Ethena is a protocol that operates on the Ethereum blockchain and offers a crypto-based alternative to traditional banking infrastructure for handling money. Additionally, it provides a globally accessible savings instrument called the "Internet Bond," denominated in dollars.
Ethena uses a collateralized approach to issue USDe, where stETH is held as collateral at a 1:1 ratio. They also hold short positions on ETH which is a hedge to protect the collateral. When the market goes long, Ethena profits from the funding rate on their short position, which is the reward for holding options that short the market. They then pass on the yield from the funding rate and the native yield from the steth to usde holders in the form of yield.
ENA has a total supply of 15,000,000,000. The current circulating supply of ENA is 1,425,000,000.
Consider investing in Ethena (ENA)? It only takes 2 minutes to create an account on Bitget and start trading ENA.
Check out the available ENA trading pairs on Bitget!
Spot market
Buy Ethena in Mozambique with Bitget