Ethena is a synthetic U.S. dollar protocol based on Ethereum that will provide a crypto-native solution for currencies that do not rely on traditional banking system infrastructure, as well as a globally accessible U.S. dollar-denominated savings instrument - "Internet Bonds" ".

Ethereum’s synthetic USD, USDe, will provide the first censorship-resistant, scalable and stable crypto-native solution for currency implementation with delta-hedged Ethereum collateral. USDe will be fully transparently supported on-chain and freely written throughout DeFi.

The stability of the U.S. dollar peg to the U.S. dollar is ensured by hedging the collateral held by the protocol using delta hedging derivatives positions, as well as employing minting and redemption arbitrage mechanisms.