Training Example: Ethena – Review the Data, Give Your Score & Compare to the Real AI Evaluation

[H1] Digital Dollarsfor the Internet Economy
Earn with USDeAvg sUSDe APYTotal Rewards DistributedTotal Supply
[H2] The Holy Grail: Internet Money
[H3] Savings TechnologyFor The World
Global instant access to a reward accruing asset.
[IMG: sUSDe]
sUSDe
[IMG: Fintech]
Fintech
[IMG: Treasuries]
Treasuries
[IMG: Banks]
BankssUSDe APY data is an average from January 1st 2024 to the present which is based upon weekly data reported by Ethena which assumes no net stake/unstake activity during reward vesting periods. Fintech APY is an average of Apple Card Savings, Revolut US High-Yield Savings (Standard), and Wise USD rates as of March 2026. Treasuries APY is the monthly average US Treasuries 3M secondary market rate for March 2026. Banks APY reflects the FDIC national average rate for savings deposits as of March 16, 2026. All data presented is for informational purposes only and should not be construed as advice or a solicitation to acquire a specific asset. Market conditions may change and actual future results may vary. sUSDe is not a bank deposit, savings account, or banking product of any kind; it is not issued, offered, or guaranteed by Ethena Labs (which is not a bank, trust company, or other regulated depository institution), and it is not insured or guaranteed by the FDIC, SIPC, or any other government agency or private insurer.Highest Rewards Rate. Since launch, Ethena has been able to deliver industry leading rates. Ethena has established a new benchmark for capital productivity across digital dollars.
[H2] Work with the fastest growing digital dollar issuer
[H3] Highest Rewards Rate
Since launch, Ethena has been able to deliver industry leading rates. Ethena has established a new benchmark for capital productivity across digital dollars.
[H3] Integrations Built for User Success
USDe is integrated across every major centralised exchange, custodian, and onchain venue - giving partners and users access to better collateral utility, and a more capital-efficient dollar from day one.
[H3] Globally Accessible
Hold and stake USDe, providing global access to the world's best synthetic dollar product and its industry leading savings rates.
[H2] Where you can start earning today
DeFiExchangesInstitutional
[IMG: Aave]
Aave is a leading decentralized liquidity protocol on Ethereum. USDe and sUSDe are integrated as supply and collateral assets, giving Ethena holders access to lending markets across the broader DeFi ecosystem.Explore on Aave
[IMG: Aave]
[IMG: Hyperliquid]
Hyperliquid is a high-performance Layer 1 designed for on-chain perpetual trading. Ethena partners with Hyperliquid to extend USDe deeper into its growing trading ecosystem as a foundational dollar primitive.Explore on Hyperliquid
[IMG: Hyperliquid]
[IMG: Morpho]
Morpho is a decentralized lending protocol enabling permissionless market creation with greater capital efficiency. USDe and sUSDe are widely used as productive collateral across curated Morpho lending markets.Explore on Morpho
[IMG: Morpho]
[IMG: Pendle]
Pendle is a yield-trading protocol that splits yield-bearing assets into principal and yield tokens. sUSDe is among Pendle’s largest assets, enabling fixed-yield strategies and exposure to Ethena’s underlying returns.Explore on Pendle
[IMG: Pendle]
[H2] Unparalleled Transparency
Protocol Backing RatioTime below $0.99724/7 Mint/Redeem Availability
[H3] Real-Time View
View information in real-time about the backing assets of USDe.Learn More
[H3] Weekly Proof of Reserves
Independent proofs from third-party attestors of the allocation of the backing assets.Learn More
[H3] Monthly Custodian Attestations
Independent attestations of the value of the backing assets residing with custodians.Learn More
[H2] Ethena Highlights
All Articles
[H3] Introducing HyENA - the Internet Trading Engine
HyENA is a USDe-margined perpetuals DEX built on Hyperliquid's HIP-3 standard. HyENA combines the proven high-performance and user-friendly features of Hyperliquid with USDe as trading collateral. Users that trade on...Read more
[H3] Ethena x Binance: USDe across Binance
Ethena has partnered with Binance to embed USDe across its entire platform of 280m+ users and $190b+ in assets including USDe reward bearing collateral for futures and perpetuals trading, direct integration with Binance Earn...Read more
[H3] Liquid Leverage on Aave
Introducing Liquid Leverage, a new Ethena integration on money markets enabled by partners, launching first on Aave. Users can now deposit 50% sUSDe & 50% USDe into Aave and earn promotional rewards for USDe (currently ~12% APY), in addition to the normal...Read more
[IMG: Ethena]
[H2] Savings technology for the world
Earn with USDeLearn more

[H1] Blog
The latest news and updates from Ethena
[H2] Featured Posts
[H2] All Posts

[H1] Ethena Ecosystem
AllEthenaCEXsMoney MarketsStablecoinsNetworkRestakingDEXsYieldBridgesBTCCustodiansCard & PaymentsLeveraged Front EndsStructured Products & OptionsPoR AttestorsToolsSecurityWallets
[H4] Ethena
[IMG: https://app.ethena.fi logo]
ENATokenENA is the governance token for Ethena. It gives holders a voice in the direction of the Ethena protocol.
[H4] Ethena
[IMG: https://app.ethena.fi/earn logo]
sENATokenStaked ENA can be obtained by staking ENA. It is composable in DeFi, may accrue ENA rewards, and receives our highest rewards campaign multiplier.
[H4] Ethena
[IMG: https://app.ethena.fi/earn logo]
sUSDeTokenStaked USDe is the leading savings asset in DeFi. It accumulates rewards periodically and can be obtained by staking USDe.
[H4] Ethena
[IMG: https://app.ethena.fi logo]
USDeTokenUSDe is a synthetic dollar which aims to provide a censorship-resistant, stable, and scalable solution for the digital asset market.
[H4] Money Markets
[IMG: https://aave.com logo]
AaveUSDesUSDeAave is a decentralised non-custodial liquidity protocol where users can participate as suppliers or borrowers.
[H4] Money Markets
[IMG: https://ajna.finance logo]
AjnaUSDesUSDeThe Ajna Protocol is a non-custodial, peer-to-pool, permissionless lending, borrowing and trading system that requires no governance or external price feeds to function.
[H4] Card & Payments
[IMG: https://alchemypay.org/ logo]
Alchemy PayUSDeENAAlchemy Pay bridges traditional and decentralized finance by providing payment solutions that enable seamless crypto-to-fiat transactions.
[H4] Bridges
[IMG: https://allbridge.io/ logo]
AllbridgeUSDeAllbridge Core offers native stablecoin bridging with seamless cross-chain swaps across EVM and non-EVM networks.
[H4] Custodians
[IMG: https://anchorage.com logo]
AnchorageUSDeAnchorage Digital is a regulated crypto platform that provides institutions with integrated financial services and infrastructure solutions.
[H4] Network
[IMG: https://arbitrum.io logo]
ArbitrumUSDesUSDeENAArbitrum the leading Layer 2 technology that empowers you to explore and build in the largest Layer 1 ecosystem, Ethereum.
[H4] BTC
[IMG: https://www.avalonfinance.xyz logo]
Avalon LabsUSDeThe Hub for BTCFi. Borrow stablecoins at fixed rates starting as low as 8%
[H4] DEXs
[IMG: https://balancer.fi logo]
BalancerUSDesUSDeBalancer is a Decentralized Finance (DeFi) protocol that provides permissionless technology to streamline AMM development for developers and empower liquidity providers with an ever-expanding DEX product suite.
[H4] Network
[IMG: https://base.org logo]
BaseUSDesUSDeENABase is a secure, low-cost, builder-friendly Ethereum L2 built to bring the next billion users onchain.
[H4] DEXs
[IMG: https://based.one/ logo]
BasedUSDeBased is a trading platform for Hyperliquid, providing perpetual and spot trading with custom UI, advanced orders, and refer & earn features.
[H4] CEXs
[IMG: https://binance.com logo]
BinanceInvestorUSDeENAHedging VenueCollateralMint / RedeemBinance is the largest cryptocurrency exchange by trading volume, serving 185M+ users across 180+ countries.
[H4] CEXs
[IMG: https://Bitget.com logo]
BitgetENAUSDeCollateralHedging VenueBitget is a Seychelles-based cryptocurrency exchange that empowers over 20 million users across 100 countries with a focus on copy trading and various smart trading tools.
[H4] Custodians
[IMG: https://www.bitgo.com logo]
BitGoUSDesUSDeBitGo is a digital asset infrastructure company providing secure custody, trading, and financial services for institutions with $90B+ assets on platform.
[H4] CEXs
[IMG: https://www.bithumb.com/react/trade/order/ENA-KRW logo]
BithumbENAUSDeBithumb is one of South Korea's largest crypto exchanges, with $205 million in daily trading volume at the time of writing and with 170+ listed cryptocurrencies.
[H4] Network
[IMG: https://blast.io logo]
BlastUSDesUSDeENAThe Fullstack Chain. The only EVM chain with native yield for ETH and stablecoins.
[H4] Network
[IMG: https://bnbchain.org logo]
BNB ChainUSDesUSDeENABNB Chain is a leading blockchain ecosystem designed to support the growing demands of the decentralized web (Web3).
[H4] BTC
[IMG: https://bouncebit.io logo]
BounceBitUSDeThe BounceBit chain ensures transparent and efficient settlement and record-keeping on-chain, reinforcing the reliability of our CeDeFi infrastructure.
[H4] CEXs
[IMG: https://bybit.com logo]
BybitENAUSDeCollateralHedging VenueMint / RedeemBybit is the world's second-largest cryptocurrency exchange by trading volume. Established in March 2018, Bybit currently serves more than 40 million users and institutions.
[H4] DEXs
[IMG: https://camelot.exchange logo]
CamelotUSDeThe Arbitrum native DEX. Custom-built liquidity infrastructure to support builders & generate real yield.
[H4] Custodians
[IMG: https://ceffu.com logo]
CeffuUSDesUSDeCeffu is an institutional digital asset platform offering custody and liquidity solutions to secure, manage, and utilize your crypto assets efficiently.
[H4] PoR Attestors
[IMG: https://chain.link/ logo]
ChainlinkPoR AttestorChainlink is the standard for onchain finance, verifiable data, and cross-chain interoperability. Chainlink is unifying liquidity across global markets and has enabled over $20 trillion in transaction value across the blockchain economy.
[H4] PoR Attestors
[IMG: https://chaoslabs.xyz/ logo]
Chaos LabsPoR AttestorChaos Labs builds technology that makes markets safer and more accessible. Its risk management systems, oracles, and AI models help leading protocols secure billions in value while democratizing access to sophisticated financial tools.
[H4] CEXs
[IMG: https://coinbase.com logo]
CoinbaseCustodyHedging VenueENACoinbase is a secure online platform for buying, selling, transferring, and storing cryptocurrency.
[H4] Custodians
[IMG: https://www.coinbase.com/prime/custody logo]
Coinbase CustodyUSDeCoinbase Vault storage combines physical security, consensus computation, and strict process controls into one world-class solution.
[H4] CEXs
[IMG: https://coinlist.co/ logo]
CoinListUSDeENACoinList is a comprehensive platform that accelerates blockchain technology by facilitating new token issuance, offering services such as token sales, distribution, trading, lending, staking, and access to decentralized finance opportunities.
[H4] CEXs
[IMG: https://coinone.co.kr/ logo]
CoinoneUSDeCoinone is a prominent South Korean digital currency exchange that ofers trading of digital assets, providing a wide range of tokens and trading pairs.
[H4] Money Markets
[IMG: https://contango.xyz logo]
ContangoUSDesUSDeContango builds positions by automating looping strategies, through flash loans. When a trader opens a position, the protocol borrows on the money market.
[H4] Custodians
[IMG: https://copper.co logo]
CopperUSDesUSDeMint / RedeemThe market's first off-exchange settlement solution. Trade freely on centralised exchanges without moving your assets from Copper's secure MPC custody.
[H4] DEXs
[IMG: https://curve.finance logo]
CurveUSDesUSDeCreating deep on-chain liquidity using advanced bonding curves.
[H4] DEXs
[IMG: https://dedust.io logo]
DeDust.ioUSDesUSDeDeDust.io is a decentralized exchange powered by the TON blockchain where you can swap Gram for tokens, trade with low fees, and provide liquidity.
[H4] Leveraged Front Ends
[IMG: https://app.defisaver.com/trending?chainId=1&zap=ethena-liquid-create logo]
DeFi SaverToolsUSDesUSDeDeFi Saver is a non-custodial DeFi management tool offering advanced features and functionalities for managing your positions and crypto assets in various DeFi protocols.
[H4] CEXs
[IMG: https://deribit.com logo]
DeribitUSDeInvestorHedging VenueCollateralFounded in 2016, Deribit is the world's leading cryptocurrency options exchange.
[H4] DEXs
[IMG: https://www.derive.xyz logo]
DeriveUSDesUSDeDerive is a decentralized protocol that creates unique and programmable onchain options, perpetuals, and structured products.
[H4] DEXs
[IMG: https://drift.trade logo]
DriftUSDesUSDeDrift Protocol is the largest open-sourced perpetual futures exchange built on Solana, the fastest L1 blockchain.
[H4] Network
[IMG: https://echelon.io/ logo]
EchelonsUSDeEchelon is a universal lending market connecting liquidity and supercharging yields on Move.
[H4] Restaking
[IMG: https://eigenlayer.xyz logo]
EigenlayerUSDesUSDeEigenlayer provides developers with access to the Ethereum staked capital base and decentralized validator set.
[H4] Yield
[IMG: https://ekubo.org/ logo]
EkuboUSDeEkubo Protocol is an advanced AMM with super-concentrated liquidity providing unmatched capital efficiency, extensibility, and automated yield strategies.
[H4] DEXs
[IMG: https://www.ethereal.trade/ logo]
EtherealUSDesUSDeEthereal is a decentralized exchange powered by Ethena, offering deep liquidity, lightning-fast execution, and uncompromising security.
[H4] Money Markets
[IMG: https://euler.finance logo]
EulerUSDesUSDeEuler is a modular lending platform that enables users to lend, borrow and build without limits.
[H4] DEXs
[IMG: https://euphoria.finance/ logo]
EuphoriaUSDeEuphoria brings together the best of on-chain trading and perpetuals markets to create fun, fast, and frictionless consumer experiences.
[H4] Money Markets
[IMG: https://evaa.finance logo]
EVAAUSDesUSDeEVAA Protocol is a decentralized lending protocol built on the TON blockchain allowing users to lend and borrow digital assets within Telegram Messenger.
[H4] Custodians
[IMG: https://fireblocks.com logo]
FireblocksUSDesUSDeFireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets.
[H4] Yield
[IMG: https://www.thefiva.com logo]
FIVAUSDetsUSDeFIVA brings yield tokenization to TON, letting you manage your DeFi returns with more control and flexibility.
[H4] CEXs
[IMG: https://flipster.io/en/campaign/ethena-usde-earn logo]
Flipster.ioUSDeCollateralMint / RedeemFlipster.io is a cryptocurrency trading platform specializing in perpetual futures, offering services like zero trading fees on major pairs, leverage up to 100x, and a wide selection of over 360+ crypto listings.
[H4] Money Markets
[IMG: https://folks.finance/ logo]
Folks FinanceUSDesUSDeFolks Finance is a community-driven decentralized platform providing permissionless DeFi tools across multiple networks.
[H4] Stablecoins
[IMG: https://frax.finance logo]
FraxUSDesUSDeThe Frax stablecoin is a crypto collateralized stablecoin pegged to the US dollar that is highly scalable, trustless, and ideologically pure on-chain money.
[H4] Network
[IMG: https://frax.com logo]
FraxtalUSDesUSDeENAFraxtal is a modular rollup blockchain (L2) with a "fractal scaling" roadmap.
[H4] CEXs
[IMG: https://gate.io logo]
Gate.ioUSDesUSDeENACollateralEstablished in 2013, Gate.io has consistently ranked among the top 10 exchanges. It is a full-service digital asset exchange platform covering millions of users around the world.
[H4] Money Markets
[IMG: https://Gearbox.fi logo]
GearboxUSDesUSDeGearbox Protocol uses Credit Account abstraction to bring together lending and prime brokerage in the same protocol.
[H4] CEXs
[IMG: https://gemini.com logo]
GeminiInvestorGemini is a New York-based cryptocurrency centralized exchange regulated by the New York State Department of Financial Services, available in all 50 U.S. states and over 60 countries.
[H4] Card & Payments
[IMG: https://gnosispay.com logo]
Gnosis PayUSDeThe world's first self-custodial Visa® Debit Card, linked to a Safe Smart Account.
[H4] Yield
[IMG: https://goblin.fi/ logo]
Goblin FinanceUSDesUSDeGoblin Finance is a DeFi yield optimization protocol on the Aptos blockchain that automates liquidity management for V3 decentralized exchanges.
[H4] Security
[IMG: https://guardianaudits.com/ logo]
GuardianEthenaGuardian Audits provides institutional-grade Web3 security services with comprehensive smart contract audits, featuring two-team reviews and rigorous remediation processes for top DeFi protocols.
[H4] Card & Payments
[IMG: https://holyheld.com logo]
HolyheldUSDeHolyheld is a onchain crypto debit card. The one card for all crypto natives. Get your card, pay from your phone, use your wallet, and pick your crypto.
[H4] PoR Attestors
[IMG: https://www.ht.digital/ logo]
HT DigitalPoR AttestorHT Digital Ltd evolved from Harris & Trotter LLP, bringing nearly a century of professional services expertise to Web3. With over 80 team members and 600 digital asset clients globally, they are the leading professional services firm onchain.
[H4] CEXs
[IMG: https://htx.com logo]
HTXENAHTX is a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, wallets, research, investments, incubation, and other businesses.
[H4] DEXs
[IMG: https://app.hyena.trade logo]
HyENAUSDeHyENA is a USDe-margined perpetuals DEX built on Hyperliquid's HIP-3 standard. HyENA combines the proven high-performance and user-friendly features of Hyperliquid with USDe as trading collateral.
[H4] Money Markets
[IMG: https://hyperdrive.fi/ logo]
HyperdriveUSDeHyperdrive is an automated market maker protocol for fixed and variable rates featuring on-demand terms and a novel pricing mechanism that enables efficient yield markets.
[H4] Money Markets
[IMG: https://hyperlend.finance/ logo]
HyperlendUSDeHyperlend is a high-performance lending protocol built for capital efficiency on Hyperliquid. It offers real-time leverage, dynamic rates, and deep liquidity access for traders, quants, and market makers.
[H4] DEXs
[IMG: https://app.hyperliquid.xyz/trade logo]
HyperliquidUSDeHyperliquid is a high-performance decentralized exchange (DEX) built on a custom Layer-1 blockchain that specializes in perpetual futures trading.
[H4] DEXs
[IMG: https://infinex.xyz logo]
InfinexUSDeThe Infinex Account is the easiest way to access the world of DeFi with robust multi-chain support, and unrivalled, non-custodial security.
[H4] Money Markets
[IMG: https://infinifi.xyz/ logo]
InfiniFisUSDeInfiniFi provides infinite possibilities in decentralized finance through innovative lending and borrowing solutions that maximize capital efficiency and user experience.
[H4] Network
[IMG: https://injective.com logo]
InjectiveUSDeInjective is the first blockchain to offer auto-executing smart contracts which empower faster, more innovative and groundbreaking applications.
[H4] DEXs
[IMG: https://intentx.io logo]
IntentxUSDeThe Future of Decentralized Derivatives. Redefining On-Chain Trading with Intent-Based Architecture
[H4] Restaking
[IMG: https://jito.network logo]
JitoUSDesUSDeJito Labs is a leading Solana MEV Infrastructure Company. We build high-performance systems to maximize the performance of the Solana blockchain and enhance validator rewards.
[H4] Money Markets
[IMG: https://juice.finance logo]
JuiceUSDesUSDeMaximize your yield by using your ETH as collateral to access 300% USDB and ETH leverage to deploy & maximize point farming across the Blast

[H1] Ethena Network
The Ethena Network brings together protocols and applications built on Ethena. These partnerships embed Ethena's base rate into products that drive adoption and liquidity.
[IMG: grid]
[IMG: Based]
A trading platform for Hyperliquid, providing perpetual and spot trading with custom UI, advanced orders, and refer & earn features.
[IMG: Discord]
[IMG: Website]
[IMG: X]
[IMG: grid]
[IMG: Ethereal]
Token Supply15%Next-generation DEX platform for decentralized perpetuals trading powered by USDe, offering institutional-grade liquidity and stable funding.
[IMG: Discord]
[IMG: Website]
[IMG: X]
[IMG: grid]
[IMG: Echelon]
Token Supply5%The premier MoveVM lending protocol & appchain building on networks like Aptos and Movement. Users can deposit and borrow USDe and sUSDe, opening up new lending opportunities.
[IMG: Discord]
[IMG: Website]
[IMG: X]
[IMG: grid]
[IMG: Strata]
Token Supply7.5%Perpetual risk tranching protocol that offers structured products on USDe. Enables investors to tailor their risk-return preferences while earning crypto-native returns from carry and basis trades.
[IMG: Discord]
[IMG: Website]
[IMG: X]
[IMG: grid]
[IMG: OnRe]
Connecting onchain capital to real-world reinsurance risk—unlocking stable, uncorrelated returns that are liquid, composable and accessible for the first time.
[IMG: Website]
[IMG: X]
[IMG: grid]
[IMG: Re]
Global transaction layer for insurable risks, enabling people and businesses to navigate an uncertain future while they work towards creating a better one.
[IMG: Discord]
[IMG: Website]
[IMG: X]
[IMG: grid]
[IMG: InfiniFi]
Enhances decentralized finance with efficient, automated fractional reserve banking for higher yields.
[IMG: Discord]
[IMG: Website]
[IMG: X]
[IMG: grid]
[IMG: Derive]
Token Supply5%Decentralized protocol that creates unique and programmable onchain options, perpetuals, and structured products.
[IMG: Discord]
[IMG: Website]
[IMG: X]
[IMG: grid]
[IMG: Neutrl]
A synthetic dollar that delivers premium market-neutral yields by harnessing exclusive OTC market strategies.
[IMG: Discord]
[IMG: Website]
[IMG: X]
[IMG: Ethena]
[H2] Savings technology for the world
Earn with USDeLearn more