Ethena

Ethena

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Ethena is building a delta-hedged stablecoin, USDe, and Internet Bond.

About Ethena

Ethena creates its synthetic dollar stablecoin, USDe, by going long staked ETH and shorting an equivalent amout through perps on centralized exchange venues.

During positive funding rate environments, Ethena can offer high yields to stakers through staking and short positions. However, prolonged negative funding rates could lead to negative interest for its holders.

Because Ethena's delta-neutral model enabled it to adopt a bare minimum 100% collateralization ratio, the Protocol enjoys much higher capital efficiency than competitive overcollateralized projects.


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