Ethena

Ethena Labs: How USDe Works and What Makes It Different From Other Stablecoins Paid Members Public

DeFi has no shortage of stablecoins, but most fall into familiar categories: fiat-backed (USDC, USDT) with dollars in a bank, or crypto-collateralized (DAI) with overcollateralized on-chain loans. Ethena takes a different approach entirely, building a synthetic dollar backed not by bank deposits or traditional overcollateralization, but by a delta-hedged crypto