Ethena protocol
Overview
Ethena is a DeFi protocol that issues a synthetic dollar stablecoin called USDe. The stablecoin is backed by staked Ethereum and hedged against price volatility using short positions in ETH perpetual futures. Ethena aims to create a censorship-resistant, scalable stablecoin without relying on traditional banking infrastructure.
Within the DeFi Intel graph, Ethena connects to 44 tracked entities, most strongly to Aave, Pendle, Ethena USDe.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 5 of 44 total).
| Relation | Connected entity | Confidence |
|---|---|---|
partnered_with | Aave | 95% |
partnered_with | Pendle | 95% |
issues | Ethena USDe | 95% |
issues | Staked USDe | 95% |
launched | Converge | 95% |
More on Ethena
- Ethena Review 2026 — USDe Synthetic Dollar, Delta-Neutral Yields, and Converge L1
- Is Ethena Safe in 2026? Audits, Hacks, Risk Score
- Ethena Alternatives: 8 Protocols Compared
In-depth guides on Ethena
Frequently asked questions
How is USDe backed?
By crypto assets held alongside corresponding short futures positions, a delta-hedged structure rather than fiat reserves.
What is sUSDe?
Ethena's savings asset, which distributes the protocol revenue generated by its backing strategies.
Where does Ethena's yield come from?
Funding and basis on crypto derivatives, non-crypto derivatives, DeFi and institutional lending, tokenised real-world assets and stablecoin holdings.
Related reading
- Ethena vs Frax Finance (2026): Full Comparison
- Ethena vs Liquity (2026): Full Comparison
- Ethena vs MakerDAO (2026): Full Comparison
Sources
Facts on this page were verified against the following sources.