$ENA

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Getting to Know Ethena ($ENA) Crypto

Ethena is a synthetic currency protocol developed on the Ethereum platform, offering a cryptocurrency investment alternative that operates independently of the traditional banking system.

The goal is to provide blockchain-based dollar-denominated savings options for crypto investors, known as “Internet Bonds.”

The protocol's main synthetic asset, USDe, is designed to maintain a 1-to-1 peg with the US dollar by depositing Ethereum for a specified duration.

“Internet Bond” aims to leverage returns from staked Ethereum and profits from futures and perpetual market settlements to establish ‘on-chain’ crypto bonds as a dollar-denominated savings tool for users in permitted jurisdictions.

USDe is a key component of the Ethena Protocol. Its 1/1 peg against the US Dollar is fully backed by ETH, which users stake as collateral. Relying on ETH alone for collateral is not enough, therefore Ethena Labs implements delta hedging. This strategy involves taking a short position in ETH or ETH-related derivatives, which compensates for losses in ETH value, thereby maintaining USDe's peg.