2024.04.03
Background of the project
Ethena.fi
It is a derivatives infrastructure built by Ethena Labs that uses stETH to configure Delta neutral positions and is used to purchase global Internet bonds as underlying assets, thereby creating the first crypto-native, yield-bearing stablecoin: USDE.
Why is this airdrop worth it?
In July 2023, Ethena completed a $6.5 million seed round of financing, led by Dragonfly, followed by OKX, Deribit, Bybit, etc. On February 16, Ethena Labs announced that it had completed a $14 million strategic round of financing at a valuation of $300 million, led by Dragonfly and Arthur Hayes, followed by Binance Labs, Paypal Ventures, and Kraken Ventures. Binance Labs has included Ethena Labs in the first batch of incubation projects in Incubation Season 6.
The first season of Ethena ended on April 2. Those who participated can also log in
https://claim.ethena.fi/ to claim your own airdrop. At the same time, the official also announced the start of the second season of the event. New rules and partners were introduced. This event will last for 5 months, until September 2nd or the USDe supply reaches 5 billion US dollars, whichever happens first. The first phase of income is 27% principal income + the airdropped coins are monthlyized 100%+. The airdrop coin ENA has also been listed on bn, which can be regarded as meeting the previous expectations of the listing on the Goose Exchange. According to DeFillama data, Ethena TVL has also exceeded 1.5 billion US dollars.
New rules for season 2
In this event, the previously obtained event rewards "fragments" are replaced with "Sats". If users have locked their USDe in the first season and no longer add new USDe, they will be able to receive additional rewards.
Locked USDe = 20x Sats per day vs 10x Shards
LP USDe = 25x Sats per day vs 15x Shards
Depositing USDe on Morpho/Gearbox/Other = 20x Sats per day vs 10x Shards
Operation Tutorial
Log in to Ethena.fi’s official website
app.ethena.fi/join/ntdon
There are probably several ways to get Sats:
1. Buy and hold USDe to get 5xsats every day
2. Stake and hold sUSDe to get 2xsats every day
3. Lock USDe and get 20x sats every day
4. LPs who provide liquidity can get 30xsats every day
5. Invite, 10% of the fragment rebate income
If you already hold the stablecoin USDe, you only need to recharge USDe into your wallet. If you do not already hold USDe, you need to exchange USDe on ethena.
Click BUY in the upper left corner to exchange USDe with all mainstream stablecoins.
The following table shows the exchange rate of different stablecoins to buy 10wu of USDe today
USDT（100000）USDC（10000）DAI（10000）crvUSD（100000）GHO（100000）mkUSD（100000）998709978099710992709898099910
The points income of being an LP is 1.5 times that of staking. If you want to get more points, you can choose to be an LP. If you are afraid of losses caused by price fluctuations due to impermanent losses, you can choose to only stake, which is a safe and risk-free method.
On the right side, under Liquidity, you can stake tokens. However, since the USDe pool is very popular now, the project owner will likely open up quotas again, so you need to be prepared to rush in. It should be noted that stakes need to be locked for 7 days, and forming an LP also requires a 7-day lockup.
Project Summary
The overall recommendation of Goose is 4 stars. The cost of capital occupation in the bull market is high, and the USDe pool is often full. You need to pay attention to the subsequent information of the project. This activity is more friendly to friends with strong financial strength. You can think of deposits as points. The points are sold in the secondary market, and the overall rate of return is equal to the principal rate of return + airdrop.
