Ethena USDe protocol
Overview
Ethena USDe is a synthetic dollar protocol on Ethereum that issues a stablecoin (USDe) backed by staked ETH and offset by short ETH perpetual futures positions to maintain delta neutrality. It is used as a tradable stable asset within DeFi and as a basis trading instrument.
Within the DeFi Intel graph, Ethena USDe connects to 6 tracked entities, most strongly to Ethereum, ENA, Spearbit.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 6 of 6 total).
| Relation | Connected entity | Confidence |
|---|---|---|
deployed_on | Ethereum | 95% |
supports_token | ENA | 95% |
audited_by | Spearbit | 90% |
audited_by | Zellic | 85% |
audited_by | Pashov Audit Group | 85% |
audited_by | Cantina | 80% |
In-depth guides on Ethena USDe
Frequently asked questions
What is Ethena USDe?
Ethena USDe is a synthetic dollar stablecoin created by the Ethena protocol, which maintains its peg through delta-neutral hedging using staked ETH and short ETH futures.
How does USDe maintain its peg?
USDe is fully collateralized by staked ETH and an equal short position in ETH perpetual futures, ensuring the combined position is delta-neutral and the stablecoin's value tracks $1.
What is the role of the ENA token?
ENA is the governance and utility token of the Ethena protocol, used for protocol governance, fee distribution, and as part of the risk management framework.
What is Ethena USDe connected to?
In the DeFi Intel knowledge graph, Ethena USDe is linked to 6 other tracked entities, most strongly to Ethereum, ENA, Spearbit.
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