Ethena Network

Ethena will continue its transition from being a single asset issuer into a platform for the best builders to leverage and enable onchain financial innovation.

Dollars remain the structural plumbing through which onchain capital flows, both for settlement and payments but also all core DeFi primitives like trading, lending, derivatives and leverage.

However, we are yet to see the full scope of new products that have not been built but are now possible with sUSDe.

As part of building this ecosystem upon sUSDe, sENA has been structured to accrue value in a similar token model to BNB where ecosystem applications have set aside material portions of their token supply to be airdropped to sENA holders.

The Ethena Network is an initiative to directly support new protocols innovating with Ethena sUSDe enabled applications while aligning ENA with the success of these new protocols.

Link to Ethena Network: https://network.ethena.fi/

New Applications:

Two applications have already been announced:

i) Ethereal:

A perpetual and spot exchange built on its own appchain running its entire orderbook with sUSDe and native rewards embedded, where Ethena will provide liquidity and hedging flows into the exchange.

Ethereal Socials

ii) Derive:

The largest onchain options and structured products protocol where sUSDe is a core collateral asset for the system

Derive Socials

Ethereal will be opening their testnet in February, while Derive launched their token in January 2025.

These are just the first examples of an entire DeFi ecosystem that will be built on sUSDe with more to follow in Q1 2025.

Specifications on the network will be released in Q1 alongside Ethereal mainnet.