About Ethena

Ethena is a decentralized protocol built on Ethereum that aims to create USDe, a crypto-native stablecoin. Differing from fiat-backed stablecoins like USDT and USDC, USDe is a synthetic dollar supported by cryptocurrency collateral and short futures. Ethena's goal is to offer a scalable, censorship-resistant, and globally accessible financial system within the crypto space. Key features include: USDe, which uses a delta-neutral strategy (staking ETH and shorting futures) to maintain price stability; decentralization via smart contracts and oracles (although some derivative positions are on centralized exchanges); and community governance through a DAO using the ENA token.