> For the complete documentation index, see [llms.txt](https://resources.defirisk.intotheblock.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://resources.defirisk.intotheblock.com/ethena.md).

# Ethena

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Ethena is a synthetic dollar protocol on Ethereum that offers a crypto-native alternative to traditional banking systems, along with a globally accessible dollar-denominated product.

Ethena's synthetic dollar, USDe, offers, crypto-native monetary solution by delta-hedging Ethereum and Bitcoin as collateral. The stability of the USDe peg is maintained through delta-hedging derivative positions backed by the protocol's collateral. This combines yields from staked assets like Ethereum, when used as backing assets, with funding and basis spreads from perpetual and futures markets.