Arthur Hayes’s “Holy Grail” Stablecoin DeFi Project Ethena Raises $6M

Ethena is a startup that is developing a stablecoin and digital savings bond that will be backed by derivatives. The stablecoin will be backed by equal amounts of staked ETH and perpetual swaps shorting Ethereum. The project has secured a $6 million seed funding from DragonFly, a venture capital firm founded by Arthur Hayes. Ethena’s stablecoin and savings bond will be built on the Ethereum blockchain, ensuring decentralization and transparency. Ethena is not the first project to create a stablecoin