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Ethena Ecosystem

Public

By kenny jetski

Key metrics, charts and protocols for the Ethena ecosystem. Ethena is a synthetic stablecoin protocol building native internet money.

  • ethena
  • stablecoin
  • usde
  • strata
  • ethereal
  • ena

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Ethena's Products

  • USDe: synthetic USD stablecoin on Ethereum, pegged 1:1 to the dollar via delta-neutral hedging with crypto derivatives, enabling crypto-native money free from traditional banking
  • sUSDe: Yield-bearing staked version of USDe, offering savers protocol rewards
  • USDtb: An RWA-backed stablecoin fully collateralized by tokenized US Treasuries (BlackRock funds), providing exposure for institutions
  • Converge: An institutional-grade Ethereum Layer 2 chain built with Securitize for secure tokenization and DeFi, using USDe & USDtb as gas and secured by Ethena's validator network

Ethena Ecosystem

Protocols built within Ethena's ecosystem

Token Usage

The table below analyzes where Ethena's USDe, sUSDe, ENA & sENA tokens are living onchain and on CEXs.

Competitive Analysis

Ethena vs Top Stablecoin Issuers

Top Protocols on Ethereum

Fees & Revenue Analysis

Yield Opportunities

Available yields on USDe, USDtb, ENA & sENA