Ethena, a startup based in Portugal, has embarked on an innovative journey within the realm of algorithmic stablecoins, spearheading the development of a new Ethereum-based stablecoin named USDe. The project, which has attracted significant attention and funding, raised $6 million in a seed funding round led by Dragonfly, with notable participation from Arthur Hayes and several crypto derivatives exchanges like Deribit, Bybit, OKX, Gemini, and Huobi. This initiative marks a significant leap forward in Ethena's quest to redefine the landscape of digital currencies and savings .
The Ethena Protocol and its USDe synthetic dollar aim to revolutionize the DeFi space by leveraging Ethereum to create a yield-bearing synthetic dollar. Distinct from traditional stablecoins, USDe positions itself as a synthetic dollar, promoting scalability, stability, and resilience against traditional finance (TradFi) censorship. Ethena's approach is grounded in a blend of innovative technology and financial instruments, including the Internet Bond, which aims to democratize investment opportunities and savings by yielding returns from both the derivatives market and staked Ethereum.
Ethena's stablecoin project distinguishes itself by learning from the pitfalls of previous projects like Terra and devising a robust method to maintain USDe's peg to the US dollar. The strategy involves using user-provided collateral and hedging price exposure through shorting Ethereum perpetual swaps, ensuring a balance between gains and losses from both assets. In addition to the stablecoin, Ethena is also developing a digitally native internet savings bond denominated in USD, which generates yield by combining staked ETH and swap margins, thereby offering investors an opportunity to earn passive income .
Ethena(ENA)的代幣經濟模型和項目細節如下:
Ethena(ENA)的總供應量為150億,初始流通供應量為14.25億。具體的分配和解鎖比例如下:
核心貢獻者:ENA分配的這一部分(30%)代表了分配給Ethena Labs團隊和顧問的份額,這些人參與了協議的開發並將USDe推向市場。所有核心貢獻者的代幣在第一年結束時按25%的比例首次解鎖,之後的三年內將以線性的方式逐月解鎖。在第一年結束之前,任何核心貢獻者的代幣都不會解鎖。
投資者:投資者分配代表了通過支持Ethena協議的開發而獲得的代幣權利,這是為了同時啟動協議和儲備基金以支持Ethena的啟動。所有投資者的代幣在第一年結束時按25%的比例首次解鎖,之後的三年內將以線性的方式逐月解鎖。在第一年結束之前,任何投資者的代幣都不會解鎖。
基金會:基金會分配的資金將用於進一步的倡議,旨在擴大USDe的覆蓋範圍,減少加密貨幣對傳統銀行系統和法定貨幣支持的中心化穩定幣的依賴。這些ENA將用於資助更多的開發、風險評估、審計等等。
生態系統發展和空投:ENA的30%被分配用於發展Ethena生態系統。首先,5%的ENA將作為碎片活動第一季的一部分,空投給Ethena的用戶。剩餘的分配將用於各種Ethena倡議,包括即將到來的激勵活動第二季,以及各種跨鏈倡議、交易所合作夥伴關係等等,這些都將由一個由DAO控制的多重簽名錢包持有。
Ethena, a startup based in Portugal, has embarked on an innovative journey within the realm of algorithmic stablecoins, spearheading the development of a new Ethereum-based stablecoin named USDe. The project, which has attracted significant attention and funding, raised $6 million in a seed funding round led by Dragonfly, with notable participation from Arthur Hayes and several crypto derivatives exchanges like Deribit, Bybit, OKX, Gemini, and Huobi. This initiative marks a significant leap forward in Ethena's quest to redefine the landscape of digital currencies and savings .
The Ethena Protocol and its USDe synthetic dollar aim to revolutionize the DeFi space by leveraging Ethereum to create a yield-bearing synthetic dollar. Distinct from traditional stablecoins, USDe positions itself as a synthetic dollar, promoting scalability, stability, and resilience against traditional finance (TradFi) censorship. Ethena's approach is grounded in a blend of innovative technology and financial instruments, including the Internet Bond, which aims to democratize investment opportunities and savings by yielding returns from both the derivatives market and staked Ethereum.
Ethena's stablecoin project distinguishes itself by learning from the pitfalls of previous projects like Terra and devising a robust method to maintain USDe's peg to the US dollar. The strategy involves using user-provided collateral and hedging price exposure through shorting Ethereum perpetual swaps, ensuring a balance between gains and losses from both assets. In addition to the stablecoin, Ethena is also developing a digitally native internet savings bond denominated in USD, which generates yield by combining staked ETH and swap margins, thereby offering investors an opportunity to earn passive income .