$ENA Ethena is a synthetic protocol based on the dollar that operates on Ethereum, providing a native cryptocurrency solution for money that does not depend on the infrastructure of the traditional banking system, along with a dollar-denominated savings tool accessible globally: the "Internet Bond".

Ethena is developing a synthetic dollar protocol called USDe, which aims to represent a crypto-native alternative to traditional stablecoins. The protocol uses cryptocurrencies like ETH and BTC as collateral, combined with derivative positions to maintain stability. Unlike USDC or USDT that rely on traditional banking systems, USDe operates entirely within the cryptocurrency ecosystem, offering users potential rewards through staking. Since its launch in early 2024, USDe has gained significant popularity in the DeFi ecosystem, maintaining its peg and attracting considerable liquidity. The protocol's innovative approach combines traditional financial concepts with blockchain technology to create a more accessible and efficient stablecoin solution.