Ethena is redefining the concept of digital money with its crypto-native solution: USDe, a synthetic dollar protocol built on Ethereum. Unlike traditional stablecoins like USDC or USDT, USDe isn’t pegged solely to fiat reserves but is backed by a clever combination of crypto assets and delta-hedged futures positions. This design ensures scalability, composability, and resistance to typical market shocks. Ethena also offers sUSDe, a globally accessible, yield-bearing dollar savings asset. Together, they form a powerful toolkit for DeFi, providing both stability and yield without relying on the traditional banking system.
The Ethena token, ENA, is the governance and utility backbone of the Ethena ecosystem. Holding ENA gives users a voice in the protocol’s evolution, from adjusting risk parameters to influencing reward distributions. ENA holders also benefit from protocol revenue streams and incentivized participation, fostering alignment between users and the long-term success of Ethena. Beyond governance, ENA will play a crucial role in bootstrapping liquidity and incentivizing ecosystem growth through targeted emissions. In essence, ENA empowers the community to shape Ethena’s future while sharing in its upside.
Ethena tackles the fundamental challenge facing crypto today: the need for a scalable, censorship-resistant, and yield-generating form of money. Existing stablecoins are either limited by traditional banking infrastructure (like USDC/USDT) or prone to volatility and unsustainable models (like algorithmic stablecoins). Moreover, access to reliable dollar yields has become increasingly restricted and centralized. Ethena’s vision is to democratize access to synthetic dollars and global dollar-denominated savings, offering a more resilient alternative that can thrive across jurisdictions and market conditions.
Ethena keeps USDe stable using a smart combo of spot crypto and short futures. This delta-neutral strategy balances out price swings while capturing yield from funding rates. Protocol revenues flow back to users staking in sUSDe, making it a true yield-bearing stable asset. Ethena’s design scales with DeFi, working in both bullish and bearish markets. The result: a stable, crypto-native dollar that works globally.
Ethena’s ENA tokenomics focus on long-term growth and alignment. Supply is split across core contributors, investors, the foundation, and ecosystem development, all with structured vesting. Core contributors get 30%, locked for 1 year, then 25% unlocks, followed by monthly vesting over three years. Investors follow the same schedule, supporting early development and the Reserve Fund. The Foundation allocation funds protocol growth, audits, and reduces reliance on fiat-backed stablecoins. 30% goes to Ecosystem Development and Airdrops, with 10% already distributed, and the rest for future incentives, cross-chain growth, and exchange partnerships, managed by a DAO multisig. Token unlocks for contributors and investors began at the TGE on March 5, 2024.
Ethena’s ENA tokenomics focus on long-term growth and alignment. Supply is split across core contributors, investors, the foundation, and ecosystem development, all with structured vesting. Core contributors get 30%, locked for 1 year, then 25% unlocks, followed by monthly vesting over three years. Investors follow the same schedule, supporting early development and the Reserve Fund. The Foundation allocation funds protocol growth, audits, and reduces reliance on fiat-backed stablecoins. 30% goes to Ecosystem Development and Airdrops, with 10% already distributed, and the rest for future incentives, cross-chain growth, and exchange partnerships, managed by a DAO multisig. Token unlocks for contributors and investors began at the TGE on March 5, 2024.
Ethena is just getting started. The next phase focuses on deepening liquidity, expanding the suite of supported assets, and enhancing governance through community-driven decision-making. Future plans include strengthening off-exchange custody solutions, increasing transparency with real-time dashboards, and refining the risk framework to ensure long-term resilience. As adoption grows, Ethena aims to become a cornerstone of global DeFi infrastructure, offering anyone, anywhere access to a stable, yield-generating synthetic dollar. With Ethena, the future of decentralized money looks not just possible—but inevitable.
The Ethena Network is an initiative to directly support new protocols innovating with Ethena sUSDe enabled applications while aligning ENA with the success of these new protocols. It's now known as Converge.
The Ethena Network is an initiative to directly support new protocols innovating with Ethena sUSDe enabled applications while aligning ENA with the success of these new protocols. It's now known as Converge.
A perpetual and spot exchange built on its own appchain running its entire orderbook with sUSDe and native rewards embedded, where Ethena will provide liquidity and hedging flows into the exchange.
A perpetual and spot exchange built on its own appchain running its entire orderbook with sUSDe and native rewards embedded, where Ethena will provide liquidity and hedging flows into the exchange.
Derive will be the largest onchain options and structured products protocol where sUSDe is a core collateral asset for the system.
Derive will be the largest onchain options and structured products protocol where sUSDe is a core collateral asset for the system.
