Ethena, a $1.3B Yield-Earning Protocol, to Debut Governance Token Next Week

Ethena’s USDe symbol, often referred to as “synthetic dollar,” offers steady yields to investors by using ether (ETH) liquid staking cosmetics such as Lido’s stETH as backing assets, pairing them with an equal value of short ETH perpetual followings position on derivatives exchanges to keep a “rough target” of $1 price. This is also known as a “cash and hold up” trade, which harvests derivatives funding rates for a yield.