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Back to DeFi Protocols
Ethena
CDP / Stablecoin$ENATVL: $3B+

Ethena

About Ethena

Ethena Labs creates USDe — a synthetic dollar backed by delta-neutral positions (staked ETH + short ETH perpetual futures). USDe earns yield from both staking rewards and positive funding rates on derivatives. This 'Internet Bond' concept offers significantly higher yields than traditional stablecoin models, though with different risk profiles.

Supported Networks

Ethereum

Key Features

  • USDe synthetic dollar
  • Delta-neutral hedging strategy
  • sUSDe yield-bearing token
  • Yield from staking + funding rates
  • Custodian diversification
  • Insurance fund
  • Cross-protocol composability

Risks

  • Funding rate risk (negative rates erode yield)
  • Custodial risk (centralised exchanges for hedging)
  • Smart contract risk
  • De-peg risk in extreme markets
  • Regulatory uncertainty
  • Centralised exchange counterparty risk

Community & Socials

WebsiteTwitter / XDiscordTelegramGitHub

More CDP / Stablecoin Protocols

Liquity

Liquity

CDP / Stablecoin · TVL: $500M+

Liquity is a decentralised borrowing protocol that issues LUSD stablecoin against ETH collateral with a one-time borrowing fee (no ongoing interest). Operating at a minimum 110% collateral ratio with a novel liquidation mechanism, Liquity is fully immutable — no governance, no admin keys. Liquity V2 introduces user-set interest rates and multi-collateral support.

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Ethena ($ENA)BlockchainsCrypto CategoriesCrypto Exchanges