#Ethena (ENA), founded in July 2023, represents a DeFi protocol offering USDe — a synthetic dollar backed by staking $ETH and delta hedging. It avoids traditional banking services and has quickly become the leading DeFi protocol with over $2 billion in offerings and high yields. Ethena expands Aave integration with the listing of USDtb, the market capitalization of the USDe supply has grown to ~$1 billion, and the E-mode has enabled a 90% LTV. The capital of sUSDe has increased to $1.5 billion with ~8% APY, and the PT yield has reached 10%+. New risk measures are aimed at further utilization of $AAVE .$ETH