On its second day post-launch, ENA's fully diluted valuation exceeded $13 billion, with a market cap surpassing $1.3 billion.
Ethena Labs, the developer behind USDe, officially opened ENA Season 1 airdrop claims on April 2 (UTC). Running from February 20 to April 1, the campaign delivered annualized returns of 300%–800% for participants. With 750 million ENA (5% of total supply) allocated, over 236 million tokens (31% of airdrop) were claimed within hours.
Season 2 "Sats" launched concurrently—a 5-month program expanding rewards through Bitcoin integration and multi-protocol strategies. Below is your optimized guide to capitalize on this opportunity.
Key Highlights
- ENA Tokenomics: 15B total supply, 9.5% initial circulation (1.425B). Current FDV: $13B+
- Season 2 Duration: April 2 – September 2 (or until USDe supply hits $5B)
- New Rewards System: "Sats" replaces "Shards," reflecting Bitcoin-focused expansion
- BTC Strategy: Leverages $25B+ BTC perpetual futures open interest (2.5x ETH's volume)
6 Ways to Earn Sats
1. Ethena Direct (20x Boost)
- Lock USDe: 20x daily Sats
- Hold USDe: 5x daily Sats
- Stake sUSDe: 2x daily Sats
Current USDe cap: $600M ($424M deposited)
2. Pendle (20x Boost)
- Ethereum/Mantle YT/LP tokens earn 20x Sats
- sUSDe YT/LP earns 5x
Caps: $550M (ETH), $200M (Mantle)
3. Curve & Uniswap
- Curve LP (Epoch 1): 30x Sats (until pool fills $125M cap)
- Uniswap: No multiplier (monitor announcements)
4. Zircuit & Mito (15x Boost)
- Zircuit (EVM ZK Rollup): 15x for USDe staking ($100M cap)
- Mito (Injective): 15x in vaults ($10M cap)
5. Gearbox & Morpho (20x Boost)
- USDe as collateral/loan: 20x
- sUSDe positions: 5x
6. Referral Program
Invite new users to amplify earnings.
Pro Tip: 20% Loyalty Bonus
Season 1 participants qualify for extra Sats if they:
- Maintained USDe positions without unstaking/selling
- Increased USDe holdings
FAQs
Q1: What’s the difference between USDe and sUSDe?
USDe is Ethena’s delta-neutral stablecoin, while sUSDe represents staked USDe for yield.
Q2: Can I participate without holding ENA?
Yes—Season 2 focuses on USDe interactions. ENA holdings aren’t required.
Q3: How often are Sats distributed?
Rewards accrue daily but may have vesting periods. Check Ethena’s docs for details.
👉 Ready to turbocharge your rewards? Start with Ethena’s highest-yield strategies today!
Note: All links are for illustrative purposes. Always DYOR before investing.