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

Ethena

The protocol behind USDe, a synthetic dollar that maintains its peg through delta-neutral hedging.

Definition

The protocol behind USDe, a synthetic dollar that maintains its peg through delta-neutral hedging. Users deposit staked ETH and Ethena shorts an equivalent amount on perp exchanges, earning funding rates in the process. Its high yields attracted billions in deposits but raised concerns about centralization risk.

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Related Terms

Stablecoin

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

Perpetual Swap

A derivative contract similar to futures but with no expiration date.

Yield Farming

Strategically moving capital between DeFi protocols to maximize returns.

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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