30 min phone call with recruiter, 30 min video call with hiring manager, live skills presentation (with product, engineering, and design), and virtual onset (3 rounds for product thinking with eng and design, values with someone from the team, and interview with the founders).
Negative piece is that if you don't move forward, they don't give you feedback on why. This is unacceptable and should only be the case of people that applied and didn't interview at all. If you spend the time preparing and interviewing, the candidate should always get feedback on why they didn't move forward. ESPECIALLY since Ethena is so keen on giving and taking feedback as one of their culture pillars.