Ethena (ENA) vs Gram (prev. Toncoin) (GRAM)

Ethena is a synthetic dollar protocol built on Ethereum, offering USDe, a crypto-native dollar alternative that's different from traditional fiat stablecoins. USDe maintains its peg through delta-hedging Bitcoin, Ethereum, and Solana spot assets using futures contracts, while also holding liquid stables like USDC and USDT. The protocol enables users to acquire USDe through various methods and stake it to earn rewards from protocol revenue, subject to jurisdictional restrictions.

The Open Network (TON) is an open-source ecosystem based on the TON blockchain. This network is the backbone of a complex, multi-layered architecture, composed of several "workchains," which are themselves divided into several "shardchains," allowing for a high level of performance. Initially built by the Telegram messaging team, the Open Network project is now independent and its development relies on its community of developers.