Ethena

//Enabling the Internet Bond_

Ethena’s USDe is not the same as a fiat stablecoin like USDC or USDT. USDe is a synthetic dollar, backed with crypto assets and corresponding short futures positions.

This means that the risks implicated by interacting with USDe are inherently different.

Please refer to our extensive Risks section for more information.

Overview
Ethena is a synthetic dollar protocol built on Ethereum that provides a crypto-native solution for money not reliant on traditional banking system infrastructure, alongside a globally accessible dollar denominated instrument – the ‘Internet Bond’.

Ethena’s synthetic dollar, USDe, provides the crypto-native, scalable solution for money achieved by delta-hedging Ethereum and Bitcoin collateral. USDe is fully-backed (subject to the discussion in the Risks section regarding events potentially resulting in loss of backing) and free to compose throughout CeFi & DeFi.

USDe peg stability is supported through the use of delta hedging derivatives positions against protocol-held collateral.

The ‘Internet Bond’ combines yield derived from staked assets (e.g., staked Ethereum), to the extent used as backing assets, as well as the funding & basis spread from perpetual and futures markets, to create the first onchain crypto-native solution for money.