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Ethena Labs is a company backed by DragonFly, Delphi Digital, and others, with advisory from Arthur Hayes, co-founder of BitMEX. Its team members come from Cerberus, AAVE, Blockdaemon, Kaiko, and other organizations. Ethena's primary goal is to provide derivatives infrastructure to transform Ethereum into the first crypto-native yield-bearing stablecoin not reliant on the banking system: USDe.
Ethena's main objective is to create a stable, decentralized, and scalable asset, USDe, whose returns are derived from economic activities in the Ethereum and futures markets. Additionally, Ethena aims to create internet bonds and repo financing to enhance DeFi yields and composability leverage.
Ethena plans to allow users to deposit USD, Ethereum, or liquid staking tokens as collateral to mint USDe. The collateral will be allocated to secure on-chain custodial wallets and will take corresponding short positions for delta-neutral collateralization. Furthermore, Ethena plans to create internet bonds and repo financing to boost DeFi yields and composability leverage.
