Ethena (ENA)

The Ethena Protocol is led by Ethena Labs. The idea behind it is that crypto is too dependent on stablecoins, which in turn are dependent on the traditional banking structure. Therefore, Ethena introduces USDe, a crypto-based synthetic dollar that uses spot assets as collateral, on-chain storage, and centralized liquidity channels. This dollar is backed by assets outside the banking system and has access to centralized liquidity. USDe is not a stablecoin, but a synthetic dollar. This creates more scalability and stability and counteracts TradFi censorship. This would establish a more accessible financial system. USDe is fully supported by ETH, which is used as collateral. Delta hedging is used to make things delta-neutral to minimize risks. Ethena also introduces a solution in the form of The Internet Bond. Through The Internet Bond, you can invest with a high return, which you can start by buying USDe or staked ETH and then staking it. The governance token ENA is used to influence decisions made within the protocol.