Sats Activity Update: $ENA
Esina Laboratory
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2 hours ago
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Mint
$ENA Rewards Launch
Starting April 8th, users will be able to lock $ENA in Ethena for a minimum lock-up period of 7 days.
Locked $ENA will receive 30x the maximum amount of Sats per day.
What’s more, if a user holds at least 50% of $ENA relative to their USDe earning rewards balance on any platform, all rewards on their total $USDe position will be increased by 50%.
For example, if a user has a USDe balance of $10,000, it is split as follows:
Lock USDe 2,000 for 7 days
Gearbox or Morpho's USDe position totals $2,000
$2,000 Curve LP position, USDe locked in Ethena
Hold $2,000 in sUSDe
$2,000 USDe bridged to eligible L2
Users will need to lock in at least $5,000 in $ENA positions to be eligible for the boost. A UI update will be available on April 9th to allow users to keep track of their wallets.
Most users who participate in Season 1 will receive fully transferable $ENA that they can lock and receive this boost. To be clear, users who lock $ENA will still be able to participate in governance. This program is designed to align the highest rewards with users who have been most aligned with the Ethena ecosystem over the long term.
To be absolutely clear: Team and investor allocations locked up under the vesting schedule will not be able to participate in the $ENA lockup - only circulating $ENA received from the first airdrop or otherwise acquired on the open market will be eligible.
The initial upper limit of ENA lock-up is $200 million, which will be adjusted to increase in the future, and the cool-down period for locking ENA is 7 days.
Additional Updates
A new season means new reward options, which will include some new partnerships:
MakerDAO and Morpho
As we mentioned last week, MakerDAO voted to increase the cap on the Morpho USDe and sUSDe/DAI pools from $100 million to $600 million, increasing allocations to a maximum of $1 billion.
The increased cap will begin to be deployed now, with Maker increasing the next 100m of the allocation today and then gradually deploying the remainder to ensure a controlled and measurable deployment.
As a reminder, Morpho users will receive the following benefits for depositing collateral and borrowing:
20x sats of USDe collateral
5x sats of sUSDe collateral
The relevant team is actively monitoring the use of leverage in an attempt to reduce the risks accumulated in DeFi in the short term. Therefore, Maker has started an initial increase of $100 million, which will be closely monitored before any future increases.
Please review this topic before using any currency market or leverage platform.
Pendle Pool
The original Pendle USDe pool on ETH L1 has been popular and is currently capped at $400 million with approximately $30 million remaining capacity.
After listening to feedback from the community (primarily that ETH gas prices were too high for some users), new upcoming mining pools will be included on cheaper networks, specifically:
mantle
arbitration
Zilkut
The initial cap for each of the above pools is $100 million, and the maturity date for each pool is different.
The Mantle pool, in particular, not only allows users to earn Sats through cheap transactions with USDe YT, PT, or LP, but also introduces the function of earning Eigenlayer points.
Mantle USDe Pool Details:
20x sats per USDe in USDe YT or LP positions
200m upper limit
Feature Tier Points: 0.0012 EL per USDe per day
Eigenlayer points cap is 200m 0.0012 115 days = 13,800,000 points
Curve LP Pool Cap Increase
The original Curve pool incentives have barely adjusted since the first season of sharding activity. With the start of Sats activity, some Curve LP incentives for the USDe pool will be updated as follows:
USDe/DAI pool cap will increase from 15 million to 30 million, earning 30 times more sats
USDe/USDC pool cap will increase from 25 million to 30 million, earning 30 times more sats
Starting today, USDe/mkUSD will no longer receive rewards.
As a reminder, following the recent Prisma exploit, the cooldown period for the mkUSD pool was immediately removed, allowing users to adjust their positions immediately. This is still the case today, and the mkUSD pool is not subject to a cooldown period.
mkUSD supply has been reduced significantly, so LPs hold a disproportionately large position in USDe of total supply. If liquidity conditions on mkUSD recover, the possibility of adding these pools back into activity will be continually evaluated.
Exchange wallet integration
Users who lock USDe for at least 7 days through CEX Web3 wallets can get an additional 20% Sats boost. CEX wallets are:
Baitbit
Oaks
BitJet
These CeFi wallet integrations will go live on April 10 at 12pm UTC.
Other updates
Users will no longer receive satellites during the cooldown period
A new feature in the app will display the minimum amount of USDe a trustee must hold in their wallet to remain eligible to receive vested ENA tokens.
Our UI now tracks Ethena’s BTC positions as well as the perpetual futures indicator for BTC contracts
Merchant Moe: Provide liquidity and lock LP tokens to earn 30x Sats (total lock-up cap is $20 million, of which $10 million is USDe)
Updates on Sats activity will continue to be provided, with more integrations coming soon.
