Ethena is a synthetic dollar protocol built on Ethereum that will provide a crypto-native solution for money that is not reliant on traditional banking system infrastructure, alongside a globally accessible dollar-denominated savings instrument – the ‘Internet Bond’.
The journey of stablecoins in the crypto ecosystem has been both revolutionary and fraught with controversy. The recent rise of Ethena and its USDe stablecoin invites comparisons to previous endeavors, promising high yields in a market still reeling from past stablecoin failures.
The attack on the fake token occurred mere hours after Ethena had introduced its new ENA token, designed to allow users to earn rewards by staking BNB or FDUSD.
Arthur Hayes believes that USDT and USDe have risks, and both could ultimately fail. However, the failure could be linked to different reasons, given Ethena’s superior approach.
