# Ethena

> Digital Dollars for the Internet Economy

Ethena is a DeFi protocol enabling the creation of USDe, a synthetic dollar, and offering internet-native yield through staking.

Ethena is a decentralized finance protocol that allows users to mint USDe, a synthetic dollar, using liquid staking tokens as collateral. The platform also offers staking of USDe to earn yield in the form of sUSDe. Ethena aims to provide a stable, high-yield asset for the crypto ecosystem, combining the stability of a dollar-pegged token with the benefits of decentralized finance.

- Type: Protocol
- Sector: Payments
- Status: Active
- Founded: 2023-03-01
- Profile: https://thegrid.id/profiles/Ethena

## Products

- [Ethena Protocol](https://thegrid.id/profiles/Ethena): Ethena Protocol is a synthetic dollar system built on Ethereum that issues USDe through delta-hedging strategies using crypto assets and derivatives positions. The protocol maintains price stability by combining spot asset collateral with corresponding short futures positions while distributing yield to stakers through protocol revenue. (Stablecoin Issuer, Live, Main Product)
- [Converge](https://thegrid.id/profiles/Ethena): Converge is a blockchain settlement layer for traditional finance and digital dollars, enabling tokenized asset issuance and institutional-grade financial applications. The platform features sub-second block times through Arbitrum Orbit architecture and uses USDe and other digital dollar assets as native gas tokens. (L1, In Development)

## Assets

- [USDe (USDe)](https://thegrid.id/profiles/Ethena): USDe is a synthetic dollar stablecoin issued by Ethena Protocol. It is used as collateral in DeFi applications and for earning yield through staking. The protocol maintains the dollar peg by holding spot crypto assets as collateral while taking offsetting short positions in derivatives markets, creating a market-neutral position that allows USDe to capture funding rate yields without directional price exposure. (Stablecoin)
- [USDtb (USDtb)](https://thegrid.id/profiles/Ethena): USDtb is a USD-pegged stablecoin issued by Ethena Labs. It is used for payments, collateral in DeFi protocols, and margin trading on centralized exchanges, with over 90% of its reserves held in BlackRock's BUIDL tokenized treasury fund and the remainder in stablecoins or tokenized U.S. Treasury products. It serves as a reserve asset for Ethena's synthetic stablecoin USDe, allowing the protocol to reallocate backing during periods of negative funding rates to reduce risk exposure. (Stablecoin)
- [Ethena (ENA)](https://thegrid.id/profiles/Ethena): ENA is the governance token of the Ethena protocol. It is used to vote on protocol decisions including risk management frameworks, collateral policies, and committee elections. Holders can stake ENA to receive sENA, which accrues value through ecosystem airdrops and protocol revenue sharing, aligning long-term participants with the growth of USDe, a synthetic dollar maintained through delta-neutral hedging of crypto collateral against derivatives positions. (Governance)
- [Staked USDe (sUSDe)](https://thegrid.id/profiles/Ethena): sUSDe is a liquid staking token representing staked USDe in the Ethena protocol. It is used to earn protocol revenue from funding rates on derivatives positions and staking rewards from backing assets. The token's value increases over time relative to USDe as rewards accumulate within the staking contract, allowing holders to maintain liquidity and composability in DeFi while accruing yield. (Liquid Staking Tokens (LSTs))

## Links

- [Main](https://ethena.fi)
- [Documentation](https://ethena-labs.gitbook.io)
- [Governance](https://gov.ethenafoundation.com)
- [Blog](https://mirror.xyz/0xF99d0E4E3435cc9C9868D1C6274DfaB3e2721341)
- [Media Kit/branding](https://www.figma.com/design/AdCHQOZ2xVf4KjWLtjMpLe/USDtb-Media-Assets?node-id=0-1&p=f&t=EMnF9YT89C6QMALE-0)
- [Terms of Service](https://docs.ethena.fi/resources/terms-of-service)
- [Privacy policy](https://docs.ethena.fi/resources/privacy-policy)
- [GitHub](https://github.com/ethena-labs)
- [Telegram](https://t.me/ethena_labs)
- [Discord](https://discord.gg/ethena)
- [Twitter / X](https://x.com/ethena)

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