Ethena
Crypto-native users, traders and institutions who understand delta-hedged synthetic dollars and want a productive dollar asset usable as collateral across centralised exchanges, custodians and onchain venues, or a protocol-revenue savings wrapper (sUSDe).
No subscription or management fee is published for USDe/sUSDe. sUSDe spreads protocol revenue to stakers as a variable APY averaged from weekly data since 1 Jan 2024, assuming no net stake/unstake during vesting
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