Ethena Labs

We are excited to announce the planned launch of a new stablecoin, USDtb, which intends to invest its reserves in BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), tokenized by Securitize, the leader in the tokenization of real-world assets. USDtb will function identically to a traditional stablecoin and is expected to have its reserves invested in BUIDL, the token underlying Blackrock’s first-ever tokenized asset fund. Blackrock’s BUIDL fund invests in U.S. dollars, short-term U....

Generalized Restaking within the Ethena Ecosystem and Upcoming Ethena ChainToday marks an important step forward in more closely aligning the growth and use of USDe with $ENA. Ethena will begin to gradually introduce more functional utility for $ENA within the Ethena ecosystem, starting with the launch of a generalized staking capability for $ENA.Summary:i) Current use cases for $ENA within the Ethena ecosystem ii) Introduction of generalized restaking for $ENA and $USDe iii) Potential reward...

Recap:September 2nd marks the end of Season 2. Since the beginning of Season 2, USDe has grown from a supply of ~1.3b to just under 3.0b, and was the fastest USD-pegged asset to reach 3.0b in crypto history. During this period the Ethena protocol generated >$105m in revenue and distributed 54m USDe in rewards to the sUSDe staking contract for an average APR of ~15% despite challenging market conditions.Ethena’s USDe supply is now: >Nearly 2x larger than the entire tokenized treasury RWA marke...

On April 2nd, 5% of ENA’s total supply was allocated to the community after a 6 week campaign. As outlined in the original post upon launch of the Sats Campaign, the second season will reach its conclusion on the earlier of September 2nd, or when USDe supply hits $5bn. In the interest of transparency, and following community feedback requesting additional guidance, this blog post is intended to clarify that: i) a minimum of 15% of ENA’s supply, or 2.25bn ENA, has been allocated to overall Eth...

Lessons Learned on Domain Security ManagementTL;DROn 18th September 2024, we experienced a security incident where a malicious actor briefly gained access to our domain registrar account for ethena.fi. Despite the domain registrar account being secured with a username, a password managed through a secure password manager, and TOTP two-factor authentication, the attacker was able to change the admin email address without authorization, gain access to the account, and temporarily host a phishin...

In an effort to improve the transparency of the Ethena protocol’s backing assets beyond our current collateral and exchange breakdown provided on the dashboards, we are excited to share our third attestation reports from all integrated custodians, verifying the assets backing USDe reside off-exchange within institutional custodial solutions. Attestation reports will be released on a monthly basis to provide regular updates as to the amount and location of the assets backing the protocol. The ...

We are excited to share one of the most important developments for USDe adoption to date. As of this week, USDe will be integrated throughout Bybit, beyond the current USDe/USDT spot pair. Those new integrations include:USDe as a collateral asset to trade perpetual futures, allowing Bybit users to potentially earn a yield paid by Bybit on their USD-pegged collateral while trading any of your favorite tokens including BTC, ETH, SOL and ENA.BTC and ETH - USDe zero-fee spot pairsUSDe launch with...

We are excited to share that Ethena has partnered with EigenLayer and Ether.fi to introduce USDe as the first dollar-denominated token that can be used as security within its generalized shared security platform. To provision this utility, Ethena has chosen ether.fi as our restaking partner to grow the adoption of stable cryptoeconomic security. The integration is expected to go live next week. Expanding restaking collateral to include dollar-denominated underlying assets broadens the potenti...

In an effort to improve the transparency of the Ethena protocol’s backing assets beyond our current collateral and exchange breakdown provided on the dashboards, we are excited to share our fifth attestation reports from all integrated custodians, verifying the assets backing USDe reside off-exchange within institutional custodial solutions. Attestation reports will be released on a monthly basis to provide regular updates as to the amount and location of the assets backing the protocol. The ...

In an effort to improve the transparency of the Ethena protocol’s backing assets beyond our current collateral and exchange breakdown provided on the dashboards, we are excited to share our fourth attestation reports from all integrated custodians, verifying the assets backing USDe reside off-exchange within institutional custodial solutions. Attestation reports will be released on a monthly basis to provide regular updates as to the amount and location of the assets backing the protocol. The...

In an effort to improve the transparency of the Ethena protocol’s backing assets beyond our current collateral and exchange breakdown provided on the dashboards, we are excited to share our second attestation reports from all integrated custodians, verifying the assets backing USDe reside off-exchange within institutional custodial solutions. Attestation reports will be released on a monthly basis to provide regular updates as to the amount and location of the assets backing the protocol. The...

We are excited to share the next set of updates to the Sats Campaign.ENA 20-100% BoostBased on community feedback the $ENA liquidity lock has been simplified to further align incentives for longer term participants Users can now lock $ENA to receive a scaled sats boost up to 100% based on the amount of $ENA locked relative to USDe positions For example, if you hold $10,000 of USDe in any position in the ecosystem -$2,000 of ENA will provide a 20% boost -$5,000 of ENA will provide a 50% boost ...