Users deposit ETH or LSTs on Ethena and can mint a USDe synthetic stablecoin in return. USDe generates yield from the staked Ethereum as well as the funding & basis spread from perpetual and futures' markets. A portion of this yield is then distributed to USDe stakers (expense).

Ethena is a stablecoin issuer and asset management protocol built on Ethereum. Ethena was founded by Guy Young and launched in 2024.

ENA tokenholders own and govern the protocol. They currently take a cut of the total yield generated (revenue). Ethena's investors include Dragonfly, Franklin Templeton, Brevan Howard Digital, etc.

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Stablecoin issuers

Ethena

# Circulating market cap Methodology

## Overview

Circulating market cap measures the project’s valuation based on the number of tokens that are currently transferable and tradeable. It is calculated by multiplying the token price with the circulating supply.

Project valuation based on token price times circulating supply.

EthenaENA

Circulating market cap

Circulating market cap

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