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.

github

twitter

website

etherscan

Stablecoin issuers

Ethena

# P/F ratio (circulating) Methodology

## Overview

P/F ratio (circulating) measures the circulating market cap relative to annualized fees. It shows how highly the project is valued relative to the activity users are willing to pay for, regardless of whether the project monetizes.

${market_cap_circulating} / (rolling_avg(${fees}, 30) * 365)

Circulating market cap relative to annualized fees.

EthenaENA

P/F ratio (circulating)

P/F ratio (circulating)

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