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Ethena's Play for Perps

The most scrutinized protocol of 2024 is now a DeFi powerhouse, with USDe positioned to be prime trading collateral.
Ethena's Play for Perps
David Christopher David Christopher
Sep 30, 2025 • 6 min read
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The most critically scrutinized protocol of last year has been hard at work, evolving from an experiment into a DeFi behemoth with a surprisingly clear vision for the future.

While most stablecoin projects chase a single strategy, Ethena is executing on two fronts simultaneously: creating the perfect collateral for crypto traders with USDe, while hedging its bets with the regulatory-compliant USDtb. It's a dual-path approach that's proving remarkably effective.

Consider some of what Ethena has accomplished so far this year:

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David Christopher

Written by David Christopher

653 Articles • View all      

David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.

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