Ethena's solution has both Onchain and Offchain composite components & services.

The Onchain components include the smart contracts that enable the minting, redeeming, staking, and unstaking of USDe.

The Offchain components include services that manage the delta hedging positions with respect to deposited collateral.

In order to access the centralized liquidity, explicit trade-offs need to be made for onchain trust assumptions which are detailed in this section.

Ethena Labs Github

You can read more in the following sections:

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