Ethena USDe/USDE#31 1

What Is Ethena (USDe)?

Ethena (USDe) is a synthetic US dollar built on the Ethereum blockchain that aims to create a crypto-native alternative to traditional stablecoins and savings instruments. It functions through delta-neutral hedging strategies using perpetual futures to maintain its dollar peg while being backed by ETH derivatives and stablecoins. Ethena’s ecosystem includes USDe for stable payments and sUSDe, a yield-bearing staking variant dubbed the “Internet Bond.” Founded by Guy Young and launched in 2023, Ethena seeks to provide a scalable, censorship-resistant, and globally accessible digital dollar.

Key Features of Ethena

• Synthetic Dollar (USDe): A stable digital currency maintained through delta-hedging with perpetual futures.
• Collateral Diversity: Accepts ETH-based tokens and stablecoins like USDT and USDC as backing.
• Internet Bond (sUSDe): A reward-bearing token earned by staking USDe.
• Decentralized Protocol: Built on Ethereum, composable across DeFi and CeFi.
• Shard & Sats Campaigns: Community-driven growth programs that incentivize participation.
• Security & Stability: Backed by on-chain derivatives strategies and bolstered by an insurance fund.

How Does Ethena Work?

Ethena uses delta-neutral strategies, primarily involving 1x short positions in perpetual futures, to hedge against the volatility of its crypto-collateral. For example, if a user deposits stETH to mint USDe, the protocol simultaneously opens an opposing futures position to offset ETH price fluctuations. Liquid stablecoins like USDC and USDT improve hedging efficiency and serve as a fallback in bear markets. Stakers of USDe receive sUSDe, which appreciates through protocol revenue and maintains at least a 0% yield.

What Is the ENA Token?

ENA is the governance token of the Ethena ecosystem, launched on April 2, 2024. It allows holders to vote on protocol upgrades, risk parameters, and other governance decisions. ENA also plays a role in upcoming integrations and incentive programs, such as the Sats Campaign.

Tokenomics of ENA

• Token Name: Ethena Governance Token (ENA)
• Launch Date: April 2, 2024
• Use Cases: Governance, incentive alignment, future protocol utility
• Campaigns: Shard (concluded April 1, 2024), Sats (runs through Sept. 2, 2024 or 5B USDe supply)

Where to Buy USDe or ENA?

USDe and ENA are available on major centralized exchanges such as Binance, Bybit, Bitget, KuCoin, Gate.io, HTX, Coinbase, MEXC, LBank, BingX, and Uniswap (DEX). Users can also mint USDe directly using reserve assets on Ethena's platform (subject to approval).

Wallets That Support USDe & ENA

Here’s a categorized list of wallets that support USDe and ENA:

Hardware Wallets: Ledger, BitBox02, D'CENT, NGRAVE

Browser & Extension Wallets: MetaMask, Coinbase Wallet, Portis, WalletConnect, Fortmatic, Ambire Wallet, Binance Wallet, Coin98, Wirex Wallet, XDEFI Wallet, FoxWallet, Magic Wallet, Omni Wallet, OneKey Wallet, ONTO Wallet, Rise Wallet, Robinhood Wallet, Uniswap Wallet, ZenGo Wallet, Guarda Wallet, Brave Wallet

Mobile Wallets: Trust Wallet, imToken, TokenPocket, iToken Wallet, Assure Wallet, SafePal, BRD Wallet, Coinhub, OKX Wallet, SimpleHold Wallet, Halo Wallet, Bitcoin Wallet, Gem Wallet, Moonlet Wallet, Argent Wallet, blo Wallet, Blocto Wallet, Conio Wallet, FxWallet, ABC Wallet, ComingChat Wallet, Cwallet, Cypher Wallet, Nabox Wallet

These wallets vary in features and compatibility—users should choose based on their security needs, user interface preference, and supported networks.