Project Analysis $ENA $ETH

Ethena is a protocol that enables the creation of decentralized stablecoins, with the goal of:

- No Liquidation: Users can 'borrow' stablecoins by collateralizing assets (such as $ETH ) and implementing derivative strategies to hedge price risk, without the worry of liquidation as in traditional mortgage models.

- Fully On-Chain Operation: Minimizing reliance on centralized assets (such as USDC, USDT).

Liquidity and capital efficiency are higher than many other stablecoin models.

The core idea behind Ethena is to use ETH short positions (through derivative contracts) to 'lock in' value, making its stablecoin equivalent to the US dollar, without relying on treasury bonds or collateral acceptance in a centralized manner.