Ethena Labs

ethena.fi

Ethena provides a synthetic dollar protocol on the Ethereum blockchain that supports a crypto-native form of digital money. The protocol issues USDe, a synthetic dollar backed by crypto assets and short futures positions, using delta hedging to maintain stability relative to the US dollar. Ethena also introduces sUSDe, a yield-bearing version of USDe that allows holders to stake their assets and earn returns from protocol operations. In addition, the platform includes a governance token, ENA, which enables participation in decisions on risk management, integrations, and updates. Ethena integrates with both decentralized and centralized finance platforms, offering transparency and tools that support ecosystem composability.