Ethena

Ethena is a synthetic dollar protocol on Ethereum that offers USDe, a stablecoin backed by delta-hedged crypto assets, and a yield-bearing 'Internet Bond'.

Ethena is a synthetic dollar protocol built on the Ethereum blockchain. Its core product is USDe , a synthetic dollar that aims to maintain a stable 1:1 peg with the U.S. dollar through a novel mechanism. Unlike fiat-collateralized stablecoins (like USDC or USDT) or over-collateralized crypto-backed stablecoins (like DAI), Ethena creates USDe by accepting user deposits of liquid staked Ethereum (such as stETH) and simultaneously opening a corresponding short perpetual futures position for the same notional value. This "delta-neutral" hedging strategy is designed to insulate the value of the ba