ENA — Ethena

**Ethena Labs** is a decentralized protocol developed on the Ethereum blockchain. Its purpose is to offer a crypto-based alternative to traditional banking systems. Founded by Guy Young, the protocol introduces a globally accessible and permissionless savings instrument known as the 'Internet Bond,' (USDe) denominated in dollars. Overview Ethena is a DeFi startup that offers derivative infrastructure to transform Ethereum into the first crypto-native yield-bearing synthetic dollar, independent of traditional banking systems. Ethena's product suite includes a delta-neutral synthetic dollar, USDe featuring embedded yield, globally accessible floating and fixed-rate USD-denominated bonds, and capital-efficient and composable leverage. Users can deposit USD, Ethereum, or liquid staking tokens as collateral to create USDe. This marks the first decentralized, scalable, and stable asset, deriving returns from the economic activity of Ethereum and futures markets. To ensure security, transparency, and programmability, Ethena distributes collateral to a diverse set of on-chain MPC (Multi-Party Computation) custodial contracts, eliminating the reliance on centralized servers for custody and mitigating counterparty risk. USDe generates embedded yield for users through staked Ethereum returns and by capturing the basis in ETH perpetual funding rates. 2025 Roadmap Ethena's 2025 roadmap focuses on integrating its synthetic dollar product into traditional finance (TradFi). The primary initiative for the first quarter is the launch of iUSDe, an extension of sUSDe, incorporating a wrapper contract with transfer restrictions at the token level. Ethena plans to collaborate with TradFi distribution partners to expand access to iUSDe. Targeted users include asset managers, private credit funds, exchange-traded products, private investment trusts, and prime brokers. The roadmap highlights the potential for yield-bearing synthetic dollars to attract interest from the $190 tri