Ethena's launch introduced a new governance token, $ENA, and a stablecoin, USDe, into the crypto market, amassing a $1.2 billion market cap.
Despite controversies, investor interest remains strong. Ethena aims for enhanced decentralization and security, with a sophisticated mechanism for maintaining USDe's stability.
This involves delta hedging and a unique Off-Exchange Settlement system for asset management, balancing efficiency and security.
