$ENA
Ethena (ENA) is a synthetic dollar protocol built on the Ethereum blockchain. It provides a crypto-native solution for money that aims to be independent of the traditional banking system.
Here's a breakdown of what that means:
* Synthetic Dollar (USDe): Ethena's core product is its synthetic dollar, USDe. Unlike traditional stablecoins like USDT or USDC that are backed by fiat currencies in a bank, USDe is backed by crypto assets and a "delta-hedging" strategy. This means it uses short futures positions to offset the volatility of the underlying crypto assets, helping USDe maintain its peg to the US dollar.
* Internet Bond: Ethena also offers what it calls the "Internet Bond," a globally accessible dollar-denominated savings instrument. Users can earn a yield on their USDe holdings by staking them.
