Ethena

Ethena is a decentralized finance application built primarily on Ethereum and deployed across several other networks including Arbitrum, Optimism, Avalanche, Solana, and Metis. Its core product is USDe, a synthetic dollar designed to maintain a stable value without relying on traditional bank reserves. It is aimed at users who want dollar-denominated exposure within decentralized finance while avoiding dependence on centrally held cash collateral.

Ethena generates USDe by combining crypto collateral with offsetting short derivatives positions, a structure intended to keep the synthetic dollar close to parity regardless of underlying asset price swings. ENA is the protocol's governance token, giving holders influence over protocol decisions. The token exists across multiple blockchain ecosystems, with Ethereum serving as the primary settlement layer; there is no proprietary consensus algorithm, as Ethena relies on the host chains it is deployed on.

Fees are generated by the yield-bearing strategies that back USDe — primarily funding rates earned on derivatives positions. Over the trailing 30 days the protocol recorded 15,234,352.27 in total fees, of which the supply side (USDe holders and stakers) received 15,205,722.02, leaving the protocol itself with 28,630.25 in revenue over that same period. The take rate for the trailing 30 days is 0.19%, meaning Ethena retains a very small share of what it collects. Annualizing the 30-day fee figure produces 185,351,285.95, which when set against the current market capitalization of 1,420,989,160.00 yields a fee-yield ratio of roughly 13.04%.