Ethena is a synthetic USD protocol built on Ethereum that will provide a crypto-native solution for currencies that do not rely on traditional banking system infrastructure, as well as a globally accessible USD-denominated savings instrument - "Internet Bonds". Ethena’s synthetic U.S. dollar USDe will provide the first censorship-resistant, scalable, and stable cryptocurrency-native solution for funding enabled by delta-hedged Ethereum collateral. USDe will be fully transparently supported on-chain and freely composed throughout DeFi.