Ethena offers USDe, a stable synthetic dollar, and the 'Internet Bond' savings instrument. More
| Fully Diluted Valuation | $10.15B |
|---|---|
| 24H Trading Volume | $273.34M |
| 24H Low / High | $1.00 / $ 1.00 |
| Circulating Supply | 10.14 B |
| Total Supply | 10.15 B |
| Max Supply | 0.00 |
| Categories | Stablecoins 5 more |
|---|---|
| Founder | Guy Young |
| Website | ethena-labs.gitbook.io Whitepaper |
| Socials | |
| Chains | Ethereum Ecosystem 6 more |
| Explorer | Zksync 9 more |
| Contracts | 0x4c9....e68b3 6 more |
| Name | Pair | OG Score |
|---|
Ethena (USDE) - Redefining Money with a Synthetic Dollar Protocol
Ethena, founded in 2023 by Guy Young, is a synthetic dollar protocol built on Ethereum. It aims to revolutionize the concept of money by providing a crypto-native solution independent of traditional banking systems.
USDe: A Censorship-Resistant, Scalable, and Stable Synthetic Dollar
At its core, Ethena offers USDe, a censorship-resistant, scalable, and stable synthetic dollar achieved by delta-hedging staked Ethereum collateral. This approach ensures that USDe is fully backed and transparently on-chain, offering users the freedom to compose throughout decentralized finance (DeFi).
Innovative Stability Mechanisms for USDe's Peg
The key to USDe's peg stability lies in its delta hedging derivatives positions against protocol-held collateral, combined with a mint and redeem arbitrage mechanism. This innovative design ensures that USDe maintains its peg to the US dollar, providing users with a reliable and stable digital currency.
Introducing the 'Internet Bond'
In addition to USDe, Ethena introduces the 'Internet Bond,' a dollar-denominated savings instrument that combines yield derived from staked Ethereum with funding and basis spread from perpetual and futures markets. This unique bond offers users in permitted jurisdictions a new way to save and earn in the crypto economy.
Recent Funding and Investor Interest
Recently, Ethena raised $14 million from notable investors, including Dragonfly, Brevan Howard Digital, Avon Ventures (an affiliate of Fidelity Investment's parent company), Franklin Templeton, PayPal Ventures, Maelstrom (the family office of BitMex founder Arthur Hayes), and major derivative exchanges like Binance, Bybit, OKX, Deribit, Gemini, and Kraken. This funding reflects the growing interest in Ethena's innovative approach to decentralized finance and stablecoins.
Navigating Risks in a Complex Financial Landscape
However, it's important to note that USDe is a complex financial product, not without risks. While Ethena is not exposed to the banking system, USDe is exposed to counterparty risks of partner liquid staking protocols and derivatives exchanges. Additionally, liquidity risks in the futures market during times of crisis could impact USDe's stability.
A Promising Future for Ethena
In conclusion, Ethena's USDe and the 'Internet Bond' represent a significant step forward in creating a crypto-native financial ecosystem that offers stability, scalability, and censorship resistance. As Ethena continues to innovate and expand its offerings, it is poised to play a key role in shaping the future of decentralized finance.
Ethena offers USDe, a censorship-resistant, scalable, and stable synthetic dollar achieved by delta-hedging staked Ethereum collateral, providing a crypto-native solution independent of traditional banking systems.
Ethena was founded in 2023 by Guy Young.
Ethena has raised $14 million from investors including Dragonfly, Brevan Howard Digital, Avon Ventures (an affiliate of Fidelity Investment's parent company), Franklin Templeton, PayPal Ventures, Maelstrom (the family office of BitMex founder Arthur Hayes), and major derivative exchanges like Binance, Bybit, OKX, Deribit, Gemini, and Kraken.
You can buy Ethena USDe (USDE) on Gate.io, Bitget, BybitMEXCKuCoin cryptocurrency exchanges.
