What is Ethena (ENA)?

Ethena is a synthetic dollar protocol that aims to provide crypto investors with dollar-denominated savings based on blockchain. The team calls this savings product the “Internet Bond.” The protocol’s primary synthetic asset, USDe, is meant to achieve 1-to-1 price parity with the US dollar by delta-hedging staked Ethereum collateral. Delta hedging is an options trading strategy that looks to mitigate risks associated with price movements of an underlying asset – in the case of Ethena, that’s ETH.

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