Ethena vs Gauntlet

USDe is Ethena’s synthetic dollar backed by delta‑neutral ETH perpetual hedge positions rather than off‑chain treasuries. The collateral basket auto‑rebalances between spot ETH, LSTs and short perps so the net delta remains near zero, turning staking rewards and funding rates into protocol revenue. USDe launched on Ethereum in January 2024 and surpassed $2 billion supply within five months, with deep secondary liquidity on Curve and Bybit.

Gauntlet provides institutional-grade risk modeling and optimization for DeFi protocols. Its platform powers vault strategies, levered RWA yields, and protocol risk parameters securing billions in on-chain assets.