Ethena, a protocol that seeks to build a banking system independent stablecoin, has announced that it has raised $6.5 million in its seed round. The round, led by Dragonfly, aims to help issue Ethena’s decentralized stablecoin product in Q3 2023, which was inspired by an article written by former Bitmex CEO Arthur Hayes. Stablecoin Protocol Ethena Raises $6.5 Million in Seed Funding Round Ethena, an Ethereum stablecoin protocol, has raised $6.5 million in its seed round. The funding round led by Dragonfly Capital also had the participation of former Bitmex CEO Arthur Hayes and some derivatives exchanges such as Deribit, Bybit, Okx, Gemini, and Huobi. Ethena’s goal is to bring to fruition a stablecoin that has no connection with the traditional financial system. The protocol was inspired by the “ Dust on Crust ” Arthur Hayes article, where he explains how a stablecoin can be constructed using delta-neutral techniques, derivatives, and onchain collateral. Ethena uses the concept o
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