A lot of crypto projects have come up with ways to help users delve away from traditional banking. Protocols like Ethena have come up as crypto native solutions for money in a manner which is not reliant on traditional banking system infrastructure.
Ethena is a synthetic dollar built with inherent capacity to act as the first censorship resistant, scalable and stable crypto native solution for money. This synthetic dollar will be backed on chain.
Interestingly and as a novel technique, USDe peg stability is ensured through the protocol’s use of delta hedging.
With the features introduced by Ethena, it has received immense traction as the hottest stablecoin currently. Its supply has significantly grown as well, from about $500M to reaching its goal of $1B+. Unlike conventional stablecoins like USDT or USDC backed by cash equivalents, $USDe’s backing stems from ether and its derivatives.
Currently, saving your assets in stables like $USDe could be very helpful, considering how it delves away from traditional stablecoins. As a testament to its traction thus far, Bitget have listed the stablecoin already. This might open the floodgates for other listings on other major platforms. Ehena is clearly innovation at its finest.
https://www.coingecko.com/en/coins/ethena-usde