#eth After Binance announced on the 29th that Ethena (ENA) will be listed on Binance as a new currency mining project, MakerDAO then announced that it will deploy $100 million of DAI through Morpho Blue and distribute distribute it to sUSDe/DAI and USDe/DAI markets.

MakerDAO founder Rune also minted 5.66 million USDT into USDe through his personal address yesterday (30).

So, what is ETH? What is USDe again?

BitMEX founder Arthur Hayes published a paper titled “Dust on Crust” in March 2023, which contemplated the creation of a synthetic US dollar-denominated stablecoin through a combination of electronic and equivalent form of short-term perpetual contract position hedging. He ended the post by saying that he wanted to support a trustworthy team to turn the idea into reality and Ethena was born.

ETH is a synthetic dollar protocol built on Ethereum, with ETH as the underlying asset. USDe is based on equal amounts of short-term ETH spot and futures ETH collateral. Both are hedged to become delta-neutral stable assets. ,Delta Neutrality means that USDe Collateralized Position is essentially unaffected by changes in ETH price, thus ensuring asset reliability and USDe stability.

Ethena, inspired by Arthur Hayes, is also popular with leading institutions: it has received $14 million in funding from Dragonfly, Binance Labs, GSR, Wintermute, etc., at a project valuation of 300 million US dollars. #usde