• The Ethena protocol is developed by Ethena Labs, with founder and CEO Guy Young. EU operations were originally conducted by the German entity Ethena GmbH, and after April 2025 moved to the British Virgin Islands (BVI) entity Ethena BVI Limited.

(Sources: iq.wiki — Ethena, cryptoslate; retrieved on September 14, 2026)

• Building and expanding the USDe synthetic dollar and its staked version sUSDe, providing an on-chain USD-denominated savings tool via a delta-neutral mechanism, and developing cross-chain, exchange partnerships, and ecosystem applications.

(Sources: Ethena Docs — USDe Overview; retrieved on September 14, 2026)

• Total Supply: 15,000,000,000 ENA (Total Supply = Max Supply = 15 billion).
• Circulating Supply: Approx. 10,095,312,500 ENA
• Price: Approx. $0.137
• Subscription Conditions: The whitepaper (Docs) does not state a public offering subscription price; ENA is distributed via airdrops and ecosystem rewards, not a public priced offering (see below).

(Sources: CoinGecko; retrieved on September 14, 2026)

• ENA did not conduct a public offering (ICO); it was distributed to protocol users via Rewards Campaigns airdrops. Issuer-level fundraising:
• 2023-07: Seed round of approx. 6 million USD, led by Dragonfly, with participation from Arthur Hayes/Maelstrom and Deribit, Bybit, OKX, Gemini, Huobi, among others.(Sources: The Block, finsmes; retrieved on September 14, 2026)
• 2024-02: Seed extension round of approx. 14 million USD (valuation approx. 300 million USD). Some institutions named in the original press release (such as PayPal Ventures, Franklin Templeton, Brevan Howard Digital) were officially clarified as not participating or not yet having completed this round; the participant list is per official clarification.(Sources: The Block; retrieved on September 14, 2026)

• USDe/sUSDe, USDtb (another stablecoin product), cross-chain deployment, and exchange partnerships. StablecoinX (Nasdaq: USDE) is a listed treasury company focused on the Ethena ecosystem.

(Sources: cryptobriefing; retrieved on September 14, 2026)

• ENA is a governance token; holders may participate in protocol governance voting; the whitepaper does not represent any principal guarantee, fixed yield, or claim on protocol assets.

• Built on Ethereum, an ERC-20 token; USDe operates on a delta-neutral mechanism of spot collateral + CEX perpetual short hedging. The protocol is under continuous development and cross-chain expansion.

(Sources: Ethena Docs — How USDe Works; retrieved on September 14, 2026)

• The official Docs disclose funding-rate risk, exchange counterparty risk, collateral/custody risk, liquidation and de-pegging risk, among others; USDe adopts a delta-neutral model, where yield comes under pressure when the funding rate (the fee periodically exchanged between long and short sides of perpetual contracts) turns negative, and it relies heavily on the perpetual contract markets of centralized exchanges (CEX), constituting structural risk.

(Sources: Ethena Docs; retrieved on September 14, 2026)

• ENA is an ERC-20 token on Ethereum and has no independent consensus mechanism of its own; its security relies on Ethereum's Proof of Stake (PoS) consensus.