Ethena
AuditedVerifiedTrendingEthena 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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The Problem
Existing stablecoins are either centralised (USDC/USDT) with censorship risk, or decentralised but capital-inefficient (over-collateralised DAI) or algorithmically fragile.
The Solution
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.
Why it Matters
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.
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Frequently asked questions about Ethena
What is Ethena?+
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).
How does Ethena work?+
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.
Is Ethena safe?+
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 4 medium 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.
What is the safety score of Ethena?+
Ethena has a DeFi Sentinel safety score of 91/100 (rating AAA), last updated September 16, 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%).
Which chains does Ethena support?+
Ethena is deployed on Ethereum, Mantle, Arbitrum, Base, Blast, TON.
Has Ethena been audited?+
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.