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Ethena Labs is a synthetic dollar protocol built on Ethereum, providing a crypto-native, yield-bearing stablecoin (USDe) and a globally accessible savings instrument, the 'Internet Bond', independent of traditional banking infrastructure. Ethena Labs is at the forefront of the next wave of DeFi, dedicated to building products for modern finance. Ethena is a synthetic dollar protocol built on Ethereum that provides a crypto-native solution for money, USDe, alongside a globally accessible dollar savings asset, sUSDe. Our core mission is to provide truly crypto-native financial solutions that are globally accessible and bridge the gap between TradFi and the digital asset economy. We believe in transparency, efficiency, and empowering both individuals and institutions with greater control over their assets. Ethena Labs is actively building and deploying a suite of groundbreaking products designed to address key challenges and unlock new opportunities within the digital finance landscape. Our flagship product, USDe, is a synthetic dollar backed by digital assets, and takes the novel approach of using a delta-neutral hedging strategy to maintain its peg. This provides a truly scalable and censorship-resistant digital dollar. Building upon USDe, we offer sUSDe. sUSDe provides crypto-native rewards generated from funding rates in derivatives markets, offering an alternative to existing products tethered to the traditional financial system. Furthermore, we are actively developing solutions to facilitate institutional adoption of digital assets. In partnership with Securitize and Blackrocks BUIDL fund, USDtb provides a more traditional, asset-backed stablecoin option, leveraging established financial infrastructure to appeal to institutional clients. Expanding on this, iUSDe is designed specifically for traditional financial institutions, incorporating necessary compliance features to enable them to access the crypto-native rewards our protocol generates, in an institutional-friendly manner. Finally, our most ambitious undertaking to date is Converge, our joint blockchain initiative with Securitize. This hybrid blockchain is designed to be the nexus where DeFi meets the needs of CeFi and TradFi. Converge aims to be a primary issuance layer for tokenised assets, integrating seamlessly with existing DeFi protocols to provide institutions with an environment to participate in the decentralised economy. Through these offerings, Ethena Labs is not just creating new financial products; we are building the foundational infrastructure for a more open, efficient, and interconnected global financial system.

The genesis of Ethena Labs can be traced back to a compelling vision articulated by Arthur Hayes in his essay 'Dust on Crust', which imagined a truly decentralized, crypto-native stablecoin. This idea struck a chord with Guy Young, a professional with nearly a decade of experience in the upper echelons of traditional finance at firms like Cerberus Capital Management. Inspired by the potential to build a financial instrument free from the constraints of legacy banking infrastructure, Young founded Ethena Labs in 2023. The mission was clear and ambitious: to create the internet's own currency and a globally accessible savings vehicle, addressing what he saw as the most significant and immediate need within the crypto space. Ethena emerged from stealth mode in July 2023, backed by a formidable $6 million seed round led by Dragonfly and supported by industry heavyweights like Arthur Hayes himself, alongside major exchanges such as Bybit, OKX, and Gemini. This initial funding was a powerful endorsement of their innovative approach. The company's core innovation is USDe, a 'synthetic dollar' that maintains its stability not by holding fiat currency in a bank, but through a sophisticated delta-hedging strategy. The protocol uses assets like staked Ethereum and Bitcoin as collateral while simultaneously holding short perpetual futures positions against them. This mechanism effectively neutralizes price volatility, creating a stable, scalable, and censorship-resistant digital dollar. Building on this foundation, Ethena introduced the 'Internet Bond' via sUSDe (staked USDe), which allows holders to earn a yield generated from the staked assets and the funding spread from the derivatives positions, creating a powerful, permissionless savings alternative for a global audience.