Today's recommended spot: $ENA
Recommended price: 0.8-0.83 0.86 Take a little as a base position
Income price 1-1.12 1.4-1.5 13-15
Short, medium and long term
Ethena is a synthetic dollar protocol built on Ethereum. It will provide a crypto-native solution for currencies that do not rely on the infrastructure of the traditional banking system, while providing a globally accessible dollar-denominated savings tool - "Internet Bond".
The inspiration for the Ethena project came from the article "Dust on Crust" published by BitMEX founder Arthur Hayes last year. The article mentioned his idea for a new generation of stablecoins, that is, to create a stablecoin supported by an equal amount of BTC spot longs and futures shorts. Ethena Labs turned Arthur's idea into reality, but did not use BTC as the main underlying asset for opening positions, but chose ETH. Therefore, Ethena is a synthetic dollar protocol built on Ethereum, which has launched a US dollar stablecoin USDe, with ENA as its platform token. USDe is an algorithmic stablecoin. Unlike the minting mechanism of USDT and USDC, the stablecoin USDe minted through the Ethena protocol is not based on US dollars, but on ETH. Specifically, the collateral assets of USDe are composed of equal amounts of spot ETH longs and futures ETH shorts, which achieve hedging, that is, hedging, so that regardless of the rise and fall of ETH prices, USDe can remain stable and achieve "Delta neutrality". These ETH assets are not stored in centralized exchanges, but hosted on platforms such as Copper, CEFFU, and Cobo to avoid exchange risks.