GitHub
Project Overview
Ethena is a crypto protocol built on Ethereum that offers a synthetic dollar called USDe, designed to function as a crypto-native alternative to traditional banking infrastructure. The stability of USDe is maintained through a delta-hedging strategy using Ethereum and Bitcoin collateral, alongside derivatives positions, which helps maintain its peg to the US dollar. The protocol is fully backed (with noted risks regarding potential loss of backing) and can be integrated into both centralized and decentralized finance systems.
A key feature of Ethena is its "Internet Bond" product, which generates revenue through a combination of staked assets (such as staked Ethereum) and funding from perpetual and futures markets. The protocol currently offers several core functions, including permissionless trading of USDe through AMM pools, direct minting and redemption for approved market makers who pass KYC/KYB checks, and staking opportunities for users in permitted jurisdictions to earn protocol revenue as rewards.
Tutorial
Ethena Platform Tutorial
Initial Setup
- Access Ethena app and connect Ethereum wallet
- Visit Season 2 airdrop claim page for sENA tokens if eligible
- Note that Season 3 airdrop campaign runs until March 2025
USDe Operations
- Prepare stablecoins (USDT, USDC, DAI, or FRAX from Binance)
- Click "Buy" to swap stablecoins for USDe
- Navigate to "Stake" section and stake USDe
Provide liquidity to available pools and lock ENA tokens to receive a sats boost. These actions earn points in the form of sats.
Solana Integration
- Connect Solana wallet to Sats page
- Delegate Ethereum wallet for Sats rewards
- Earn 5x Sats for sUSDe collateral
- Earn 20x Sats for USDe collateral on Kamino
- Earn 30x Sats daily for USDe/sUSDe-PYUSD liquidity on Orca
Users can earn 10% of sats from referrals. sENA serves as liquid receipt token for locked ENA positions.