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.

Network Members:

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.

Strata

Strata is a perpetual risk tranching protocol that offers structured products on USDe — Ethena’s synthetic dollar backed by delta-neutral positions on blue-chip crypto assets. Strata enables investors to tailor their risk-return preferences while earning crypto-native returns from carry and basis trades through two risk tranches: Senior and Junior.

The protocol introduces two liquid and composable tokens built on Ethena’s reward-bearing asset, sUSDe: Strata USDe (stUSDe) and Strata Junior Liquidity Pool (stJLP).

Terminal

Terminal Finance is a spot decentralized exchange built for trading institutional assets and reward-bearing dollars, while enabling protocols and institutions to establish liquidity onchain.

Echelon

Echelon is a universal lending market connecting liquidity and supercharging yields on Move.

Derive

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