USDe

Overview

USDe is an overcollateralized stablecoin protocol launched in December 2023 by Ethena Labs. It aims to create a decentralized stablecoin pegged to the US Dollar through delta-neutral positions.

Purpose and Utility

The primary purpose of USDe is to serve as a stablecoin that maintains its peg through a unique market-neutral strategy involving staked ETH (stETH) as collateral and perpetual futures positions. The protocol uses a delta-neutral strategy to hedge against ETH price movements.

Business Model

The protocol generates revenue through two main mechanisms: yield from staked ETH collateral and funding rate arbitrage from perpetual futures positions. This revenue is used to maintain the stablecoin's stability.

Development and Adoption

The protocol is still in its early stages but has seen growing adoption since launch. The development team appears active with regular updates and improvements to the protocol.

Token Distribution

The token distribution information shows a significant portion allocated to the team and investors, with vesting periods in place. The exact distribution percentages are not publicly available.