Ethena issues USDe, a crypto-collateralized “synthetic dollar” that targets stability via a delta-neutral hedge: long ETH/LST collateral (e.g., stETH) paired with a short perpetuals position. Users can stake USDe into sUSDe to earn protocol revenues, and stake ENA (→ sENA) for governance with a potential fee-share once activated.
Quick Facts
-
Assets: USDe (stable), sUSDe (yield-bearing), ENA (governance; stake → sENA).
-
Yield engine (sUSDe): Primarily from perp funding on the hedge + staking rewards on ETH/LST collateral; distributions flow to sUSDe holders. APY is variable.
-
Restaking tie-ins: Integrations exist with LRT platforms (e.g., deposit USDe on ether.fi to receive an LRT exposure). Availability and terms vary by partner.
-
Governance: ENA governs risk, reserves, and parameters; a fee-switch path has been discussed to share protocol revenue with sENA once/if enabled. Check current status.
How It Works
-
Get USDe (swap or mint via approved routes).
-
Stake to sUSDe to earn variable protocol revenue
-
(Optional) Stake ENA → sENA to join governance and track any fee-switch outcomes.
-
(Optional) Use integrations (liquidity pools, LRT/restaking partners) to compose strategies—mind partner-specific risks.
