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	0.1903USDT	0.74%	168,971,155.17ENA	170,370	0.1889USDT	0.1955USDT
2	ENA-USDT ENAUSDT	bybit	A	0.1903USDT	0.76%	115,684,791.80ENA	128,114	0.1888USDT	0.1957USDT
3	ENA-USDT ENA_USDT	whitebit	BB	0.1902USDT	0.74%	81,400,153.50ENA	20,066	0.1888USDT	0.1953USDT
4	ENA-USDT ENAUSDT_SPBL	bitget	BB	0.1902USDT	0.73%	55,829,207.07ENA	55,637	0.1889USDT	0.1955USDT
5	ENA-USDT ENA-USDT	okex	A	0.1903USDT	0.73%	34,202,893.97ENA	69,846	0.1889USDT	0.1956USDT
6	ENA-USDT ENA-USDT	kucoin	BB	0.1902USDT	0.69%	30,371,321.33ENA	15,464	0.1889USDT	0.1952USDT
7	ENA-USD ENA-USD	coinbase	AA	0.1900USD	0.70%	28,653,259.70ENA	23,427	0.1887USD	0.1966USD
8	ENA-USDT ENA_USDT	gateio	A	0.1902USDT	0.69%	28,586,058.00ENA	31,265	0.1889USDT	0.1953USDT
9	ENA-USDC ENAUSDC	binance	AA	0.1902USDC	0.79%	17,986,878.20ENA	19,347	0.1887USDC	0.1954USDC
10	ENA-TRY ENATRY	binance	AA	9.42TRY	0.80%	14,747,531.76ENA	16,401	9.34TRY	9.68TRY
11	ENA-USD ENAUSD	kraken	AA	0.1899USD	0.64%	10,943,317.56ENA	5,058	0.1887USD	0.1955USD
12	ENA-TRY ENA_TRY	whitebit	BB	9.40TRY	0.77%	10,387,079.93ENA	7,256	9.33TRY	9.61TRY
13	ENA-USDC ENA_USDC	whitebit	BB	0.1897USDC	0.58%	7,435,756.09ENA	5,062	0.1886USDC	0.1941USDC
14	ENA-EUR ENAEUR	kraken	AA	0.1692EUR	0.77%	4,270,009.42ENA	1,945	0.1679EUR	0.1734EUR
15	ENA-USD enausd	bitstamp	AA	0.1900USD	0.67%	2,428,654.01ENA	961	0.1887USD	0.1946USD
16	ENA-USDC ENA-USDC	okex	A	0.1901USDC	0.83%	2,325,490.62ENA	11,084	0.1885USDC	0.1951USDC
17	ENA-BTC ENA_BTC	whitebit	BB	0.0₅2290BTC	-0.87%	1,255,490.75ENA	1,051	0.0₅2310BTC	0.0₅2370BTC
18	ENA-FDUSD ENAFDUSD	binance	AA	0.1894FDUSD	0.16%	864,897.41ENA	809	0.1891FDUSD	0.1936FDUSD
19	ENA-EUR ENAEUR	bybit	A	0.1686EUR	0.36%	572,986.70ENA	1,320	0.1680EUR	0.1738EUR
20	ENA-USD ENA_USD	cryptodotcom	AA	0.1899USD	0.65%	475,378.00ENA	7,308	0.1887USD	0.1951USD
21	ENA-USDC ENAUSDC	bybit	A	0.1890USDC	0.17%	388,422.00ENA	1,167	0.1886USDC	0.1946USDC
22	ENA-USDC ENA_USDC	gateio	A	0.1898USDC	0.54%	264,731.15ENA	331	0.1887USDC	0.1931USDC
23	ENA-USDT ENA_USDT	cryptodotcom	AA	0.1893USDT	0.25%	154,284.70ENA	7,070	0.1888USDT	0.1951USDT
24	ENA-USD1 ENAUSD1	binance	AA	0.1903USD1	-0.26%	147,910.77ENA	101	0.1908USD1	0.1941USD1
25	ENA-USDC ENA-USDC	kucoin	BB	0.1889USDC	0.05%	131,668.40ENA	415	0.1888USDC	0.1930USDC
26	ENA-USD ENAUSD	bitfinex	BB	0.1892USD	0.29%	98,120.56ENA	729	0.1886USD	0.1944USD
27	ENA-EUR ENA-EUR	okex	A	0.1679EUR	0.07%	53,090.69ENA	134	0.1678EUR	0.1732EUR
28	ENA-TRY ENA-TRY	okex	A	9.36TRY	0.27%	47,059.38ENA	210	9.34TRY	9.65TRY
29	ENA-EUR enaeur	bitstamp	AA	0.1717EUR	3.96%	16,210.07ENA	11	0.1652EUR	0.1717EUR
30	ENA-USDT ENAUST	bitfinex	BB	0.1950USDT	0.96%	12,019.34ENA	43	0.1932USDT	0.2007USDT
31	ENA-U ENAU	binance	AA	0.1922U	1.59%	6,403.97ENA	21	0.1892U	0.1923U
32	ENA-USDC ENAUSDC	cexio	BB	0.1887USDC	0.00%	137.38ENA	1	0.1887USDC	0.1887USDC
33	ENA-USD ENAUSD	cexio	BB	0.1808USD	-3.49%	113.13ENA	1	0.1873USD	0.1873USD
34	ENA-USDT ENAUSDT	cexio	BB	0.1769USDT	-6.04%	113.13ENA	1	0.1882USDT	0.1882USDT
35	ENA-USDT ENAUSDT	mexc	C	0.1902USDT	0.69%	137,565,592.79ENA	94,444	0.1888USDT	0.1952USDT
36	ENA-USDT ENA_USDT	coinw	-	0.1901USDT	0.64%	51,757,907.15ENA	9,261	0.1889USDT	0.1949USDT
37	ENA-USDT ena_usdt	lbank	C	0.1903USDT	0.74%	45,038,449.65ENA	93,940	0.1889USDT	0.1947USDT
38	ENA-USDT ENAUSDT	toobit	C	0.1904USDT	0.79%	42,486,873.79ENA	18,112	0.1889USDT	0.1940USDT
39	ENA-KRW KRW-ENA	upbit	B	256.00KRW	0.39%	40,278,119.79ENA	7,614	255.00KRW	263.00KRW
40	ENA-USDT ena_usdt	xtpub	-	0.1901USDT	0.64%	33,632,888.30ENA	14,281	0.1889USDT	0.1935USDT
41	ENA-KRW ENA_KRW	bithumbkorea	-	256.00KRW	0.39%	32,623,797.06ENA	6,100	255.00KRW	263.00KRW
42	ENA-USDT ENAUSDT	bitrue	D	0.1904USDT	0.74%	26,194,491.81ENA	91,408	0.1890USDT	0.1937USDT
43	ENA-USDT sENAUSDT	phemex	C	0.1904USDT	0.95%	13,863,930.25ENA	7,239	0.1886USDT	0.1939USDT
44	ENA-USDT ENA-USDT	bingx	D	0.1900USDT	0.53%	10,003,523.61ENA	107,273	0.1890USDT	0.1939USDT
45	ENA-USDT ENA_USDT	bitunix	C	0.1901USDT	0.64%	9,211,571.04ENA	32,237	0.1889USDT	0.1939USDT
46	ENA-USDT ENA_USDT	bydfi	-	0.1902USDT	0.69%	7,684,432.09ENA	15,010	0.1889USDT	0.1935USDT
47	ENA-KRW ENA_KRW	coinone	C	255.00KRW	-0.12%	6,342,286.10ENA	3,666	255.30KRW	263.30KRW
48	ENA-EUR ENA-EUR	bitvavo	B	0.1692EUR	-0.54%	4,788,990.28ENA	2,469	0.1702EUR	0.1738EUR
49	ENA-EUR ENAEUR	bit2me	B	0.1686EUR	0.42%	3,932,998.75ENA	1,859	0.1679EUR	0.1731EUR
50	ENA-USDC UENAUSDC	hyperliquid	-	0.1902USDC	0.74%	3,352,508.30ENA	6,941	0.1888USDC	0.1936USDC