Ethena is a synthetic dollar protocol on Ethereum that issues USDe — a delta-neutral, crypto-native stablecoin — alongside sUSDe (yield-bearing) and USDtb (RWA-backed).
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By holding $1 of ETH (Spot Long) and Shorting $1 of ETH (Perp Short), the net value of the portfolio stays at $1 regardless of market movements. This allows USDe to act as a stablecoin without needing fiat backing.
Live signals detected by Sentinel monitors across all five risk classes.
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Existing stablecoins are either centralised (USDC/USDT) with censorship risk, or decentralised but capital-inefficient (over-collateralised DAI) or algorithmically fragile.
USDe maintains a $1 peg via delta-neutral hedging of crypto collateral — no bank rails required, no over-collateralisation — while generating real yield from staking and funding rates.
First mover and category definer for crypto-native synthetic dollars at scale. USDe is the #3 stablecoin by DeFi market cap with $4.4B TVL and zero liquidity incentive emissions.
Ethena is a Stablecoin protocol operating on Ethereum, Mantle, Arbitrum, Base, Blast, TON. Ethena is a synthetic dollar protocol on Ethereum that issues USDe — a delta-neutral, crypto-native stablecoin — alongside sUSDe (yield-bearing) and USDtb (RWA-backed).
USDe maintains a $1 peg via delta-neutral hedging of crypto collateral — no bank rails required, no over-collateralisation — while generating real yield from staking and funding rates.
DeFi Sentinel rates Ethena AAA with a safety score of 91/100, indicating highest safety tier. The score reflects five risk dimensions: smart contract & technical risk, economic design & market risk, governance & centralization, sustainability & competitive position, and reputation & social trust. Ethena has 7 audits on record. DeFi Sentinel's analysis flagged 3 medium, 1 low risk alerts across Smart Contract & Technical Risk, Economic Design & Market Risk and Governance & Centralization. As with all DeFi protocols, residual risk remains and users should review the full risk breakdown before depositing.
Ethena has a DeFi Sentinel safety score of 91/100 (rating AAA), last updated May 4, 2026. The score is computed across smart contract & technical risk (30%), economic design & market risk (25%), governance & centralization (20%), sustainability & competitive position (15%), and reputation & social trust (10%).
Ethena is deployed on Ethereum, Mantle, Arbitrum, Base, Blast, TON.
Yes. Ethena has 7 audit reports on record from firms including Quantstamp, Spearbit, Code4rena. Audit reports and dates are linked under the Resources tab on this page.
