Project Overview

Ethena is a decentralized finance (DeFi) protocol built on the Ethereum blockchain, designed to provide a crypto-native, yield-bearing stablecoin called USDe. This synthetic dollar is backed by a combination of Ethereum staking rewards and delta-hedging derivatives positions, ensuring stability without reliance on traditional banking systems.

Guide

To be eligible for the Ethena Season 3 airdrop campaign, users must follow these criteria:

Wallet Setup: Ensure you have a wallet compatible with the Ethereum blockchain, such as MetaMask, Trust Wallet, or Ledger, and that it contains enough ETH to cover gas fees.

Participation Methods: Accumulate points by:

Holding USDe: USDe held in applications like Morpho, Aave, Pendle, or Curve LP receives a 20x reward.

Staking sUSDe: sUSDe held in similar applications receives a 5x reward.

Liquidity Provision: Participate in lending or LP activities through platforms like Pendle. Purchase YT USDe or PT USDe on Pendle to maximize Sats earnings. Note that YT USDe will have zero value at maturity but farms Sats quickly.

sENA Mechanism: Use the sENA token, which offers a maximum 40x reward and allows liquidity retention.

Bonus for Previous Participants: Users who participated in the first or second season receive a 10% bonus on their points for Season 3.

USDe Balance: Maintain your USDe balance above the snapshot level taken on September 1, 2024, to avoid points reduction.

Claiming Tokens: Users have 30 days to claim unclaimed ENA tokens after the allocation is made.

Latest X Summary

Ethena Project Summary

Welcome to the latest updates from Ethena, where exciting developments are happening in the world of decentralized finance. Here's a concise summary of the recent events and updates that are particularly relevant for airdrop hunters and crypto enthusiasts.

Key Updates

New Features and Integrations

Ethena App Enhancements (April 18, 2025): Ethena has rolled out significant updates to its app, allowing users to onboard fiat directly, swap any stablecoin to USDe, and bridge USDe to 22 supported chains. This streamlines the process of converting fiat to digital assets within a single interface. Read more
USDe Launch on BNB Chain (April 4, 2025): USDe and sUSDe have been launched on the BNB Chain, enabling users to swap, lend, and save with Ethena assets on platforms like PancakeSwap, Venus Protocol, and Pendle Finance. Read more

Airdrop and Snapshot Events

Aave Snapshot Passed (April 11, 2025): The Aave snapshot to add Ethena PT-sUSDe as collateral to the v3 core instance has passed. This means billions of Ethena PT collateral will soon have access to Aave, opening up new opportunities for users. Read more

Partnerships and Collaborations

Integration with Reinsurance Market (April 14, 2025): Ethena's sUSDe is now accepted as collateral on Re, marking the first time crypto-native assets like USDe are connected to the $1 trillion reinsurance market. This integration represents a significant source of non-correlated, real-world yield. Read more
Proof of Reserves Solution (April 11, 2025): Ethena introduced a Proof of Reserves solution with partners like Harris Trotter, Chaos Labs, LlamaRisk, and Chainlink. This weekly PoR makes USDe the most transparent dollar asset backed by offchain assets. Read more

Important Links

Stay tuned for more updates as Ethena continues to innovate and expand its offerings in the DeFi space. Whether you're looking to participate in airdrops or explore new financial opportunities, Ethena is paving the way for a more integrated and accessible crypto ecosystem.