What is Ethena? A Comprehensive Guide to the Synthetic Dollar Protocol
April 28, 2025

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Ethena Labs has launched a decentralized finance protocol centered around USDe, a synthetic, delta-neutral stablecoin, and the ENA governance token, aiming to create a scalable, censorship-resistant digital dollar alternative. Through innovative strategies like delta hedging and yield generation, alongside ecosystem expansions like the Internet Bond and integrations with platforms like Telegram, Ethena is positioning itself as a major force in the evolving DeFi landscape.