# PREMIUM: Ethena - A Crypto-Native Digital Dollar | Arthur Hayes & Guy Young

*Author: David Hoffman*
*Published: Apr 16, 2024*
*Source: https://www.bankless.com/de/premium-ethena-a-crypto-native-digital-dollar*

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Today on the show, Guy Young, founder of Ethena, and Arthur Hayes, inceptor of the Ethena Idea walk us through the Ethena Protocol and the USDe Synthetic Dollar.

Because Ethena does not use dollars in a bank, USDe is an entirely crypto-native product. It uses crypto collateral, crypto’s centralized exchanges and perp venues.

This is an entirely new design construction of a stablecoin, but is it a better approach? That’s exactly what this episode seeks to answer. 

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## TIMESTAMPS
0:00 Intro

5:32 Ethena’s Success

6:49 Defining Synthesized Dollar

17:42 What’s Different about USDe

21:39 USDe and the Stablecoin Trilemma

27:18 The Ethena Engine

35:49 Ethena’s Impact on Funding Markets

49:26 USDe Demand Side

58:37 Ethena’s Roadmap

1:03:55 Economical Consequences

1:14:14 Closing & Disclaimers

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## RESOURCES
Guy Young

[https://twitter.com/leptokurtic](https://twitter.com/leptokurtic)

Arthur Hayes

[https://twitter.com/CryptoHayes](https://twitter.com/CryptoHayes)

Ethena App

[https://app.ethena.fi/join](https://app.ethena.fi/join)

Ethena on X

[https://twitter.com/ethena_labs](https://twitter.com/ethena_labs)

Crypto Hayes Substack

[https://cryptohayes.substack.com/](https://cryptohayes.substack.com/)