Ethena
Digital Dollars for the Internet Economy
Ethena is a synthetic dollar protocol built on Ethereum that issues USDe, a crypto-native stablecoin backed by delta-hedged crypto assets and futures positions rather than traditional banking infrastructure. Users can mint, redeem, and stake USDe to earn rewards via sUSDe, a dollar-denominated savings instrument. The protocol operates across both CeFi and DeFi ecosystems and supports multiple chains.
USDe maintains its dollar peg by delta-hedging spot crypto assets with perpetual and deliverable futures contracts, while sUSDe distributes protocol revenue as yield to stakers
Crypto users and DeFi participants seeking a decentralized, bank-independent dollar-denominated asset
Background.
- Status
- launched
- Business model
- unknown
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