$ENA Ethena is a synthetic dollar protocol built on Ethereum that will provide a crypto-native solution for money that does not rely on traditional banking system infrastructure, alongside globally accessible dollar-denominated savings instruments - 'Internet Bond'.

Ethereum synthetic dollar, USDe, will provide the first crypto-native solution that is censorship-resistant, scalable, and stable for money earned through Ethereum collateral that is staked with delta hedging. USDe will be fully transparently supported on-chain and free to be composed across DeFi.

The stability of USDe's peg is ensured through the use of delta hedging derivative positions against the collateral held by the protocol. 'Internet Bond' will combine the yields earned from staked Ethereum as well as the funding spread & basis from the perpetual and futures markets, to create the first on-chain crypto-native 'bond' that can serve as a dollar-denominated savings instrument for users in permitted jurisdictions.