Ethena is a stablecoin project. The so-called stable currency refers to a token that is linked to the U.S. dollar at a ratio of 1:1, such as the common USDT, USDC, etc. One USDT is roughly equivalent to one U.S. dollar.

Issuing stablecoins usually requires cooperation with physical banks. For example, if you deposit one U.S. dollar in a bank, one U.S. dollar stablecoin will be produced accordingly to ensure that its value is always linked to the U.S. dollar. However, the traditional issuance method is still centralized and requires the cooperation of banks. The Ethena project aims to create a more decentralized stablecoin protocol on the blockchain that does not rely on banks.

Ethena will build the stablecoin it issues on Ethereum, with the goal of creating a stable, censorship-resistant and scalable decentralized stablecoin named USDe.

The way Ethena issues USDe is that users can deposit assets (such as stETH, ETH, etc.). Assuming the price of ETH is $3,500, the Ethena protocol will issue 3,500 USDe to the user, ensuring that the value of USDe is roughly equivalent to one dollar. Then, Ethena will use the received ETH for staking to obtain staking income and short the same amount of ETH in the perpetual contract market.

This approach has two benefits: first, by simultaneously holding and shorting ETH, it can ensure that fluctuations in ETH prices will not lead to losses (Delta neutral strategy); second, by shorting ETH in the perpetual contract market, funding rate income can be obtained (although losses may occur), and the staked ETH will also generate staking income. These two parts of income constitute the source of Ethena's profit. If a user exchanges ETH for USDe and the Ethena protocol loses money, the loss will be borne by Ethena's insurance fund.

Users can also redeem USDe back to ETH. Therefore, if USDe is decoupled, users can exchange less USDe for ETH and then sell ETH for arbitrage; of course, once an arbitrage opportunity arises, the demand for buying USDe will increase until the value returns to one dollar.

Strategies to double $ENA balance at low cost in a short period of time:

For users who participate in Binance Launchpool, the ROI of Binance Launchpool is about 1.23-3% since 2024, and a pledge of 1000U can get 12.3U of income. The total deposit value of Ethena in Binance Launchpool is $62,738,421,102.8587, and $771,682,579.56 of $ENA will become free quota. Considering the possibility of selling, Binance's trading volume may reach $385,841,289.78. This means that according to the over-the-counter price of $0.6/ENA, the price of $ENA in the early stage of listing may fall to $0.3, and in extreme cases, it may fall to $0.2.

The strategy is: Launchpool users sell immediately after obtaining the quota, and then perform T operations. If T operations are started in the range of 0.15-0.25, 3000U of funds are used to sell when the price rises by 40%, and a profit of 1200U can be obtained. Data shows that the currencies listed on Binance will have a wave of increases within about 45 days after listing, and T operations can be performed repeatedly during this period, especially in the bull market. For these leading tracks, T operations are relatively safe.

Players who participated in the previous airdrop can double their stake: Ethena will airdrop 750 million ENA in the first phase on April 2. There are more than 90,000 eligible user addresses, and the total amount of airdrop is 750 million (5% of the total). Despite the lock-up period, some users still received a large number of fragments, and some users received tens of thousands of quotas.

By repeatedly performing T operations within the exchange, you can also share a quota of 162,500. Although this ratio is low, if you are able to use a robot to trade through the API, you will have a chance to grab the quota. If you do not have this ability, you may not get much quota in the second round of activities.

Ethena is at the forefront of crypto-financial innovation with its USDe protocol, redefining the role of stablecoins on the Ethereum blockchain. Through strategic delta hedging and innovative "internet bonds", Ethena provides a stable, scalable currency and unique savings mechanism that transcends the constraints of traditional banks. As the protocol progresses, especially with the upcoming launch of the token economy and participation-based Shard Campaign, Ethena is committed to driving the growth and stability of its ecosystem.

Ethena is a prominent project in the stablecoin field, which has always received great attention from global financial giants. Ethena's "Internet Bond" solution is eye-catching and has won the support of many well-known investment institutions. It is likely to be listed on multiple important platforms. At present, the main network data shows strong growth. Only 3 days after listing, the multiple deposit pools set up by the official were immediately filled, showing the strong appeal of the project. The TVL has reached 430 million US dollars. The first phase of the activity has just started. There will be more phases in the future, which are expected to bring good returns and are worth paying attention to and participating in. Overall, it is rated 4.5 stars.