Ethena Labs has recently made significant strides in the cryptocurrency market with its governance token, ENA, and its synthetic dollar, USDe. ENA's value soared by 80% since its launch, placing it among the top 100 crypto assets amid growing DeFi interest. The USDe market cap has rapidly grown to $2 billion, bolstered by the addition of Bitcoin as a backing asset, a move aimed at leveraging Bitcoin futures markets' deep liquidity. This development is part of Ethena Labs' strategy to create a safer synthetic dollar product for users, involving purchasing and shorting Bitcoin as part of a cash-and-carry trade. The Pyth Network has also supported Ethena by releasing an ENA/USD price feed available on over 50 blockchains. Despite its success, comparisons to the failed Terraform Labs' UST stablecoin have raised concerns about USDe's sustainability and safety.