Explore my portfolio. Follow to see how I invest! Ethena is a synthetic dollar protocol built on Ethereum that will provide crypto-native solutions for money that does not rely on the infrastructure of traditional banking systems, 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 hedge. USDe will be fully transparently backed on-chain and free to be composed across DeFi.

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