- ~212.5M ENA released, worth approximately $58.1M
- Represents ~3.59% of unlock supply for the week — higher share of float than Sui despite lower dollar value
- Part of Ethena's ongoing monthly vesting schedule
- Exact day may shift within the June 30–July 7 window

Ethena is a derivative platform for creating a synthetic dollar on Ethereum.

Ethena is a pioneering DeFi protocol that offers USDe, a synthetic dollar designed to provide stability without relying on traditional banking. Utilizing delta hedging with staked Ethereum, USDe delivers outstanding scalability and censorship resistance, distinguishing itself from conventional stablecoins.

Since its debut, Ethena has quickly become a major player in the DeFi space. Within just three weeks, USDe’s supply exceeded $2 billion, showcasing significant performance and high yield rates.

USDe is a decentralized digital currency created by Ethena, maintained through sophisticated delta hedging techniques and fully backed by on-chain assets. It offers an alternative to traditional stablecoins and has rapidly gained traction by integrating with leading platforms like MakerDAO, Frax, Curve, and Aave.

Ethena’s framework includes key components like the Internet Bond and delta hedging model. The Internet Bond combines returns from staked Ethereum with delta hedging to offer a stable, dollar-denominated asset. The delta hedging model helps maintain USDe's value against the U.S. dollar while benefiting from Ethereum's growth. Users can mint and redeem USDe through smart contracts, ensuring liquidity, while the yield mechanism provides competitive annual percentage yields (APY) through a blend of staking rewards and hedging. Additionally, Ethena Sats rewards community engagement through various activities.

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212.5M ENA Unlock