Value proposition

Enabling the Global Internet Bond_

Ethena Labs is building the first crypto-based reward-accruing synthetic dollar protocol.

We are building two interlinked products: a crypto-native synthetic dollar (USDe) and an Internet Bond (sUSDe) accruing rewards via a delta-neutral derivatives portfolio.

We believe creating a synthetic dollar which is not reliant on existing banking infrastructure is the single most important problem to solve and the largest opportunity in crypto today.

USDe will form the first part of a broader ecosystem of products we are building including fixed and floating rate Internet bonds and composable repo markets.