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  1. Home
  2. /Glossary
  3. /Ethena
Back to Glossary
defi

Ethena

A DeFi protocol that creates USDe, a synthetic dollar backed by staked ETH and a corresponding short futures position.

Definition

A DeFi protocol that creates USDe, a synthetic dollar backed by staked ETH and a corresponding short futures position. This delta-neutral strategy earns yield from staking rewards and positive funding rates. Ethena grew to billions in TVL in 2024 and popularized the 'synthetic dollar' concept.

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Related Terms

Stablecoin

A cryptocurrency designed to maintain a stable value, usually pegged to the US dollar.

Funding Rate

A periodic payment between long and short traders in perpetual futures markets that keeps the contract price close to spot price.

Staking

Locking up tokens to help secure a proof-of-stake network and earn rewards.

1inch

A DEX aggregator that splits trades across multiple decentralized exchanges to find the best overall price.

Aave

One of the biggest lending and borrowing protocols in DeFi.

Across Protocol

A cross-chain bridge that uses an optimistic verification system and a network of relayers to move tokens between chains quickly.

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