Built on Converge Network•ETHENA + SECURITIZE•Powered by
$ARB
and $TIA
•Secured by staked $ENA ($sENA)
Ethena is a synthetic dollar protocol built on Ethereum, designed to provide a crypto-native solution for money not reliant on traditional banking infrastructure.
Key Features:
- •Delta-neutral synthetic dollar (USDe)
- •Staked USDe (sUSDe) for yield generation
- •Treasury-backed USDtb for institutional use
- •Multi-chain expansion via LayerZero OFT
Protocol Stats
Ethena Protocol
Peak TVL
$6B
January 2025
Annual Revenue
$17M
USD annually
Growth has slowed after peaking at $6B TVL in January 2025
Legal Structure
Ethena (BVI) Limited
Main entity based in the British Virgin Islands
German Ethena GmbH
Closing down - redeemable via KYC/AML only until August 2025