About Ethena
Ethena is a synthetic dollar protocol on Ethereum, and ENA is its governance token. Its main product is USDe, a crypto-backed synthetic dollar that holds its peg using collateral and hedging positions rather than bank deposits or cash reserves, and it also offers a savings version called sUSDe. ENA holders vote on protocol settings, including how USDe is backed and how revenue is used. Ethena Labs founded the project in 2023, and the ENA token launched in April 2024. As an ERC-20 token, ENA relies on Ethereum's proof of stake consensus. It has a fixed maximum supply of 15 billion, spread across ecosystem, foundation, investors, contributors, and an early-user airdrop.
Less than 10% of stablecoins are deposited in DeFi, Token Terminal finds
The low DeFi stablecoin deposits highlight untapped revenue potential for protocols and underscore Ethereum's dominance in the ecosystem.
Janus Henderson’s tokenized JAAA fund yields 5.37% onchain
The tokenization of traditional credit strategies like JAAA could revolutionize access to institutional-grade yields for crypto investors.
Ethena flags potential security incident involving Binance, says collateral sits off-exchange
Ethena's off-exchange collateral strategy highlights the importance of robust custody solutions to mitigate risks from exchange-related incidents.
Ethena says it has paid out over $800M in USDe ecosystem rewards
Ethena's shift from token incentives to revenue-based sustainability could redefine user engagement and stability in the DeFi ecosystem.
Pendle posts first TVL gain in a year as real-world assets take over
Pendle's shift towards real-world assets and strategic buybacks could redefine DeFi growth models, emphasizing sustainable value over incentives.
Ethena Pay launches Earn+ vault on Avalanche offering 12% rewards
Ethena Pay's Earn+ vault on Avalanche could drive mainstream adoption of synthetic dollars, but geographic and regulatory challenges remain.
A sourced map of Ethena's relationships is on the way.
Partners, competitors and related assets, each link independently verified and source-linked before it appears here.
The Crypto Briefing podcast is on the way.
Conversations on Ethena and the wider market, hosted by our team, will appear here once episodes are live.