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Ethena LabsEL

Operations Manager

Ethena Labs is a synthetic dollar protocol built on Ethereum, providing a crypto-native, yield-bearing stablecoin (USDe) and a globally accessible savings instrument, the 'Internet Bond', independent of traditional banking infrastructure.

Ethena Labs

Employee count: 11-50

Portugal only

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Who We Are and What We are Doing:

Ethena Labs is actively building and deploying a suite of groundbreaking digital dollar products aiming to upgrade money into the internet era.
Our flagship product, USDe, is a synthetic dollar backed by digital assets, and takes the novel approach of using a delta-neutral hedged basis strategy to maintain its peg. This product scaled from zero to $15b in 18 months.
Expanding on this, iUSDe is designed specifically for traditional financial institutions, incorporating necessary compliance features to enable them to access the crypto-native rewards our protocol generates, in an institutional-friendly manner.
Ethena has also developed USDtb: a fiat backed GENIUS compliant stablecoin in partnership with BlackRock which has scaled to ~$2b.
These products are also offered in a whitelabel stablecoin offering where any application, chain, wallet or exchange can launch their own stablecoin on Ethena's back-end infrastructure.
Through these offerings, Ethena Labs is not just creating new financial products; we are building the foundational infrastructure for a more open, efficient, and interconnected global financial system.
Open job offerings will be focused on two new major product lines coming to market in the next few months.
Join us!!

The Role

The Operations Manager will report to the COO and would be an integral part of the operations team. Your primary priority will be supporting the launch of an aligned exchange, which includes communicating with users, monitoring risk metrics, and collaborating with core collaborators on product development. You will be expected to work with high integrity & trust and be comfortable working in a reasonably flat organisational structure, often needing to achieve outcomes without relying heavily on process.

What You’ll Do

  • Become the internal point of contact of key projects and partnerships launching externally.
  • Contribute to, across all functions, the successful launch and management of a range of initiatives, partnerships, and features
  • Be comfortable speaking with a wide variety of external users & partners across operational and commercial lines.
  • Assist the COO in managing existing operational approval & consensus flows.
  • Create & contribute to the analysis of business + market information to inform multiple functions, from trading to business development.
  • Be flexible to the business's needs, including taking meetings across many time zones.

What We’re Looking For

  • Team Work: The ability to always put the team first, work cross-functionally without relying upon hierarchy or process to achieve outcomes.
  • Communication: Ability to clearly communicate to a spectrum different audiences, with differing knowledge of subjects, in different forums & formats.
  • Exchange Risk Experience: A strong background and understanding of how offshore digital asset exchanges' derivatives risk engines work & product suite.
  • Product Management: A proven track record of creating, coordinating, and delivering projects with clear success metrics. The ability to manage stakeholders and sell the prioritisation of initiatives to drive business outcomes is essential.
  • Data Analysis: Comfort with sourcing, cleaning & transforming, and communicating business insights to a broad range of internal audiences.
  • User Facing: Existing relationships with a wide variety of exchange users profiles, showing clear empathy for their workflows and feedback. You should be comfortable responding and engaging directly with important users in all market scenarios.

Why Ethena Labs?

You'd be joining a group that has well established itself as one of the most successful crypto-native company's of all time, a group with a mission to revolutionise decentralised finance and it's position in global finance.
Work alongside a passionate and innovative team that values collaboration and creativity.
Enjoy a flexible, remote-friendly work environment with established opportunities for personal growth and learning.
If you subscribe to the mission of separating the dollar from the state, then we want to hear from you!
We look forward to receiving your application and will be in touch after having a chance to review.
In the meantime, here are some links to more information about Ethena Labs to help you check us out:

About the job

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Job type

Full Time

Experience level

Manager

Location requirements

Hiring timezones

Portugal +/- 0 hours

About Ethena Labs

Learn more about Ethena Labs and their company culture.

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The genesis of Ethena Labs can be traced back to a compelling vision articulated by Arthur Hayes in his essay 'Dust on Crust', which imagined a truly decentralized, crypto-native stablecoin. This idea struck a chord with Guy Young, a professional with nearly a decade of experience in the upper echelons of traditional finance at firms like Cerberus Capital Management. Inspired by the potential to build a financial instrument free from the constraints of legacy banking infrastructure, Young founded Ethena Labs in 2023. The mission was clear and ambitious: to create the internet's own currency and a globally accessible savings vehicle, addressing what he saw as the most significant and immediate need within the crypto space.

Ethena emerged from stealth mode in July 2023, backed by a formidable $6 million seed round led by Dragonfly and supported by industry heavyweights like Arthur Hayes himself, alongside major exchanges such as Bybit, OKX, and Gemini. This initial funding was a powerful endorsement of their innovative approach. The company's core innovation is USDe, a 'synthetic dollar' that maintains its stability not by holding fiat currency in a bank, but through a sophisticated delta-hedging strategy. The protocol uses assets like staked Ethereum and Bitcoin as collateral while simultaneously holding short perpetual futures positions against them. This mechanism effectively neutralizes price volatility, creating a stable, scalable, and censorship-resistant digital dollar. Building on this foundation, Ethena introduced the 'Internet Bond' via sUSDe (staked USDe), which allows holders to earn a yield generated from the staked assets and the funding spread from the derivatives positions, creating a powerful, permissionless savings alternative for a global audience.

Employee benefits

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Flexible working hours

As a globally remote company, Ethena offers a diverse and inclusive workforce without the constraints of geographical boundaries.

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