Ethena Alternatives: 8 Protocols Compared protocol
Why these alternatives
Ethena is a protocol tracked in the DeFi Intel knowledge graph, with 38 connected entities and a PageRank of 0.0328. The 8 protocols below are the same-type entities that share the most graph neighbors with Ethena — the chains, companies, auditors, investors and events that connect them — ranked by shared neighbors, then by their own graph centrality (PageRank).
Comparison table
| # | Alternative | Type | Category | Graph connections | Shared with Ethena |
|---|---|---|---|---|---|
| 1 | Aave | protocol | — | 111 | 9 |
| 2 | Lido | protocol | — | 79 | 9 |
| 3 | Pendle | protocol | — | 57 | 6 |
| 4 | EigenLayer | protocol | — | 128 | 4 |
| 5 | Pendle Finance | protocol | yield-tokenization | 34 | 4 |
| 6 | Penpie | protocol | yield-aggregator | 10 | 4 |
| 7 | Brahma Console | protocol | vault-platform | 9 | 4 |
| 8 | Morpho Blue | protocol | Lending | 84 | 3 |
The 8 alternatives in detail
1. Aave
Aave is a protocol tracked in the DeFi Intel knowledge graph, with 111 connected entities and a PageRank of 0.1298. It shares 9 graph neighbors with Ethena, including Ethereum, Arbitrum and Pendle Finance. The graph also records a direct “partnered with” relation between Aave and Ethena. Also known as Aave Protocol.
2. Lido
Lido is a protocol tracked in the DeFi Intel knowledge graph, with 79 connected entities and a PageRank of 0.0693. It shares 9 graph neighbors with Ethena, including Ethereum, Arbitrum and Aave. Also known as Lido DAO, Lido Finance.
3. Pendle
Pendle is a protocol tracked in the DeFi Intel knowledge graph, with 57 connected entities and a PageRank of 0.0515. It shares 6 graph neighbors with Ethena, including Ethereum, Arbitrum and Ethena USDe. The graph also records a direct “partnered with” relation between Pendle and Ethena. Also known as Pendle Finance.
Pendle profile → · Pendle review
4. EigenLayer
EigenLayer is a protocol tracked in the DeFi Intel knowledge graph, with 128 connected entities and a PageRank of 0.1424. It shares 4 graph neighbors with Ethena, including Ethereum, Symbiotic and Pendle Finance. Also known as Eigen Labs.
EigenLayer profile → · EigenLayer review
5. Pendle Finance
Pendle Finance is a yield-tokenization protocol tracked in the DeFi Intel knowledge graph, with 34 connected entities and a PageRank of 0.0343. It shares 4 graph neighbors with Ethena, including Ethereum, Arbitrum and Aave. The graph also records a direct “provides underlying for” relation between Pendle Finance and Ethena.
6. Penpie
Penpie is a yield-aggregator protocol tracked in the DeFi Intel knowledge graph, with 10 connected entities and a PageRank of 0.0149. It shares 4 graph neighbors with Ethena, including Ethereum, Arbitrum and Pendle.
7. Brahma Console
Brahma Console is a vault-platform protocol tracked in the DeFi Intel knowledge graph, with 9 connected entities and a PageRank of 0.0067. It shares 4 graph neighbors with Ethena, including Ethereum, Arbitrum and Morpho Blue. Also known as brahma, Brahma Finance.
8. Morpho Blue
Morpho Blue is a Lending protocol tracked in the DeFi Intel knowledge graph, with 84 connected entities and a PageRank of 0.0738. It shares 3 graph neighbors with Ethena, including Ethereum, Arbitrum and Converge. The graph also records a direct “partnered with” relation between Morpho Blue and Ethena. Also known as morpho-blue, MORPHO.
Morpho Blue profile → · Morpho Blue review
How this list is built
DeFi Intel maps 11,787 entities and 25,338 relationships extracted from source-cited crypto news and research. An alternative to Ethena is defined here as another tracked protocol ranked by how many knowledge-graph neighbors it shares with Ethena, with ties broken by PageRank (graph centrality). Only entities with their own DeFi Intel profile page are listed. This page is generated from the graph data alone and contains no editorial ranking or opinion.
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