Ethena Labs is collaborating with major centralized exchange wallets such as Binance, Bybit, OKX, and Bitget to ease user participation in its rewards program.
Ethena developers have informed that users that lock USDe for at least 7 days using exchange Web3 wallets will now receive a 20% incentive boost. These rewards, known as “Ethena sats,” can be exchanged into ENA tokens at the end of the campaign.
To earn sats, users must deposit Ethena USDe stablecoins into their exchange wallets, then connect to the Ethena DeFi protocol and stake their holdings. The protocol now has a total locked value of $2.274 billion, providing $178 million in annual revenue.
The protocol’s ecosystem benefits have received a great deal of attention and usage. Since the start of Ethena Staking Season 2, the top ten wallets have withdrawn and staked 37.5 million ENA ($51 million), according to blockchain analytics firm Lookonchain.
Ethena made waves when it offered a 67% annual percentage yield (APY) on USDe shortly after its inception on March 8. Despite a current APY of 24% on stablecoins, the high yield is associated with risks related to trading profits from Ethereum derivatives.
Founder Guy Young answered concerns, noting that Ethena’s yields are organic and sustainable, unlike previous problematic stablecoins. Ethena’s verifiable yields are derived from a variety of sources, including Ethereum rewards, execution fees, and trading profits, offering customers transparency.
This integration and robust rewards structure are intended to increase Ethena’s popularity and usage in the decentralized finance ecosystem.