Ethena API

Ethena integration.

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.

USDe is a synthetic dollar backed by crypto assets and corresponding short futures positions, maintaining its $1 peg through delta-neutral hedging. In practice, Ethena accepts crypto collateral (such as Ethereum) and immediately takes an equivalent short position in perpetual futures markets, balancing price movements to stabilise USDe’s value.

sUSDe (staked USDe) allows users to stake USDe and earn yield from three sustainable sources: funding and basis spread from delta hedging derivatives positions, rewards from liquid stable backing assets, and staked ETH consensus/execution layer rewards.

Key features:

  • No management or performance fees at the smart contract level

  • Yield comes from protocol funding rates and staking rewards

  • Governance-configurable cooldown period for withdrawals (up to 90 days)

  • Fully backed by USDe

  • Homepage

  • Documentation

  • GitHub

  • Twitter

  • Contract on Etherscan

eth_defi.erc_4626.vault_protocol.ethena.vault

Ethena protocol vault support.