Ethena
Ethena issues USDe, a synthetic dollar backed by crypto collateral and hedged with short perpetual futures positions.
Ethena TVL
Assets deposited in Ethena across 2 chains, in US dollars.
Supported chains
Deployed on 2 chains. Ethereum holds 99.9% of deposits.
About Ethena
What it does, how it earns and what the ENA token is for.
Staked USDe earns the funding and staking income those positions generate. ENA holders govern the protocol and its reserve fund, which absorbs periods of negative funding.
Ethena FAQ
Short answers to what people ask most.
Ethena issues USDe, a synthetic dollar backed by crypto collateral and hedged with short perpetual futures positions.
No. USDe is backed by crypto collateral hedged with short futures, not by cash in a bank, so its peg depends on those hedges and on Ethena's reserve fund.
Staked USDe earns the funding and staking income the hedged positions generate. When funding turns negative, the reserve fund absorbs the cost.
ENA holders govern the protocol and its reserve fund. ENA trades at $0.2404, a market cap of $3.22 billion.
$5.4 billion is deposited in Ethena, +1.2% over 7 days. It ranks #10 of the 32 DeFi protocols World-Crypt profiles.
Ethena is deployed on 2 chains, and Ethereum holds 99.9% of deposits.
Ethena news
Coverage of the protocol, its category and its chain.
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