Ethena
Synthetic dollar protocol offering yield through delta-neutral strategies
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About Ethena
Ethena is a decentralized protocol operating the largest synthetic dollar USDe, which has grown to the third-largest stablecoin with over $10.5B market cap. Unlike traditional stablecoins backed by fiat, USDe generates yield through delta-neutral hedging strategies in perpetual futures markets and ETH staking, with sUSDe offering yield accrual and USDtb providing TradFi exposure.
Platform Details
Quick Info
- Founded
- 2023
- HQ
- George Town, Cayman Islands
- Team
- 11-50
- Regulated
- No
- Pricing
- revenue share
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Last updated: 2/20/2026
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