Ethena is a synthetic dollar protocol based on Ethereum that will provide a crypto-native solution for money that is not dependent on traditional banking system infrastructure, as well as a globally accessible dollar-denominated savings vehicle known as the 'Internet Bond'. Ethena's synthetic dollar, USDe, will be the first censorship-resistant, scalable, and stable crypto-native money solution created using delta-hedging staked Ethereum collateral. USDe will be clearly backed onchain and free to compose throughout DeFi.
Ethena has raised $14 million in investment, with investors including Binance, Dragonfly, and Wintermute. They do not have their own token, only their own stablecoin USDe. They have introduced a points system in the form of shards. Users who mint, offer liquidity, or stake USDe will win shards. Earn extra shards with each referral. Users that accumulate shards may receive an airdrop if they intend to create their own governance token.
https://app.ethena.fi/join