The protocol’s USDe token, also known as “artificial greenback” as a substitute of a stablecoin, is a structured finance product wrapped in a token. It affords regular yields to traders through the use of ETH liquid staking derivatives reminiscent of Lido’s stETH as backing belongings, pairing them with an equal worth of brief ETH perpetual futures place on derivatives exchanges to maintain anchored at $1 worth. This technique is also called a “money and carry” commerce, which harvests derivatives funding charges for a yield.
Ethena (ENA) Worth Jumps as Bybit Endorses USDe Token as Collateral for Crypto Derivatives Buying and selling
