Momentum
Launched Apr 2, 2024 · 2 years 7 months ago
Ethena is the protocol behind USDe, a 'synthetic dollar' that aims to hold a stable value of around one dollar without relying on cash sitting in a bank. Instead of fiat reserves, it stays balanced using a delta-neutral strategy: it holds crypto collateral and simultaneously opens offsetting short positions, so price moves on one side cancel out the other. Users who hold the staked version (sUSDe) can earn a yield that Ethena markets as a kind of 'internet bond,' generated from staking rewards and funding rates in the derivatives market.
This design let Ethena grow extremely fast and become one of the most talked-about dollar alternatives in DeFi. The ENA token governs the protocol and its risk parameters. It is important to understand the risks: the yield depends on market funding rates that can turn negative, and the model relies on exchanges and custody arrangements, so USDe behaves differently from a fully fiat-backed stablecoin.
For newcomers, Ethena is best understood as an innovative but more complex, market-dependent take on a stable digital dollar.
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Counted on one of this token’s pools only, chosen by our data provider — usually its most active or most liquid. Trades on other pools and on centralised exchanges are not included, so this will not match a site that aggregates them.
New supply can still be created
The contract still has an owner
Selling is not blocked by the contract
The contract takes 0% of a sale
A renounced owner cannot reclaim control
Transfers cannot be frozen
The contract source is published
The contract takes 0% of a sale
The contract has no address blocklist
The contract takes 0% of a purchase
The contract enforces no wait between trades
Distinct buying wallets against distinct selling wallets: 49 to 51
The day's volume was 0.9 times the liquidity in the pool
2.2 buys per distinguishable buying wallet over 24 hours
The ten largest wallets hold 53.3% of the supply
The market-data provider reports no significant drop in liquidity
The provider does not report a bundled launch
Not collected — this figure exists only for tokens launched through an indexed launchpad
Not collected — this figure exists only for tokens launched through an indexed launchpad
Not collected — this figure exists only for tokens launched through an indexed launchpad
Not collected — this figure exists only for tokens launched through an indexed launchpad
Not collected — this figure exists only for tokens launched through an indexed launchpad
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Join the CollectiveDisclaimer: The information on this platform is for informational purposes only and does not constitute financial, investment, or trading advice. Always do your own research (DYOR) before making any investment decisions. Cryptocurrency investments carry significant risk of loss.
