CDP / Stablecoin$ENATVL: $3B+

Ethena

About Ethena

Ethena Labs creates USDe — a synthetic dollar backed by delta-neutral positions (staked ETH + short ETH perpetual futures). USDe earns yield from both staking rewards and positive funding rates on derivatives. This 'Internet Bond' concept offers significantly higher yields than traditional stablecoin models, though with different risk profiles.

Supported Networks

Ethereum

Key Features

USDe synthetic dollar
Delta-neutral hedging strategy
sUSDe yield-bearing token
Yield from staking + funding rates
Custodian diversification
Insurance fund
Cross-protocol composability

Risks

Funding rate risk (negative rates erode yield)
Custodial risk (centralised exchanges for hedging)
Smart contract risk
De-peg risk in extreme markets
Regulatory uncertainty
Centralised exchange counterparty risk

Community & Socials

Website Twitter / X Discord Telegram GitHub

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