Ethena USDe

Ethena is a synthetic dollar protocol built on Ethereum

## Overview Ethena USDe is a synthetic dollar protocol operating on the Ethereum blockchain. It functions as a stablecoin alternative designed to maintain a peg to the US dollar without relying on traditional collateral reserves held by centralized custodians. Instead of backing USDe with dollar deposits in bank accounts, Ethena uses a combination of spot Ethereum holdings and perpetual futures contracts to generate synthetic dollar exposure. This approach creates a mechanism where users can mint stablecoins while the protocol maintains balance through delta-neutral derivatives positions. The