Binance’s new mining project Ethena, I don’t know how much airdrops it can give me this time. A month's worth of food should be enough. This year we must hold on to #BNB‬ and go long $BNB . This is a relatively strong certainty.

Let’s take a look at Ethena’s introduction:

Ethena is a synthetic U.S. dollar protocol built on Ethereum that aims to provide a crypto-native solution for currencies that do not rely on traditional banking system infrastructure, as well as a globally accessible U.S. dollar-denominated savings vehicle - an "internet bond". The main goal of the project is to address the largest and most obvious immediate needs in the crypto space.

Ethena’s core product is USDe, a scalable, censorship-resistant, and stable crypto-native stablecoin. USDe achieves stability via delta-hedging staked Ethereum collateral and is fully supported transparently on-chain, allowing for free combination across DeFi. Additionally, USDe peg stability is ensured by using delta-hedged derivatives positions against the collateral held by the protocol.

In addition to USDe, Ethena is also developing "internet bonds". This bond will combine proceeds from staking Ethereum with funding and basis from perpetual and futures markets to create the first on-chain crypto-native “bond.” The bonds serve as a U.S. dollar-denominated savings instrument for users in the jurisdiction.

The Ethena project has received more than US$20 million in financing, with a valuation reaching US$300 million. Luxury investment institutions such as Binance are among its supporters. The new funds will be used to launch USDe after completing the testnet phase in the third quarter.

Overall, Project Ethena is innovative and forward-thinking in the cryptocurrency space and is expected to open new paths for currencies that do not rely on the traditional banking system by providing crypto-native solutions and globally accessible savings tools.