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Ethena
Airdrop Phase 2
Past
01 Apr - 02 Sep 2024
Ethena is a derivatives infrastructure provider, pioneering the world’s first fully on-chain, censorship-resistant form of money - USDe stablecoin, backed by a crypto-native yield. It employs complex delta hedging on derivatives and rewards from staking Ethereum to generate APR for its yield and stabilize its stablecoin.
On March 27, 2024, Ethena announced the launch of its native $ENA token, which will power the platform's DAO layer and subsequently launched retrodrop for early adopters, allocating over 5% of total supply.
Now, on April 1st, Ethena Yield announced the second phase of its airdrop campaign but has not disclosed rewards for the second campaign yet.
CoinLaunch Score:
Last update:
Very High
18 Apr 2024
Ethena - Airdrop Phase 2 Overview
start date:
01 Apr 2024
end date:
02 Sep 2024
Reward Distribution:
09 Sep
More about Ethena
Reward
$2,000
Winners:
N/A
How to join Ethena - Airdrop Phase 2?
To participate in the second phase of the Ethena airdrop, users need to acquire some USDe tokens, which can be bought directly on the Ethena “Buy” page on the Ethereum network.
Afterward, they should provide their stablecoin into one of these protocols:
- MakerDAO and Morpho:
Recently, Morpho released a new sUSDe and USDe/DAI LP on Ethereum mainnet, where Ethena’s users are able to earn 20x Sats points daily for each USDe staked, as well as 5x Sats points for each sUSDe staked in those pools.
- Bridge USDe on Mantle Network
Visit Mantle's native bridge to transfer funds from the Ethereum mainnet to the Mantle Network.
Mantle typically charges relatively low commissions for bridging and withdrawing funds from its network. However, you can also use other cross-chain bridges if you prefer, as Ethena Finance did not forbid the use of the other bridges in its announcement.
- USDe stablecoin on Mantle:
For the second phase of the Ethena airdrop, the protocol established a partnership with the Mantle network, enabling users to stake their USDe tokens on Mantle Network using Pendle, Merchant Moe, INIT, and IntentX. The rewards for utilizing Mantle network are:
- 20x Sats per USDe held in Pendle’s USDe YT or LP position;
- 2x Sats for acquiring USDe on Mantle and 1x Sats for sUSDe;
- 20x Sats for providing liquidity and locking LP tokens on Merchant Moe;
- 20x Sats per USDe for Loop Hooking or depositing USDe on INIT;
- 20x Sats for using USDe as collateral on IntentX.
In addition to Sats, users earn 0.0012 Eigenlayer per USDe per day for holding the same YT and LP positions on Pendle, allowing them to qualify for both airdrops without even utilizing the Ethereum mainnet.
- Pendle pools on Ethereum:
Besides the new Pendle pools announced by Ethena yield, the ones that were operating during the first airdrop phase will also be reopened, each with a 100M cap.
In its announcement, Ethena Finance also mentioned new collaborations with Pendle and the launch of a few new LPs on the Ethereum mainnet in the future.
- $ENA staking:
Users can lock the $ENA tokens received during the first airdrop campaign or purchased on CEXs on the Ethena yield for a minimum duration of seven days. Mind that the amount of locked tokens worth in $ should be at least 50% worth of USDe locked to qualify for the airdrop Sats boost. Otherwise, there won’t be any additional Sats, according to the Ethena latest post.
For example, if a user has $10,000 worth of USDe locked in different LPs across all chain networks, they will need to lock at least $5,000 worth of $ENA to start earning additional Sats. However, please note that $ENA token price is volatile, so you will definitely need more $ENA to compensate for potential price dips and constantly earn additional Sats.
- Earn 20% more Sats with CEXs Web3 wallets:
Earn an additional 20% boost in Sats by locking USDe tokens or any of the DeFi LP pools mentioned earlier using the Binance, OKX, Bitget, or Bybit Web3 wallets.
- Additional rewards for Phase 1 participants:
Phase 1 airdrop participants will receive a 20% boost in Sats for existing Season 1 positions in the second phase of the Ethena airdrop if they meet two main requirements:
- Users didn’t break any vesting conditions outlined in Phase 1 of the airdrop.
- Users must have added new USDe into a new incentive program using the same wallet.
If users have not taken any action to meet these requirements, the Shards for old positions will be converted into Sats according to the following scheme:
- 20x Sats per day vs. 10x Shards per day for every locked USDe on Ethena.
- 25x Sats per day vs. 15x Shards per day for each stablecoin added to the old LPs on Curve.
- 20x Sats per day vs. 10x Shards per day for each USDe deposited on Morpho, Gearbox, and other DEXs.
Find more info about the Ethena airdrop Phase 2 in its official announcement.
Step-by-step Guide
Swap your stablecoins on USDe;
Bridge USDe on Mantle network and engage with DeFi applications on mantle network, mentioned in “How to Join” block;
Provide liquidity on Pendle on Ethereum network;
❗️For phase 1 participants: add new USDe tokens into the season 2 LPs and DeFi protocols to earn 20% bonus for existing Season 1 positions;
❗️Lock your $ENA tokens to earn additional Sats;
Use CEXs Web3 wallets to earn 20% more Sats;
Wait for more updates from Ethena.
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