[Breaking News] The Ethena project, which has attracted much attention recently, has described its product USDe as a "synthetic dollar", which has sparked heated discussions in the crypto community. The Ethena team sees USDe as an innovative product, but also reminds that all innovations have inherent risks and need to be carefully evaluated. Ethena's operating mechanism includes the mechanisms behind USDe and sUSDe, while exploring market dynamics and potential vulnerabilities in black swan events. Ethena is a synthetic dollar protocol built on Ethereum, providing a crypto-native solution that does not rely on the infrastructure of the traditional banking system, while providing a globally accessible dollar-denominated instrument - "Internet bonds". Ethena's synthetic dollar USDe, through delta hedging of Ethereum and Bitcoin collateral, realizes a crypto-native and scalable currency solution.