Question 1

What is the Ethena Project?

Accepted Answer

Ethena is a decentralised finance (DeFi) protocol aimed at creating a scalable, censorship-resistant financial system through synthetic assets. The project addresses critical issues with existing stablecoins, such as their reliance on traditional banking infrastructure and their inherent centralisation, by introducing **USDe**, a crypto-native synthetic dollar, and **sUSDe**, the world's first "Internet Bond." These innovations enable global access to decentralised, dollar-denominated financial instruments, while fostering a more resilient cryptocurrency ecosystem.

Question 2

Ethena's Core Innovations:

Accepted Answer

- **Synthetic Dollar (USDe):** USDe is a delta-neutral synthetic dollar backed by cryptocurrency assets (e.g., Ethereum and Bitcoin) and stabilised through short futures positions. This approach ensures stability while eliminating reliance on centralised custodians or the banking system. The peg to the US dollar is maintained through derivatives trading, with all assets stored transparently on-chain in secure custody solutions.
- **Internet Bond (sUSDe):** sUSDe combines staking rewards from backing assets, such as staked Ethereum, with funding and basis spreads from perpetual futures markets. This financial instrument offers users yield generation opportunities, acting as a decentralised alternative to traditional fixed-income products like US Treasury bonds. It also serves as a reserve asset within the broader cryptocurrency ecosystem.
- **Scalability through Derivatives:** Ethena utilises liquid derivatives markets to ensure scalability and capital efficiency, allowing USDe to maintain a 1:1 collateralisation ratio without over-leveraging. This contrasts with traditional stablecoins, which face limitations due to reliance on centralised banking systems or fragile algorithmic mechanisms.
- **Censorship Resistance:** By avoiding ties to traditional banking systems and maintaining decentralised on-chain custody, Ethena offers users a censorship-resistant financial alternative, addressing risks of regulatory intervention and centralised control.

Question 3

What is Ethena (ENA)?

Accepted Answer

Ethena’s native governance token, **ENA**, underpins the protocol's decision-making and operational framework. ENA holders participate in governance by voting on critical aspects such as risk management, protocol upgrades, and ecosystem expansion. The token is central to ensuring decentralised governance while incentivising user participation and long-term alignment with the project's growth.

Question 4

Tokenomics and Distribution:

Accepted Answer

The ENA token has a capped supply, with allocations distributed among core contributors, investors, the foundation, and ecosystem initiatives. Vesting schedules ensure responsible distribution and long-term commitment to the project's sustainability:

- **Core Contributors (30%)**: Distributed to the Ethena Labs team with a one-year cliff and three-year linear vesting.  
- **Investors (20%)**: Locked with a one-year cliff and three-year vesting to support initial development.  
- **Foundation (20%)**: Used to fund audits, development, and ecosystem expansion.  
- **Ecosystem Development (30%)**: Incentivises user participation through airdrops, campaigns, and partnerships.

Question 5

What is Ethena (ENA) used for?

Accepted Answer

ENA has multiple use cases that align with Ethena's mission to decentralise financial systems:

- **Governance:** ENA holders can vote on critical governance proposals, including protocol upgrades, risk committee appointments, and treasury management. Decision-making is delegated to expert committees, ensuring professional oversight of the protocol's operations.
- **Staking Rewards (sENA):** Staked ENA (sENA) allows users to earn rewards, fostering long-term participation in the ecosystem. Rewards are derived from unclaimed airdrops, transaction fees, and contributions from Ethena’s decentralised applications, such as Ethereal (a decentralised perpetual exchange).
- **Restaking for Economic Security:** ENA can be restaked in partnership with Symbiotic to secure cross-chain transfers of USDe via the LayerZero messaging system. This enhances the protocol’s resilience and strengthens its infrastructure.
- **DeFi Composability:** ENA and sENA are fully composable within DeFi applications, enabling integration with lending platforms, decentralised exchanges, and yield farming protocols.

Question 6

Who created Ethena (ENA)?

Accepted Answer

Ethena was developed by **Ethena Labs**, founded by **Guy Young**, who serves as the project’s CEO. With nearly a decade of experience in traditional finance, including roles at investment banks, hedge funds, and private equity firms such as Cerberus Capital Management, Young brings extensive expertise in financial systems and innovative markets. His vision for Ethena is to establish a self-sufficient financial ecosystem, reducing dependence on traditional banking infrastructure while addressing critical gaps in the cryptocurrency space.

Ethena Labs is supported by a distinguished risk committee comprising industry leaders such as **Gauntlet**, **Block Analitica**, **Steakhouse**, **LlamaRisk**, and others. This committee plays a key role in ensuring the robustness and scalability of the protocol.

The project has also garnered support from notable figures in the cryptocurrency sector, including the founders of **Synthetix**, **Aave**, **Curve**, and **Frax**. Furthermore, prominent investor **Arthur Hayes**, co-founder of BitMEX, has shown active interest in the project, solidifying its credibility within the ecosystem.

Ethena’s roadmap reflects its commitment to advancing decentralised finance infrastructure, with initiatives such as Ethereal (a decentralised perpetual exchange) and the development of cross-chain integrations to expand its use case and accessibility globally.

#	Instrument	Exchange	Benchmark Score	Price	24h Change	24h Volume	24h Trades	24h Open	24h High
1	ENA-USDT ENAUSDT	binance	AA	0.1620USDT	7.78%	266,210,948.36ENA	195,308	0.1503USDT	0.1655USDT
2	ENA-USDT ENAUSDT	bybit	A	0.1619USDT	7.76%	233,130,536.10ENA	138,051	0.1503USDT	0.1654USDT
3	ENA-USDT ENA-USDT	kucoin	BB	0.1620USDT	7.78%	53,550,141.08ENA	25,905	0.1503USDT	0.1654USDT
4	ENA-USDT ENA_USDT	gateio	A	0.1619USDT	7.71%	51,931,441.00ENA	40,109	0.1503USDT	0.1653USDT
5	ENA-USDT ENA-USDT	okex	A	0.1619USDT	7.76%	40,161,220.87ENA	64,796	0.1503USDT	0.1654USDT
6	ENA-USDC ENAUSDC	binance	AA	0.1618USDC	7.79%	32,092,098.79ENA	25,603	0.1502USDC	0.1653USDC
7	ENA-TRY ENATRY	binance	AA	7.86TRY	7.43%	31,348,594.59ENA	27,776	7.32TRY	8.04TRY
8	ENA-USD ENA-USD	coinbase	AA	0.1618USD	7.77%	27,955,132.60ENA	25,378	0.1502USD	0.1652USD
9	ENA-USDT ENA_USDT	whitebit	BB	0.1620USDT	7.64%	26,525,378.85ENA	9,564	0.1505USDT	0.1653USDT
10	ENA-USD ENAUSD	kraken	AA	0.1618USD	7.86%	21,023,134.59ENA	6,543	0.1501USD	0.1653USD
11	ENA-USDT ENAUSDT_SPBL	bitget	BB	0.1619USDT	7.76%	16,043,070.49ENA	27,935	0.1502USDT	0.1654USDT
12	ENA-USD enausd	bitstamp	AA	0.1617USD	7.85%	12,360,638.25ENA	4,112	0.1499USD	0.1651USD
13	ENA-USDC ENA_USDC	whitebit	BB	0.1618USDC	8.08%	10,979,011.00ENA	11,501	0.1498USDC	0.1655USDC
14	ENA-TRY ENA_TRY	whitebit	BB	7.85TRY	7.52%	5,438,539.73ENA	8,848	7.30TRY	8.06TRY
15	ENA-EUR ENAEUR	kraken	AA	0.1409EUR	7.55%	4,534,660.94ENA	2,377	0.1311EUR	0.1439EUR
16	ENA-USDC ENA-USDC	okex	A	0.1618USDC	7.81%	3,734,251.55ENA	13,768	0.1501USDC	0.1653USDC
17	ENA-FDUSD ENAFDUSD	binance	AA	0.1622FDUSD	7.70%	3,253,599.12ENA	4,415	0.1506FDUSD	0.1655FDUSD
18	ENA-BTC ENA_BTC	whitebit	BB	0.0₅2080BTC	6.12%	1,500,347.87ENA	1,628	0.0₅1959BTC	0.0₅2140BTC
19	ENA-USD ENA_USD	cryptodotcom	AA	0.1621USD	7.50%	692,756.10ENA	3,711	0.1508USD	0.1650USD
20	ENA-EUR ENAEUR	bybit	A	0.1411EUR	7.82%	585,237.80ENA	1,529	0.1308EUR	0.1448EUR
21	ENA-USDC ENAUSDC	bybit	A	0.1622USDC	7.69%	470,443.60ENA	864	0.1506USDC	0.1646USDC
22	ENA-USDC ENA_USDC	gateio	A	0.1621USDC	7.86%	302,078.65ENA	358	0.1502USDC	0.1651USDC
23	ENA-TRY ENA-TRY	okex	A	7.85TRY	7.54%	277,154.85ENA	473	7.30TRY	8.00TRY
24	ENA-USDT ENA_USDT	cryptodotcom	AA	0.1619USDT	7.48%	138,812.40ENA	901	0.1506USDT	0.1651USDT
25	ENA-EUR ENA-EUR	okex	A	0.1408EUR	6.86%	110,565.70ENA	674	0.1318EUR	0.1436EUR
26	ENA-USD ENA-USD	okex	A	0.1630USD	8.47%	98,321.53ENA	277	0.1503USD	0.1651USD
27	ENA-USDC ENA-USDC	kucoin	BB	0.1624USDC	7.76%	71,484.79ENA	340	0.1507USDC	0.1647USDC
28	ENA-U ENAU	binance	AA	0.1631U	7.30%	34,757.30ENA	48	0.1520U	0.1647U
29	ENA-USD ENAUSD	bitfinex	BB	0.1619USD	7.53%	24,946.17ENA	1,196	0.1506USD	0.1649USD
30	ENA-EUR enaeur	bitstamp	AA	0.1410EUR	9.48%	19,089.14ENA	4	0.1288EUR	0.1410EUR
31	ENA-USDT ENAUST	bitfinex	BB	0.1623USDT	4.69%	569.42ENA	22	0.1550USDT	0.1623USDT
32	ENA-USDC ENAUSDC	cexio	BB	0.1514USDC	3.95%	196.65ENA	1	0.1456USDC	0.1514USDC
33	ENA-USD ENAUSD	cexio	BB	0.1543USD	1.72%	179.17ENA	3	0.1517USD	0.1543USD
34	ENA-USDT ENAUSDT	cexio	BB	0.1549USDT	2.48%	132.80ENA	3	0.1512USDT	0.1549USDT
35	ENA-USDT ENAUSDT	mexc	C	0.1619USDT	7.78%	216,431,936.73ENA	82,165	0.1502USDT	0.1654USDT
36	ENA-USDT ena_usdt	xtpub	-	0.1620USDT	7.86%	105,435,789.59ENA	28,239	0.1502USDT	0.1653USDT
37	ENA-USDT ENA_USDT	coinw	-	0.1620USDT	7.78%	85,049,286.25ENA	9,224	0.1503USDT	0.1653USDT
38	ENA-USDT ENAUSDT	toobit	C	0.1618USDT	7.65%	67,294,370.34ENA	17,610	0.1504USDT	0.1654USDT
39	ENA-KRW KRW-ENA	upbit	B	223.00KRW	7.21%	66,693,703.83ENA	9,130	208.00KRW	228.00KRW
40	ENA-USDT ena_usdt	lbank	C	0.1620USDT	7.78%	46,492,829.08ENA	88,189	0.1503USDT	0.1654USDT
41	ENA-USDT ENAUSDT	bitrue	D	0.1620USDT	7.86%	41,498,012.94ENA	112,072	0.1502USDT	0.1655USDT
42	ENA-KRW ENA_KRW	bithumbkorea	-	223.00KRW	7.73%	33,669,677.25ENA	6,457	207.00KRW	228.00KRW
43	ENA-USDT sENAUSDT	phemex	C	0.1617USDT	7.37%	19,541,035.30ENA	7,605	0.1506USDT	0.1657USDT
44	ENA-USDT ENA-USDT	bingx	D	0.1618USDT	7.72%	14,857,742.12ENA	121,392	0.1503USDT	0.1655USDT
45	ENA-USDT ENA_USDT	bydfi	-	0.1620USDT	7.78%	10,954,612.92ENA	14,606	0.1503USDT	0.1654USDT
46	ENA-USDT ENA_USDT	bitunix	C	0.1620USDT	7.86%	9,448,120.20ENA	26,684	0.1502USDT	0.1653USDT
47	ENA-TRY ENATRY	btcturk	E	7.82TRY	7.08%	8,683,528.70ENA	2,255	7.30TRY	8.00TRY
48	ENA-USDT ENAUSDT	btcturk	E	0.1625USDT	8.19%	7,710,126.10ENA	1,127	0.1502USDT	0.1651USDT
49	ENA-EUR ENA-EUR	bitvavo	B	0.1410EUR	7.60%	7,731,496.77ENA	2,372	0.1311EUR	0.1436EUR
50	ENA-USDC UENAUSDC	hyperliquid	-	0.1615USDC	7.24%	7,279,810.80ENA	2,705	0.1506USDC	0.1654USDC