USDe
Crypto Overview
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.
Crypto Impact
To assign a comfort level investing in USDe from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to USDe.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.