113Views

Ethena Ecosystem

Public

Key metrics, charts and protocols for the Ethena ecosystem. Ethena is a synthetic stablecoin protocol building native internet money.

Ethena's Products

USDe: synthetic USD stablecoin on Ethereum, pegged 1:1 to the dollar via delta-neutral hedging with crypto derivatives, enabling crypto-native money free from traditional banking
sUSDe: Yield-bearing staked version of USDe, offering savers protocol rewards
USDtb: An RWA-backed stablecoin fully collateralized by tokenized US Treasuries (BlackRock funds), providing exposure for institutions
Converge: An institutional-grade Ethereum Layer 2 chain built with Securitize for secure tokenization and DeFi, using USDe & USDtb as gas and secured by Ethena's validator network

Protocols built within Ethena's ecosystem

The table below analyzes where Ethena's USDe, sUSDe, ENA & sENA tokens are living onchain and on CEXs.

Ethena vs Top Stablecoin Issuers

Fees & Revenue Analysis

Available yields on USDe, USDtb, ENA & sENA