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 * 🌌Ethena Overview
 * Problem: Crypto-Native Money
 * Alternatives: Existing Stablecoins
 * Solution: The Internet Bond
 * Importance to the Space
 * Size of the Opportunity
 * Video Guides
   * How to Mint USDe
   * How to Redeem USDe
   * How to Stake USDe
 * Solution Overview
   * USDe Overview
      * Delta-Neutral Stability
      * Delta-Neutral Examples
      * Scalability
      * Censorship Resistance
   
   * Yield Explanation
      * Historical Examples
      * Yield Mechanism Explanation
   
   * Underlying Derivatives
      * Futures vs Perpetuals
      * Inverse vs Linear Contracts
      * Basis Spread
   
   * Peg Arbitrage Mechanism
   * Portfolio Scenario Analysis
   * Risks
      * Funding Risk
      * Liquidation Risk
      * Custodial Risk
      * Exchange Failure Risk
      * Collateral Risk
      * Chaos Labs Reports
 * Collateral Custody & Security
   * Overview
      * Off-Exchange Settlement in detail
      * Copper Clearloop Case Study
   
   * Real-Time Dashboards
   * ZKP Proven Positions
 * Solution Design
   * Overview
      * Github Overview
   
   * Key Trust Assumptions
      * Matrix of Multisig and Timelocks
   
   * Minting USDe
      * Order Validity Checks
      * Mint & Redeem Key Functions
      * User Security Measures
   
   * Staking USDe
      * Staking Key Functions
      * User Security Measures
   
   * Use of Oracles
   * Hedging System
      * Internal Services
      * Managing Risk from dependencies
   
   * Reserve Fund
   * DevOps Infrastructure
      * Measures to Promote Security
   
   * Key Addresses
   * Backing Asset Custody
 * API Documentation
   * Overview
 * Resources
   * FAQ
   * Data Repository
   * Reserve Fund Analysis
   * Audits
   * Media Assets
   * General Risk Disclosures
      * Financial Risk Disclosures
         * Funding Risk
         * Liquidation Risk
         * Custodial Risk
         * Exchange Failure Risk
         * Collateral Risk
   
   * Privacy Policy
   * Terms of Service
   * Testnet

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🌌ETHENA OVERVIEW

//Enabling the Internet Bond_

Ethena's USDe is not the same as a fiat stablecoin like USDC or USDT. USDe is a
synthetic dollar, backed with crypto assets and corresponding short futures
positions.

This means that the risks implicated by interacting with USDe are inherently
different.

Please refer to our extensive Risks section for more information.

OVERVIEW

Ethena is a synthetic dollar protocol built on Ethereum that provides a
crypto-native solution for money not reliant on traditional banking system
infrastructure, alongside a globally accessible dollar denominated instrument -
the 'Internet Bond'. Ethena's synthetic dollar, USDe, provides the
crypto-native, scalable solution for money achieved by delta-hedging Ethereum
and Bitcoin collateral. USDe is fully-backed (subject to the discussion in the
Risks section regarding events potentially resulting in loss of backing) and
free to compose throughout CeFi & DeFi.

USDe peg stability is supported through the use of delta hedging derivatives
positions against protocol-held collateral.

The 'Internet Bond' combines yield derived from staked assets (e.g., staked
Ethereum), to the extent used as backing assets, as well as the funding & basis
spread from perpetual and futures markets, to create the first onchain
crypto-native solution for money.

Website: https://ethena.fi/

Telegram: https://t.me/ethena_labs

Discord: https://discord.com/invite/HVfuYyNm8S

Twitter: https://twitter.com/ethena_labs

LinkedIn: https://www.linkedin.com/company/ethena-labs/



QUICK LINKS

Ethena FAQsEthena Labs on Notion
Ethena ChartbookEthena Labs on Notion
pageHow to Mint USDe
LAUNCH FEATURES

Users are currently able to:

   

 * Permissionless Acquire USDe. Access external AMM pools to acquire or dispose
   of USDe with assets such as USDT or USDC.

   
   

 * Direct Mint USDe. Deposit accepted backing assets and receive USDe, subject
   to clearing KYC/KYB checks exclusively for approved market making
   counterparties.

   
   

 * Direct Redeem USDe. Burn USDe & receive backing assets, subject to clearing
   KYC/KYB checks exclusively for approved market making counterparties.

   
   

 * Stake & Unstake USDe. Receive a share of protocol yield. Available
   exclusively for users in permitted jurisdictions.

   



Last updated 16 days ago

On this page
 * Overview
 * Quick Links
 * Launch Features