Select Liquidity Lock your USDe or USDe-USDC LP token to earn the 30x SATS boost.
Fundamentals
Synthetic Dollar (USDe): Ethena Labs offers a synthetic dollar (USDe) on the Ethereum blockchain. USDe is backed by crypto assets (like BTC and ETH) and short futures positions, providing a decentralized alternative to traditional stablecoins.
Delta Hedging Mechanism: Ethena employs a sophisticated delta hedging strategy to maintain the value of USDe. This involves taking short positions in perpetual futures to offset the volatility of the underlying collateral, ensuring the stability of USDe.
Yield Generation: Ethena generates yield through two main sources:
Staked Assets: Collateral assets such as staked ETH provide a yield.
Perpetual Futures Funding Rates and Basis Trades: These financial instruments provide additional yield by leveraging the differences in spot and futures prices
Insurance Fund: Ethena has an insurance fund designed to cover potential losses from negative funding rates and other risks. This fund is supported by protocol revenue and is used to protect users' assets in adverse conditions.
Scalability: USDe is backed at a 1:1 ratio thanks to a delta-neutral strategy, where short BTC & ETH futures positions offset any changes in value to the underlying collateral.
Censorship Resistance: Ethena utilizes "Off-Exchange Settlement" (OES) providers to hold backing assets. This enables Ethena to delegate/undelegate collateral to centralized exchanges without being exposed to exchange-specific idiosyncratic risk.
Transparency and Security: Ethena emphasizes transparency and security through real-time dashboards, audited smart contracts, and use of trusted custodial partners. This ensures that users have visibility into the protocol's operations and confidence in the security of their assets.
KYC/AML Compliance: All addresses will need to be whitelisted by the Ethena Protocol after satisfying KYC/AML checks.
Potential Rewards
Ethena Labs engages with a community of developers, investors, and users to foster growth and collaboration in the DeFi space.
Their mission is to democratize finance by providing decentralized and accessible financial products.
Sats campaign initiative:
Rewards users for staking, providing liquidity, and referring new users.
Aims to grow the ecosystem and increase user participation.
Focus on creating new financial instruments and tools within the DeFi ecosystem.
Season 2 details:
20% Boost for Season 1 USDe positions if no action is taken or added.
20x Sats per day compared to 10x Shards for most positions.
Campaign runs until September 2 or until USDe supply hits $5B.
Investors
DragonFly Capital
Delphi Digital
Binance Labs
OKX Ventures
Audit
Zellic
Quantstamp
Spearbit
Pashov
Chaos Labs
Hybrid Strategy
Stake ENA on to earn a 30x SATS boost.
Deposit USDe to earn a 1.5x KARAK and 20x SATS boost.
Deposit sUSDe to earn a 1.5x KARAK and 5x SATS boost.
Deposit USDe/sUSDe to earn a 20x boost.
Select YT, LP or PT USDe based on your preference to earn 20x SATS.
Lock your USDe token to earn 20x the SATS boost.
Provide liquidity on the USDe-USDC pool to earn a 30x SATS boost.
Features
Ethena's primary product, USDe, is a synthetic dollar backed by crypto assets and hedged through perpetual futures. This design aims to provide stability and transparency, offering an alternative to traditional stablecoins.
Ethena offers multiple ways for users to earn yield. Users can stake their USDe to receive sUSDe, which accumulates yield over time from sources like staked ETH and futures trading. Alternatively, users can provide liquidity in various DeFi protocols to earn rewards.
Ethena Labs offer innovative solutions such as synthetic assets, lending platforms, and decentralized exchanges.
Ethena Labs leverages blockchain technology to provide transparent, secure, and efficient financial services.
Non-Financial Advice
Research: Explore project's documentation, audits, and community.
Understand risks: DeFi has vulnerabilities, market volatility, and token fluctuation.
Invest wisely: Only invest what you can afford to lose.
Beware of scams: Don't trust unsolicited outreach or guaranteed returns.
*ANZALI only provides suggestions and not financial advice. Use all of the information above at your own risk.
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Table of Contents
Introduction
Tasks
Fundamentals
Potential Rewards
Hybrid Strategy
Features
Non-Financial Advice
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