POSSIBLE ETHENA AIRDROP
Ethena is a synthetic dollar protocol built on Ethereum that will provide a crypto-native solution for money not reliant on traditional banking system infrastructure, alongside a globally accessible dollar denominated savings instrument - the 'Internet Bond'.
Ethena's synthetic dollar, USDe, will provide the first censorship resistant, scalable and stable crypto-native solution for money achieved by delta-hedging staked Ethereum collateral. USDe will be fully backed transparently onchain and free to compose throughout DeFi.
USDe peg stability is ensured through the use of delta hedging derivatives positions against protocol-held collateral alongside a mint and redeem arbitrage mechanism.
The 'Internet Bond' will combine yield derived from staked Ethereum as well as the funding & basis spread from perpetual and futures' markets, to create the first onchain crypto-native 'bond' that can function as a dollar-denominated savings instrument for users in permitted jurisdictions.
Crypto needs a decentralized base money asset, and the world has no access to a globally accessible and censorship-resistant savings instrument
Ethena has been built to address the largest and most obvious immediate need within crypto.
DeFi attempts to create a parallel financial system, yet stablecoins are the most important financial instrument and remain completely tethered to, and reliant upon, traditional banking infrastructure. Ethena aims to provide a scalable crypto-native form of money to enable a truly decentralized financial system.
Crypto can no longer depend on traditional infrastructure for stablecoins
For any functional truly decentralized financial system to work at scale, a stable asset not reliant on legacy banking infrastructure is required for both transactional money, as well providing the core collateral for funding. Without a decentralized and stable reserve asset, both centralized & decentralized order books are inherently fragile.
Centralized Exchanges are in desperate need of a reliable and transparent stable asset for their order books, and DeFi faces ongoing existential risk by relying on USDC or RWAs with a centralized kill-switch. Reducing the reliance on the traditional banking system for the role stablecoin infrastructure plays in the space is, in their view, the single most important issue facing crypto today.
8 billion people have no access to a dollar denominated savings instrument
Whilst US citizens have access to their own $30 trillion treasury market, individuals in the rest of the world do not have permissionless access or an ability to generate a yield on a dollar denominated savings instrument.
User demand for existing stablecoins is already provable and enormous at $130 billion+ despite their “return-free risk” profile. They view a substantially equivalent product that provides a permissionless savings return as the largest market opportunity that crypto can provide for individuals all over the world - larger than either a volatile store of value or stablecoins as they currently exist.
They fundamentally believe the most important financial instrument in the real world - a dollar denominated savings instrument - is a basic product everyone should have the ability to access without permission.
Step-by-Step Guide:Visit the Ethena app page.
Connect your Ethereum wallet.
Accept the terms and continue to the dashboard.
You need any one of the stablecoins like USDT, USDC, DAI, FRAX, etc. You can get it from any DEX or CEX.
Now go back to Ethena and click on “Buy”.
Swap your stablecoins for USDe (Ethena’s synthetic dollar).
Go to “Stake” and stake some USDe.
Provide some liquidity to some of the available pools.
You will earn points in the form of shards for doing the above tasks.
Also, earn 10% of the shards from each referral.
As of February 19th, Ethena’s Shard campaign will be live, marking USDe’s official launch to the public. Shards will represent and track how much a user has contributed to Ethena’s ecosystem over the course of the campaign.
They acknowledge general market sentiment has shifted with fatigue towards points based systems. For this reason, Ethena is focusing on a shard campaign instead of points.
The campaign will be split across multiple short duration seasons, or “Epochs”, each rewarding different activities involving USDe and different communities Ethena will be working closely with to integrate which will receive boosted shards during each epoch.
The first epoch will focus on liquidity for USDe Curve pools.
The remaining epochs will be centered on actions like mints with different stablecoins, using USDe on money markets, liquidity provision on other venues, bridging to yield focused L2s, holding certain governance tokens and more.
The Shards per Epoch will decay through time, or in other words, you will receive less rewards as the program takes place and being early will result in the highest number of Shards awarded.
By launching a shard program, they hope to encourage active participation in areas of the ecosystem which matter most to Ethena, as well as aligning with the users who will contribute to Ethena’s long-term success.
Ethena has raised $14M in funding with backing from investors like Binance, Dragonfly, and Wintermute.
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