Ethena is a synthetic dollar protocol built on Ethereum that will provide a crypto-native solution for money not reliant on traditional banking system infrastructure, alongside a globally accessible dollar denominated savings instrument - the 'Internet Bond'.

Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-based alternative to traditional banking. It includes the USDe synthetic dollar and the ‘Internet Bond’ savings instrument. USDe is stable, censorship-resistant, and backed by Ethereum collateral. The protocol uses delta hedging for stability. The ‘Internet Bond’ combines yield from Ethereum staking with funding from markets, acting as a dollar savings option for users in certain jurisdictions. This on-chain solution is transparent, scalable, and free to use across DeFi platforms.

Ethena Labs initiated a strategic airdrop, distributing 750 million ENA tokens to early adopters, constituting 5% of the total token supply. This bold move aimed to reward loyal supporters while rapidly increasing ENA’s market capitalization. As a result, Ethena quickly rose to become the fifth-largest stablecoin issuer by market capitalization, reaching a significant milestone in its journey.