A synthetic dollar developer, Ethena Labs, has teamed up with major centralized exchange wallets like Binance, Bybit, OKX, and Bitget, simplifying user participation in its rewards program.
Users who lock USDe for at least 7 days via exchange Web3 wallets can now enjoy a 20% reward boost, announced Ethena developers. These incentives, called “Ethena sats,” can be converted to ENA tokens at the end of each campaign.
To earn sats, users need to deposit Ethena USDe stablecoins into their exchange wallets, connect to the Ethena DeFi protocol, and stake their holdings. The protocol currently boasts a total value locked of $2.274 billion, generating $178 million in annualized revenue.
The protocol’s ecosystem rewards have garnered significant attention and usage. Since the launch of Ethena Staking Season 2, the top 10 wallets have withdrawn 37.5 million ENA ($51 million) and staked them, as per blockchain analytics firm Lookonchain.
Ethena made headlines by offering a 67% annual percentage yield (APY) on USDe shortly after its launch on March 8. Despite a current APY of 24% on stablecoins, the high yield comes with risks tied to trading income from Ethereum derivatives.
Founder Guy Young addressed concerns, stating that Ethena’s yields are organic and sustainable, unlike past unstable stablecoins. Ethena’s verifiable yields come from various sources, including Ethereum rewards, execution fees, and trading income, providing transparency to users.
This integration and robust rewards system are expected to further boost Ethena’s popularity and usage within the decentralized finance community.
