Ethena
ENA
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Ethena Info
IndividualsEthena Intro
Ethena is an innovative startup based in Portugal, aiming to pioneer new developments in the realm of algorithmic stablecoins. Its core product, USDe, is an Ethereum-based synthetic dollar that offers enhanced scalability, stability, and resistance to censorship, setting it apart from traditional stablecoins. USDe is more than just a stablecoin; it’s a yield-bearing synthetic asset that leverages innovative mechanisms to maintain its peg to the US dollar while generating returns.
The issuance of USDe is backed by user-provided collateral, with price exposure hedged through shorting Ethereum perpetual swaps, ensuring the stablecoin maintains its 1:1 peg to the US dollar even in volatile market conditions. Learning from the failures of previous projects like Terra, Ethena has designed a robust risk management framework to avoid common pitfalls of algorithmic stablecoins, creating a more resilient system.
In addition to USDe, Ethena is also developing an innovative financial product known as the Internet Savings Bond, which is denominated in USD. This bond combines staked Ethereum (stETH) with derivative market yields, providing investors with a secure way to earn passive income. By lowering the barriers to entry, Ethena enables everyday users to participate in the digital asset economy and enjoy returns generated from these cutting-edge financial tools.
Ethena's mission extends beyond simply developing a stablecoin; it aims to redefine the use of digital currencies and savings mechanisms by blending technological innovation with new financial instruments, driving the adoption and growth of decentralized finance (DeFi) on a global scale.
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Q&A about Ethena Tokenomics
Explore the tokenomics of Ethena(ENA) and review the project details below.
What is the allocation & supply schedule for Ethena(ENA)?
The total supply of ENA is 15 billion and the initial circulating supply is 1.425 billion.
The specific distribution and unlocking ratios are as follows:
Core Contributors：This portion of the ENA allocation (30%) represents the distribution to the Ethena Labs team and advisors who have worked on the protocol to bring USDe to market. All core contributors are locked on a 1 year 25% cliff, with 3 year linear monthly vesting thereafter. No core contributor tokens are unlocked prior to the 1yr cliff.
Investors：The investor allocation represents token rights obtained by investors backing the Ethena protocol’s development, to bootstrap both the protocol and the Reserve Fund to support Ethena’s launch. All investors are locked on a 1 year 25% cliff, with 3 year linear monthly vesting thereafter. No investor tokens are unlocked prior to the 1yr cliff.
Foundation：The Foundation allocation will be used to further initiatives that serve to widen the reach of USDe, reducing crypto’s reliance on traditional banking rails and fiat-backed centralized stablecoins. This ENA will be used to fund further development, risk assessments, audits and much more.
Ecosystem Development and Airdrops：30% of ENA is allocated to developing the Ethena ecosystem. The first 5% represents the portion of ENA airdropped to Ethena users as part of the first season of the Shard Campaign. The remainder of the allocation will be used for various Ethena initiatives, including the upcoming second season of the incentive campaign, as well as various cross chain initiatives, exchange partnerships and much more, which will be held by a DAO controlled multisig.
Ethena Token Allocation
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Ethena is an innovative startup based in Portugal, aiming to pioneer new developments in the realm of algorithmic stablecoins. Its core product, USDe, is an Ethereum-based synthetic dollar that offers enhanced scalability, stability, and resistance to censorship, setting it apart from traditional stablecoins. USDe is more than just a stablecoin; it’s a yield-bearing synthetic asset that leverages innovative mechanisms to maintain its peg to the US dollar while generating returns.
The issuance of USDe is backed by user-provided collateral, with price exposure hedged through shorting Ethereum perpetual swaps, ensuring the stablecoin maintains its 1:1 peg to the US dollar even in volatile market conditions. Learning from the failures of previous projects like Terra, Ethena has designed a robust risk management framework to avoid common pitfalls of algorithmic stablecoins, creating a more resilient system.
In addition to USDe, Ethena is also developing an innovative financial product known as the Internet Savings Bond, which is denominated in USD. This bond combines staked Ethereum (stETH) with derivative market yields, providing investors with a secure way to earn passive income. By lowering the barriers to entry, Ethena enables everyday users to participate in the digital asset economy and enjoy returns generated from these cutting-edge financial tools.
Ethena's mission extends beyond simply developing a stablecoin; it aims to redefine the use of digital currencies and savings mechanisms by blending technological innovation with new financial instruments, driving the adoption and growth of decentralized finance (DeFi) on a global scale.