Founded Year

2023

Stage

Series A - IV | Alive

Total Raised

$146M

Revenue

$0000 

Mosaic Score
The Mosaic Score is an algorithm that measures the overall financial health and market potential of private companies.

-35 points in the past 30 days

About Ethena

Ethena is a synthetic dollar protocol that operates within the cryptocurrency and blockchain industry, offering an alternative to traditional currency systems. The company provides a digital dollar, USDe, which is supported by delta-hedging derivatives to maintain peg stability and is integrated across centralized and decentralized finance platforms. Ethena also offers the 'Internet Bond', a dollar-denominated rewards instrument that leverages revenue from staked assets and derivatives markets. It was founded in 2023 and is based in Tortola, Virgin Islands (British).

Headquarters Location

Road Town Craigmuir Chambers

Tortola, VG1110,

Virgin Islands (British)

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ESPs containing Ethena

The ESP matrix leverages data and analyst insight to identify and rank leading companies in a given technology landscape.

EXECUTION STRENGTH ➡MARKET STRENGTH ➡LEADERHIGHFLIEROUTPERFORMERCHALLENGER
Blockchain / Payments

The yield-bearing stablecoin issuers market includes companies that create and issue stablecoins with built-in yield mechanisms that automatically generate returns for holders without requiring external staking or farming. These issuers embed yield-generation directly into their stablecoin architecture through treasury-backed yields, algorithmic distribution systems, automated DeFi strategy deploy…

Ethena named as Leader among 15 other companies, including Paxos, Bridge, and Maple Finance.

Ethena's Products & Differentiators

    USDe

    Ethena's synthetic dollar, USDe, provides the crypto-native, scalable solution for money achieved by delta-hedging Ethereum and Bitcoin collateral. USDe is fully-backed (subject to the discussion in the Risks section regarding events potentially resulting in loss of backing) and free to compose throughout CeFi & DeFi.

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Research containing Ethena

Get data-driven expert analysis from the CB Insights Intelligence Unit.

CB Insights Intelligence Analysts have mentioned Ethena in 1 CB Insights research brief, most recently on May 29, 2025.

Expert Collections containing Ethena

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Ethena is included in 3 Expert Collections, including Blockchain.

B

Blockchain

9,434 items

Companies in this collection build, apply, and analyze blockchain and cryptocurrency technologies for business or consumer use cases. Categories include blockchain infrastructure and development, crypto & DeFi, Web3, NFTs, gaming, supply chain, enterprise blockchain, and more.

F

Fintech

14,203 items

Excludes US-based companies

S

Stablecoin

471 items

Latest Ethena News

Top Crypto Assets to Watch in 2025: Why BlockDAG, Ethena, Ondo Finance, & MemeCore Are Dominating

Nov 5, 2025

Written By: Copied As 2025 accelerates into a new phase of crypto expansion, investors are turning to projects that combine innovation, resilience, and community trust. While hundreds of tokens are vying for attention, only a few stand out as true top crypto assets shaping the next bull cycle. Among them, , Ethena, Ondo Finance, and MemeCore are making headlines for vastly different reasons, from cutting-edge Layer-1 scalability to real-world asset tokenization and DeFi yield innovation. Together, they represent the future of blockchain’s multi-sector evolution: performance, practicality, and culture converging into long-term value. Whether you’re a retail trader or an institutional participant, understanding how these projects are building sustainable ecosystems may be the key to identifying 2025’s biggest winners in the top crypto assets category. BlockDAG: The Most Undervalued Network of the Cycle BlockDAG is quickly becoming one of the biggest crypto assets that will change the investors' expectations in 2025. Having a price of $0.005 in Batch 32, the project has already gathered more than $435 million through sales of 27 billion BDAG coins, and has worldwide attracted 312,000 holders and 3.5 million X1 mobile miners. Since there are only 4.5 billion tokens remaining before the presale ends on February 10, 2026, the situation is experiencing strong market momentum due to the phenomenon of scarcity. In contrast to most projects of the same stage, BlockDAG's hybrid DAG plus proof-of-work model allows for 15,000 transactions per second, giving the combination of Bitcoin's security and DAG's scalability. Moreover, EVM compatibility allows for easy migration of Ethereum-based applications while the $86 million investment from institutions indicates confidence from deep-pocketed investors. Furthermore, the partnership with the BWT Alpine F1 Team has brought about a tremendous recognition and thus these two worlds of blockchain innovation and global branding are now connected. Analysts suggest BlockDAG mirrors the early fundamentals of Solana and Cardano before their explosive growth phases, making it arguably the top crypto asset of this presale cycle. As the “Value Era” begins, BDAG’s community strength, audited technology, and measurable adoption make it one of the most undervalued yet powerful networks poised to dominate the next bull market. Ethena: The Synthetic Yield Machine Ethena (ENA) has rapidly secured its place among 2025’s top crypto assets, driven by explosive adoption of its synthetic dollar ecosystem. The project recently surpassed $500 million in cumulative gross interest revenue, while its synthetic stablecoin USDe added $670 million in minting volume within a single week. This surge highlights the growing institutional appetite for yield-bearing stablecoins and the strength of Ethena’s delta-neutral hedging system. Despite occasional price swings, Ethena’s fundamentals remain solid. The total USDe supply has topped $12 billion, solidifying its position among the fastest-growing stablecoins in DeFi. Institutional participants are increasingly using Ethena’s model to diversify yield strategies, while retail users benefit from transparent returns and decentralized stability. Analysts view its consistent on-chain revenue and ecosystem expansion as proof that Ethena is evolving into one of the top crypto assets driving financial innovation across decentralized finance in 2025. Ondo Finance: Real-World Asset Momentum Amid a market correction, Ondo Finance (ONDO) remains one of the most resilient top crypto assets, underpinned by strong accumulation and fundamental demand for real-world asset (RWA) exposure. The token experienced a 15% pullback this week, yet on-chain data shows accumulation from wallets holding 1–10 million ONDO, totaling 23.7 million new tokens,  roughly $22.8 million in fresh capital. Tokenized Treasuries and yield-bearing RWAs are the areas in which Ondo excels and these still remain the centers of interest for both retail and institutional investors. The tokens' deflationary structure, which has 47% of the total supply still locked up and only 33.9% released, creates a more appealing scarcity. In the case of blockchain-based yield products, financial institutions are coming closer to Ondo, which is slowly being perceived as the gateway between traditional finance and decentralized liquidity. Analysts believe that Ondo Finance will be a top crypto asset for investment exposure through utility-backed assets in 2025, as the demand for both tokenized bonds and real-world yield continues to increase. MemeCore: Building the MemeFi Infrastructure Meme tokens have always been a subject of speculation but MemeCore (M) is changing that by positioning itself as the provider of infrastructure-first innovation. It was built for artists and communities as a Layer-1 blockchain and despite the general downtrend in the meme sector, MemeCore has made a 13% weekly gain thus confirming its status as one of the most valuable crypto assets for cultural capital in 2025. MemeCore is already hitting $10 million in 24-hour trading volume and gaining more developers’ interest with the vision of establishing its self as the “MemeChain for builders.” Such a notion is based on its unique mix of high-speed blockchain architecture and creator-oriented economic tools that with the help of advanced token launching and NFT merging allow the creators to work instantly. The competitors may be looking at the short-term but the growing on-chain activity and the cooperative ecosystem have indicated MemeCore's long-term presence. Experts predict that the meme economy will transition from “Meme 1.0” to “Meme 2.0,” and MemeCore’s combination of community, performance, and purpose may bring it to the point where it becomes a foundational network in the MemeFi sector, hence one of the most culturally significant top crypto assets of this cycle. Conclusion Across the crypto market, projects like BlockDAG, Ethena, Ondo Finance, and MemeCore exemplify how innovation and utility are driving the next generation of blockchain success stories. Each represents a distinct corner of the digital asset world, from scalability and synthetic finance to RWAs and cultural engagement, proving that the future belongs to projects with both vision and execution. As investor sentiment shifts toward sustainability and value creation, these projects stand out among the of 2025 for their measurable progress and long-term potential. BlockDAG’s unmatched growth, Ethena’s financial sophistication, Ondo’s institutional relevance, and MemeCore’s cultural leadership together mark a new phase for the industry. For smart investors, identifying such assets early could mean catching the next wave of exponential opportunity in this evolving digital era.

Ethena Frequently Asked Questions (FAQ)

  • When was Ethena founded?

    Ethena was founded in 2023.

  • Where is Ethena's headquarters?

    Ethena's headquarters is located at Road Town, Tortola.

  • What is Ethena's latest funding round?

    Ethena's latest funding round is Series A - IV.

  • How much did Ethena raise?

    Ethena raised a total of $146M.

  • Who are the investors of Ethena?

    Investors of Ethena include MEXC Ventures, YZi Labs, ArkStream Capital, Franklin Templeton, Polychain Capital and 41 more.

  • Who are Ethena's competitors?

    Competitors of Ethena include Hermetica and 1 more.

  • What products does Ethena offer?

    Ethena's products include USDe.

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