#CFTCCryptoSprint 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 censorship-resistant, scalable, and stable crypto-native solution for money earned through staked Ethereum collateral with delta hedging. USDe will be fully supported transparently on-chain and free to be composed across DeFi.

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