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)的代币经济模型和项目细节如下:
Ethena(ENA)的总供应量为150亿,初始流通供应量为14.25亿。具体的分配和解锁比例如下:
核心贡献者:ENA分配的这一部分(30%)代表了分配给Ethena Labs团队和顾问的份额,这些人参与了协议的开发并将USDe推向市场。所有核心贡献者的代币在第一年结束时按25%的比例首次解锁,之后的三年内将以线性的方式逐月解锁。在第一年结束之前,任何核心贡献者的代币都不会解锁。
投资者:投资者分配代表了通过支持Ethena协议的开发而获得的代币权利,这是为了同时启动协议和储备基金以支持Ethena的启动。所有投资者的代币在第一年结束时按25%的比例首次解锁,之后的三年内将以线性的方式逐月解锁。在第一年结束之前,任何投资者的代币都不会解锁。
基金会:基金会分配的资金将用于进一步的倡议,旨在扩大USDe的覆盖范围,减少加密货币对传统银行系统和法定货币支持的中心化稳定币的依赖。这些ENA将用于资助更多的开发、风险评估、审计等等。
生态系统发展和空投:ENA的30%被分配用于发展Ethena生态系统。首先,5%的ENA将作为碎片活动第一季的一部分,空投给Ethena的用户。剩余的分配将用于各种Ethena倡议,包括即将到来的激励活动第二季,以及各种跨链倡议、交易所合作伙伴关系等等,这些都将由一个由DAO控制的多重签名钱包持有。
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 .