ena

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Illustration of a coin held level by opposing arrows with a vesting lock-and-clock motif

Ethena, USDe & ENA Explained: The Synthetic Dollar & Its Tokenomics

Ethena's USDe looks like a stablecoin but works nothing like one — it's a synthetic dollar held to its peg by hedging, not cash. How it works, why it's riskier, and what ENA's vesting drama is about.

Sam Okafor · 1h ago · 8 min