Ethena Season 2: The Sats Campaign

Ethena Airdrop and Season 2

While there hasn’t been official confirmation of an Ethena airdrop, Ethena did launch their Season 2 campaign on April 2nd, 2024. This new campaign, dubbed “The Sats Campaign,” introduces a new reward system replacing “Shards” with “Sats.” This coincides with Ethena’s exciting development of onboarding Bitcoin (BTC) as a backing asset for their USDe stablecoin.

Why Sats and BTC?

Integrating BTC futures expands Ethena’s delta-hedging capabilities by offering an additional ~$25 billion of open interest, significantly increasing their capacity compared to ETH futures. This untapped potential translates to substantial real yield opportunities within the DeFi space.

Season 2 Rewards:

• Campaign Duration: 5 months (until September 2nd, 2024) or until USDe supply reaches $5 billion (whichever comes first).
• Boosted rewards for existing Season 1 holders:
  • 20% boost in Sats earned for existing Season 1 positions (as long as vesting conditions are met or new USDe is added).
  • Lock USDe: 20x Sats per day (up from 10x Shards)
  • LP Curve USDe: 25x Sats per day (up from 15x Shards)
  • Deposit USDe on specific platforms: 20x Sats per day (up from 10x Shards)
• New Partnership Rewards:
  • MakerDAO and Morpho: Increased USDe and sUSDe liquidity pools with boosted Sats rewards for depositing collateral and borrowing.
    • USDe collateral: 20x Sats (capped at an additional $400 million in rewards)
    • sUSDe collateral: 5x Sats
  • Mantle, Pendle, and EigenLayer Points:
    • New Pendle pools on Mantle with lower gas fees and the ability to earn Sats, Eigenlayer points, and participate in USDe options.
      • USDe YT or LP position: 20x Sats per USDe (capped at 100 million)
      • Eigenlayer points: 0.0012 EL per USDe per day (capped at 13.8 million points)
    • Additional ways to earn Sats on Mantle include acquiring USDe, providing liquidity on specific platforms, and using USDe as collateral.
  • Additional Pendle Pools: The existing USDe Pendle pool on ETH L1 will reopen with a 100 million cap, and two new Pendle pools are planned to launch later in Season 2.

How to Claim

1. Engage with Ethena’s DeFi Ecosystem (Focus on Staking and Liquidity):

• Visit the Ethena app (link available on their official website).
• Connect your Ethereum wallet to the app.
• Explore the “Stake” and “Liquidity” sections. These are your primary avenues for earning Sats in Season 2.

2. Participate in Supported Stablecoin Activities (USDe Preferred):

• You’ll need a supported stablecoin like USDT, USDC, DAI, or FRAX. Acquire some from exchanges like Binance.
• Within the Ethena app, use the “Buy” function to swap your stablecoin for USDe (Ethena’s synthetic dollar).
• Stake your USDe to earn a base amount of Sats.

3. Provide Liquidity to Earn Additional Sats:

• Look for available liquidity pools within the Ethena app.
• Contribute your USDe or other supported assets to these pools to earn additional Sats.

4. Referral Bonus (Optional):

• Share your referral link with friends and earn 10% of the Sats they earn throughout Season 2.

Maximizing Sats:

Ethena’s Season 2 campaign offers various ways to earn Sats. By staking USDe, providing liquidity, and leveraging referrals (if applicable), you can optimize your Sats earnings throughout the campaign.

Ethena Airdrop: Fact Sheet

Stay Updated:

Ethena will provide further updates throughout the season via their official channels.

Important Note:

Information regarding the Ethena airdrop remains unconfirmed. Treat this information about Season 2 rewards with caution and prioritize official announcements from the Ethena team.