> For the complete documentation index, see [llms.txt](https://docs.ethena.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ethena.fi/overview/genesis-story.md).

# Genesis Story

In March 2023 Arthur Hayes published his piece ["Dust on Crust"](https://blog.bitmex.com/dust-on-crust/) which outlined his vision for the largest opportunity in crypto - creating a synthetic dollar using crypto collateral and derivatives.\
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The most important financial instrument on Earth to save and preserve wealth is simply a reward-bearing dollar. It sounds simple, but the demand for this product is several orders of magnitude larger than the entire crypto market combined, including Bitcoin.\
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Ethena was built to provide this product and in doing so, force the convergence of capital and interest rates across DeFi, CeFi and TradFi via USDe.


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