ENA falls to $0.35 on the unlock day, your portfolio incurs a $14,000 loss. However, the put will be now be worth $0.05/ENA, cutting your loss to $7,600. Sleep easy through the dip.