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Ethena
$0.2885
1.39%
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Ethena Information
Ethena Supported Platforms
| ENA | ERC20 | ETH | 0x57e114B691Db790C35207b2e685D4A43181e6061 | 2024-03-05 |
| ENA | SPL | SOL | 72QvBVwpxqmheEPfaCwWSWqEFsUy3rhWt6JhQBMNTwD1 | 2024-07-26 |
About Ethena
Ethena is a decentralised finance (DeFi) protocol that creates scalable, censorship-resistant financial instruments. Its core products include USDe, a crypto-native synthetic dollar stabilised through derivatives, and sUSDe, the first "Internet Bond," providing yield-generation opportunities. Ethena addresses issues of centralisation and reliance on traditional banking systems, offering a decentralised solution for global users. The protocol’s governance token, ENA, enables decision-making, staking rewards, and economic security, fostering long-term ecosystem growth. Founded by Guy Young, Ethena Labs is supported by a distinguished risk committee and notable investors, including Arthur Hayes. Ethena aims to redefine DeFi with applications like Ethereal and cross-chain integrations, creating a self-sufficient financial system.
Ethena is a decentralised finance (DeFi) protocol aimed at creating a scalable, censorship-resistant financial system through synthetic assets. The project addresses critical issues with existing stablecoins, such as their reliance on traditional banking infrastructure and their inherent centralisation, by introducing USDe, a crypto-native synthetic dollar, and sUSDe, the world's first "Internet Bond." These innovations enable global access to decentralised, dollar-denominated financial instruments, while fostering a more resilient cryptocurrency ecosystem.
- Synthetic Dollar (USDe): USDe is a delta-neutral synthetic dollar backed by cryptocurrency assets (e.g., Ethereum and Bitcoin) and stabilised through short futures positions. This approach ensures stability while eliminating reliance on centralised custodians or the banking system. The peg to the US dollar is maintained through derivatives trading, with all assets stored transparently on-chain in secure custody solutions.
- Internet Bond (sUSDe): sUSDe combines staking rewards from backing assets, such as staked Ethereum, with funding and basis spreads from perpetual futures markets. This financial instrument offers users yield generation opportunities, acting as a decentralised alternative to traditional fixed-income products like US Treasury bonds. It also serves as a reserve asset within the broader cryptocurrency ecosystem.
- Scalability through Derivatives: Ethena utilises liquid derivatives markets to ensure scalability and capital efficiency, allowing USDe to maintain a 1:1 collateralisation ratio without over-leveraging. This contrasts with traditional stablecoins, which face limitations due to reliance on centralised banking systems or fragile algorithmic mechanisms.
- Censorship Resistance: By avoiding ties to traditional banking systems and maintaining decentralised on-chain custody, Ethena offers users a censorship-resistant financial alternative, addressing risks of regulatory intervention and centralised control.
Ethena’s native governance token, ENA, underpins the protocol's decision-making and operational framework. ENA holders participate in governance by voting on critical aspects such as risk management, protocol upgrades, and ecosystem expansion. The token is central to ensuring decentralised governance while incentivising user participation and long-term alignment with the project's growth.
The ENA token has a capped supply, with allocations distributed among core contributors, investors, the foundation, and ecosystem initiatives. Vesting schedules ensure responsible distribution and long-term commitment to the project's sustainability:
- Core Contributors (30%): Distributed to the Ethena Labs team with a one-year cliff and three-year linear vesting.
- Investors (20%): Locked with a one-year cliff and three-year vesting to support initial development.
- Foundation (20%): Used to fund audits, development, and ecosystem expansion.
- Ecosystem Development (30%): Incentivises user participation through airdrops, campaigns, and partnerships.
ENA has multiple use cases that align with Ethena's mission to decentralise financial systems:
- Governance: ENA holders can vote on critical governance proposals, including protocol upgrades, risk committee appointments, and treasury management. Decision-making is delegated to expert committees, ensuring professional oversight of the protocol's operations.
- Staking Rewards (sENA): Staked ENA (sENA) allows users to earn rewards, fostering long-term participation in the ecosystem. Rewards are derived from unclaimed airdrops, transaction fees, and contributions from Ethena’s decentralised applications, such as Ethereal (a decentralised perpetual exchange).
- Restaking for Economic Security: ENA can be restaked in partnership with Symbiotic to secure cross-chain transfers of USDe via the LayerZero messaging system. This enhances the protocol’s resilience and strengthens its infrastructure.
- DeFi Composability: ENA and sENA are fully composable within DeFi applications, enabling integration with lending platforms, decentralised exchanges, and yield farming protocols.