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Ethena
Airdrop Phase 3
Active
02 Sep 2024 - 23 May 2025
Ethena is a synthetic dollar protocol on Ethereum that offers a fully on-chain, censorship-resistant stablecoin, $USDe. It allows users to deposit funds into the first crypto-native yield product, called the 'Internet Bond,' which backs Ethena’s synthetic dollar $USDe and supports its delta-hedging strategy, generating APY for users.
The protocol is powered by the governance token $ENA, which has already been airdropped twice to participants of Ethena Airdrop Seasons 1 and 2. As a result, the CoinLaunch team has decided to write a comprehensive guide on how to participate in the $ENA Airdrop Season 3.
CoinLaunch Score:
Last update:
High
17 Feb 2025
Ethena - Airdrop Phase 3 Overview
start date:
02 Sep 2024
end date:
23 May 2025
Reward Distribution:
23 May
More about Ethena
Reward
N/A
Winners:
N/A
How to join Ethena - Airdrop Phase 3?
The third season of the Ethena airdrop follows a concept similar to the previous Season 1 and Season 2, which we have previously covered on CoinLaunch. To participate in the airdrop, you need to earn points by engaging with multiple DeFi protocols using $ENA or $USDe tokens.
Although there are nearly ten different ways to earn Ethena points during the third season of the $ENA airdrop, we won’t cover all of them. However, here are some of the most effective airdrop farming routes, in the CoinLaunch team’s opinion:
Mellow + Pendle Protocol
Mellow is a liquid staking protocol built on Symbiotic that enables the creation of custom LRTs. To participate in this airdrop farming route, you have two options:
- Stake $USDe into $sUSDe and restake the tokens on the Mellow protocol in exchange for $rsUSDe, which you can then deposit into the Pendle app. This way, you can earn $sUSDe APR + Mellow points + Symbiotic points + Pendle APR + Ethena 10x points per $USDe/day.
- Restake $ENA tokens on the Mellow protocol to receive $rsENA, and deposit the funds into Pendle to start earning Ethena 30x points per $USDe/day + Pendle APR + Mellow points + Symbiotic points.
By using these routes, you can participate not only in the Ethena airdrop but also in the Mellow and Symbiotic point farming campaigns, potentially qualifying for their retrodrops as well.
Swell Network
Swell is a liquid staking protocol and the first Ethereum Layer 2 (L2) network powered by the “restaked rollup”. The network is currently in the pre-launch phase and is running an active ecosystem points farming campaign. Pre-deposit $USDe stablecoins into the Swell protocol to earn 15x Ethena points per $USDe daily + Swell ecosystem points.
LP Protocols
Deposit your $USDe or $sUSDe stablecoins into any DeFi protocol from the list to earn 20x or 5x points per token daily, respectively. Additionally, by supplying $USDe into Pendle pools older than 3 and 6 months, you can start earning 25x and 30x Ethena points, respectively, while for $sUSDe, there is a boost to 20x and 25x points, respectively.
Ethereal Season Zero
Ethereal is a decentralized spot and perpetual exchange powered by native USDe collateral. On February 13th, they launched a Season Zero pre-deposit campaign for both initial liquidity building for the platform’s launch and rewarding early supporters. You can participate by pre-depositing $USDe. Once deposited, you will receive an equivalent amount of $eUSDe. Hold them to unlock the maximum 30x Ethena Points multiplier on your deposit and additional Ethereal points.
Explore more by yourself
Although our team highlighted in the guide one of the most effective airdrop farming routes from our perspective, you can still research more dApps and protocols by yourself, using this Ethena points list.
Good Luck! 🍀
Step-by-step Guide
Acquire some stablecoins or $ENA on Ethereum in your wallet;
Visit Ethena app;
Exchange stables on the $USDe tokens;
Supply $USDe or $ENA into various LP protocols from the list;
Follow the points farming routes, described in “how to join block”;
Receive your $ENA tokens at the end of the campaign.
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