Ethena Labs

Ethena is a synthetic dollar protocol built on Ethereum that provides a crypto-native solution for money not reliant on traditional banking system infrastructure, alongside a globally accessible dollar denominated rewards instrument - the Internet Bond. Ethenas synthetic dollar, USDe, provides the crypto-native, scalable solution for money achieved by delta-hedging Ethereum and Bitcoin collateral. USDe is fully-backed (subject to the discussion in the Risks section regarding events potentially resulting in loss of backing) and free to compose throughout CeFi & DeFi. USDe peg stability is supported through the use of delta hedging derivatives positions against protocol-held collateral, maintaining a relatively stable value with reference to the value spot crypto assets as well as futures positions. The Internet Bond combines revenue derived from staked assets (e.g., staked Ethereum), to the extent used as backing assets, as well as the funding & basis spread from perpetual and f...