EthenaENA

It follows the 9-step structure and verification criteria of the evaluation methodology provided by the user. Ethena is an Ethereum-based synthetic dollar protocol, defining USDe as a “crypto-native dollar that does not rely on traditional banking infrastructure” and designing sUSDe as a reward-accumulating dollar savings asset. The core of USDe is a structure that maintains delta neutrality by combining governance-approved spot assets such as BTC and ETH with corresponding futures and perpetual futures short positions, and has recently evolved to expand collateral revenue sources with liquid stables, RWAs, institutional loans, and multi-hedge venues.