April 02 What is Athena Laboratories (ENA)?
Ethena Labs is introducing a new approach to finance with its artificial dollar protocol, USDe, built on the Ethereum blockchain. Breaking away from traditional fiat stablecoins, USDe offers a crypto-native solution that aims to transform the global financial landscape by providing a decentralized and scalable form of money that operates independently of traditional banking infrastructure. This innovation includes the creation of “cyberbonds,” a new financial instrument designed to serve as a dollar-denominated, globally accessible savings instrument backed by staking on Ethereum combined with derivatives market dynamics. Ethena's mission is to provide the cryptocurrency ecosystem with a stable, censorship-resistant underlying monetary asset and a globally accessible savings instrument, addressing a critical gap in decentralized finance (DeFi) and the broader financial market.
The Ethena Labs initiative emerges from the urgent need for a native crypto-form of stable money that can facilitate a truly decentralized financial system, freed from the limitations and risks associated with current stablecoin models associated with the traditional banking system. By leveraging delta hedging techniques to manage Ethereum collateral, USDe aspires to provide a stable, scalable, and censorship-resistant means of exchange and storage of value. This method of creating a synthetic dollar avoids reliance on centralized financial infrastructures and traditional stablecoin mechanisms, potentially reducing systemic risks in the cryptocurrency and decentralized finance landscape and offering a powerful alternative to current stablecoin models.
The concept of “Internet Bonds” presented by Ethena Labs represents an innovative leap towards democratizing access to savings instruments on a global scale. By integrating proceeds from Ethereum and the derivatives market, Ethena aims to offer a dollar-denominated savings mechanism that competes with traditional savings instruments such as US Treasury bonds. Not only does this approach promise to provide yielding, stable, and censorship-resistant assets for DeFi applications and centralized exchanges, but it also addresses significant market demand for a safer, more accessible form of stable savings and investment options in the crypto space. “Cyberbonds” have the potential to serve as a foundational financial instrument within both centralized and decentralized financial systems, providing a democratic, permissionless alternative to traditional financial products.
At the heart of Ethena Labs' synthetic dollar and “cyberbonds” is a complex but innovative mechanism to ensure stability, scalability and censorship resistance, setting them apart from existing stablecoins and financial instruments. By employing a delta-neutral strategy, Ethena effectively manages the volatility of its additional assets, ensuring the stable value of the US dollar in all market conditions. This strategy, combined with the use of on-chain custody and derivatives for liquidity, puts Ethena Labs at the forefront of financial innovation, offering a new solution that bridges the gap between traditional finance and the booming digital asset economy. Through Ethena Labs, Ethereum's potential as a stable form of money has been unlocked, facilitating significant capital flows and supporting the growth and maturation of centralized and decentralized crypto ecosystems.
What is ENA code?
The ENA token is the governance token for Ethena, a DeFi protocol focused on creating a synthetic dollar (USDe) and a DeFi bond system that operates outside the traditional banking framework. Ethena recently announced the distribution of 750 million ENA tokens, which constitutes 5% of the total supply, as a reward to participants in its staking campaign. This campaign lasted for six weeks, during which users interacted with the protocol to earn coins, a form of engagement measurement that would later determine the scope of distribution for ENA's airdrop.
This strategic airdrop is designed to stimulate long-term engagement within the Athena ecosystem. Microtoken holders will receive their share of the airdrop immediately, without any vesting period. However, the top 2,000 ENA wallet holders will receive half of the tokens allocated to them at the time of the airdrop, while the remaining half is subject to a six-month vesting period. This entitlement is contingent on the requirement that these holders hold at least the same amount of USD – the Protocol's synthetic dollar – that they were holding at the time of the airdrop, furthering the Protocol's goal of rewarding sustained participation and investment in its ecosystem.
Ethena began the satellite campaign after the airdrop announcement, signaling the next stage in the protocol's development. This new campaign aims to integrate Bitcoin as a backing asset for USDe, with aspirations to expand USDe's market capitalization to over $10 billion. This move confirms Ethena's ambition to grow and diversify assets backing the synthetic dollar, enhancing its stability and utility.
The ENA token, besides being a governance token, allowing its holder to participate in the decision-making processes of the Ethena Protocol, represents a significant milestone in the protocol’s journey. With USDe's market cap growing exponentially and the protocol itself achieving a valuation of over $1.4 billion, the introduction of ENA and the execution of this airdrop are poised to strengthen Ethena's position in the DeFi space, encouraging broader adoption and interaction with its synthetic dollar. and decentralized financial instruments.
Other token economies
How to buy ENA on Bitfinex
How to buy ENA with cryptocurrencies
1. Log in to your Bitfinex account or register to create an account.
2. Go to the deposit page.
3. In the Cryptocurrencies section, choose the cryptocurrency you plan to buy ENA with and create an Exchange wallet deposit address.
4. Send the crypto to the generated deposit address.
5. Once the funds arrive in your wallet, you can exchange them for ENA. Learn how to trade on Bitfinex here.
How to buy ENA with fiat currency
1. Log in to your Bitfinex account or register to create an account.
2. You need to get full verification to be able to deposit fiat currencies into your Bitfinex account. Learn about the different verification levels here.
3. On the Deposit page, under the Bank Wire menu, choose the fiat currency for your deposit. There are minimum fiat deposits on Bitfinex; Learn more here.
4. Check your registered Bitfinex email to get the transfer details.
5. Send money.
6. Once the funds arrive in your wallet, you can use them to buy ENA.
We also have Bitfinex on mobile, so you can easily buy ENA on the go.
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ENA Community Channels
Location | x (Twitter) | Disagreement | Telegram | github
