Ethena

Banking-free stablecoins with yield-generating Internet Bonds

Founders

Guy Young (Founder and CEO)

Launch Date

2023

Key Investors

Franklin Templeton

Fidelity Investments

F-Prime Capital

Dragonfly Capital Partners

Polychain Capital LP

Pantera Capital Management LP

and more

About

Ethena is a synthetic dollar protocol on Ethereum creating USDe, a crypto-native stablecoin that doesn't rely on traditional banking infrastructure. USDe maintains stability through delta-hedging Ethereum and Bitcoin collateral against derivatives positions. The protocol also offers the "Internet Bond,"combining revenue from staked assets with funding from perpetual and futures markets to create yield. This fully-backed solution provides a scalable monetary system that freely composes across both centralized and decentralized finance ecosystems.

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Total Value Locked

3M+

Monthly Active Users

Use Cases

Crypto-Native Dollar Holder - Investors seeking a reliable stablecoin can hold USDe as a synthetic dollar that's fully backed by crypto assets while avoiding traditional banking dependencies.
Yield Seeker - Users can stake USDe tokens to receive sUSDe, allowing them to earn protocol-generated rewards from funding rates and Ethereum staking yields passively.
Protocol Governance Participant - ENA token holders can participate in Ethena's governance system, voting on proposals that shape the protocol's future development and parameters.
DeFi Integrator - Developers can integrate USDe as a stablecoin option in their DeFi applications, leveraging its crypto-native stability and censorship resistance features.

Decentralized Finance (DeFi) Infrastructure