🔥🔥🔥PROJECT OVERVIEW #ETHENA - BINANCE'S 50TH LAUNCHPOOL!
⏩ So what is Ethena (#ENA )?
• Ethena Labs is a decentralized stablecoin issuance protocol built on Ethereum.
• This project will provide a stablecoin solution independent of the traditional banking system, along with a USD-denominated savings tool called Internet Bond. Ethena's stablecoin (USDe) will be a stablecoin solution developed based on the delta-hedging strategy.
• USDe will be fully collateralized transparently on-chain and freely usable across DeFi applications.
⏩ What problem was Ethena created to solve?
▪️ Stablecoins are easily influenced by traditional financial institutions.
• We can see that popular stable assets in the crypto market are easily affected when financial institutions encounter problems. The case of USDC is a typical example, when the managing company of USDC left 3.3 billion USD in Silicon Valley bank. When Silicon Valley bank encountered problems, this stablecoin immediately crashed.
▪️ Eight billion people do not have access to USD-denominated savings tools.
• While US citizens have access to the $30 trillion government bond market, individuals in the rest of the world do not have access to this market.
⏩ The solution to the above problem is Ethena.
▪️ Ethena offers USDe as a solution to solve the above problems. This stablecoin is developed with:
• Scalability is achieved using derivatives without the need for overcollateralization, as LST used as collateral can be secured with an equivalent short position.
• Stability is achieved through unleveraged short positions taken against LST immediately upon USDe issuance to ensure position neutrality.
• Resist censorship by separating collateral from the banking system and storing collateral in decentralized platforms that can be easily audited on-chain.