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  明明Sep 10, 2026, 01:02 PM

  Ethena's most distinctive feature is its synthetic dollar, USDe. While typical stablecoins like USDT and USDC maintain their value by being backed by fiat currency or similar assets, USDe uses a combination of crypto assets and derivatives to maintain its peg to the US dollar. Specifically, its design combines spot assets such as ETH or its liquid staking tokens with corresponding short positions. By pairing spot assets with short positions, it hedges against price volatility and achieves a delta-neutral state.

  明明:Ethena's most distinctive feature is its synthetic dollar, USDe. While typical stablecoins like USDT and USDC maintain their value by being backed by fiat currency or similar assets, USDe uses a combination of crypto assets and derivatives to maintain its peg to the US dollar. Specifically, its design combines spot assets such as ETH or its liquid staking tokens with corresponding short positions. By pairing spot assets with short positions, it hedges against price volatility and achieves a delta-neutral state.