Projects

Ethena - Logo

Ethena (ENA)

Stablecoin issuers

Price

~$0.8496

Live

ATH

$1.46

46d ago

ATL

$0.6731

10d ago

Chains

Ethereum - Logo

1 chain

7d price +18.2%

30d price -2.3%

90d price N/A

180d price N/A

Learn more

What is Ethena?

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

How does Ethena work?

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).

Who governs Ethena?

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.
ExpensesUSDe holders' share of the yield$50sUSDe holdersRevenueTotal yield and mint fees$100Provides PoS blockchains with security, market making on derivative platforms, and a synthetic stablecoinFeesTotal yield generated + USDe mint fees$100PoS blockchains, derivative platforms and USDe minters
The values in this graphic are examples and do not reflect actual values. Treat them as approximations.