What is Ethena?
Ethena is a synthetic dollar protocol providing a native yield via delta-hedging Bitcoin, Ethereum and Solana spot assets. It allows users to earn with USDe (which is Ethena's synthetic dollar) and liquid stables like USDC and USDT.
Ethena keep USDe stable by using delta hedging derivatives positions, perpetual and deliverable futures contracts. Liquid stables serve as an additional safety cushion in bear markets when funding rates are suboptimal, and increase general revenue of the protocol.
