RWA·Ethereum · Arbitrum · Solana · Base · Mantle · Sui
Ethena
Synthetic dollar protocol: USDe is a delta-neutral synthetic stablecoin backed by spot ETH/BTC plus short perpetual futures hedges; sUSDe is its ERC-4626 yield-bearing staked form earning derivatives funding spread + ETH staking yield. USDtb is a separate, BlackRock BUIDL-backed dollar variant.
- 01synthetic dollar (USDe) integration
- 02yield-bearing dollar (sUSDe) for savings UX
- 03delta-neutral basis-trade exposure
- 04DeFi composability with high-yield stable
- 05USDtb (RWA-backed) for risk-off flows
| Variable | Scope | Description |
|---|---|---|
| ETHENA_USDE_ADDRESS | Client | USDe ERC-20 (Ethereum mainnet: 0x4c9EDD5852cd905f086C759E8383e09bff1E68B3). |
| ETHENA_SUSDE_ADDRESS | Client | sUSDe ERC-4626 staking vault: 0x9D39A5DE30e57443BfF2A8307A4256c8797A3497. |
Use Ethena for a synthetic-dollar UX. USDe (`0x4c9EDD5852cd905f086C759E8383e09bff1E68B3`) is a permissionless ERC-20 stablecoin maintained near $1 by delta-hedging the underlying ETH/BTC spot collateral against equivalent short perpetual futures positions on CEXs. To earn yield, users wrap into sUSDe via the ERC-4626 vault at `0x9D39A5DE30e57443BfF2A8307A4256c8797A3497` — call `deposit(usdeAmount, receiver)` to mint sUSDe; share price grows from funding-rate spread and ETH staking yield. Unstaking from sUSDe → USDe enforces a 7-day cooldown (`cooldownShares` then `unstake` after `cooldownDuration`). USDe minting is permissioned (institutional whitelist via the Mint contract) but secondary trading is open. USDtb is the conservative alternative — backed by BlackRock BUIDL and not delta-hedged. Surface the funding-rate-driven yield variability and cooldown in the UX.
- ⚑sUSDe withdrawals are NOT instant — 7-day cooldown via `cooldownShares` before `unstake` succeeds; build queue UI accordingly.
- ⚑USDe peg depends on perp funding rates — sustained negative funding (rare but historically occurred) erodes backing; surface this risk explicitly.
- ⚑Custody of underlying spot collateral sits with off-exchange settlement providers (Copper, Ceffu, Fireblocks); a custodian failure is the dominant tail risk — display the latest reserve attestation.
- ⚑Minting USDe directly from collateral is permissioned (KYC'd whitelist via the Mint contract); retail users must buy USDe on a DEX/CEX, not from the protocol.
- ⚑sUSDe yield is variable and can drop sharply in low-funding regimes — never advertise a fixed APY; pull the trailing-7d rate from the protocol oracle.
- ⚑US persons are restricted from earning sUSDe yield via official channels — geofence the staking flow even though USDe itself is freely tradable.
- ⚑Cross-chain USDe (Solana, Mantle, Sui) uses LayerZero — bridge messages can lag during congestion; do not assume instant atomicity across chains.