Latest update on October 26, carefully organized, the content is lengthy and divided into 6 main parts:
📌Ethena Project Background - Latest Developments📌My Past Airdrop Earnings📌Ethena Season 5 Airdrop - Gameplay Introduction📌Ethena Season 5 Airdrop - Participation Methods📌Other Projects in the Ethena Ecosystem - Early Airdrop Opportunities📌FAQ
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📌Ethena Project Background - Latest Developments
Ethena is a decentralized financial protocol based on Ethereum, with core products being two stable dollar assets, USDe and USDtb. At the time of writing, USDe's circulation has exceeded 13 billion, ranking as the third largest stablecoin globally, only behind USDT and USDC. USDtb is issued in collaboration with Anchorage Digital (a federally chartered crypto bank in the U.S.) and is one of the first stablecoins issued through the compliance path of the (GENIUS Act) in the U.S.
Ethena has accumulated over $500 million in revenue over 25 years through staking returns, funding rate returns from hedging, stablecoin reserve returns, and protocol fees, earning approximately $13-14 million per week – making it a veritable money-printing machine.
Ethena recently launched Whitelabel, a "Stablecoin-as-a-Service" stablecoin offering that allows other blockchains, wallets, or applications to quickly issue their own stablecoins, choosing USDe or USDtb as the underlying backing, thereby expanding the on-chain applications of USD assets. Previously, when projects used USDT or USDC, the returns on these stablecoins were pocketed by the issuing companies. Now, projects can issue their own stablecoins based on the Ethena protocol, keeping the returns for themselves. Several projects have already chosen Ethena's stablecoin service.
Ethena's previously approved Fee Switch proposal, which allows a portion of the protocol's revenue to be awarded to stakers of $ENA , has now met all preconditions and is awaiting protocol launch. This will fundamentally change $ENA 's positioning from a governance token to a yield token.
Numerous projects have developed within the Ethena ecosystem, such as Derive, Ethereal, Strata, Terminal, and Echelon. These projects have their own independent airdrop events and also award Ethena airdrop points. Please check out my other airdrop tutorials, such as Strata Season 1 Airdrop Tutorial and Ethereal Airdrop Tutorial.
ENA is essentially a mining coin, like BNB. The more you accumulate, the stronger your mining power becomes. ENA airdrops occur every six months. The first four quarters released 17% of the total supply, totaling 2.55 billion coins, leaving 13%, or 1.95 billion sENA coins, to be released. Airdrop rewards from each quarter can be used to mine the next quarter, creating a snowball effect! The coin supply will steadily increase, and the long-term price outlook is positive. Short-term fluctuations will not affect the long-term value; conservatively, we expect it to reach over 1 USDT, with a long-term target of 1.5-2 USDT. It's a top-tier project perfectly suited for long-term holding and mining!
The total amount released is fixed; if you don't mine it, someone else will.
I also accumulated a large amount of ENA for mining during the low period of Season 3 when it was below 0.3u, and purchased a large amount of YT-USDe, YT-eUSDe, YT-pUSDe and YT-sENA for airdrop arbitrage. I will introduce the arbitrage method in a special Pendle YT Arbitrage Tutorial.
📌My past airdrop earnings:
Season 1: Didn't participate, missed out on the biggest prize.
Season 2: 5% of the total supply was released, totaling 750 million tokens, yielding 27,853.08 sENA.
Season 3: 3.5% of the total supply was released, totaling 525 million tokens, yielding 50,950.82 sENA.
Season 4: 3.5% of the total supply was released, totaling 525 million tokens, yielding 124,000 sENA tokens.
S4 Airdrop Claim + Follow-up Operation Guide
A total of 202,800 sENA were mined. At the current exchange rate of 0.58U, the cumulative profit is 117,624U, which is approximately RMB 840,000.
Season 5: The official release ratio has not yet been announced, but it is expected to be no less than 3.5% of the total. The expected release is 120,000-150,000 tokens. I will update this information as soon as it becomes available.
📌ENA Season 5 Airdrop - Gameplay Introduction
The airdrop event will last from September 24, 2025 to March 24, 2026, for a total of 6 months. As is customary, the airdrops will be distributed at the end of April.
I. Basic Gameplay:
1. Staking ENA to obtain sENA will grant you ENA airdrop credits and credits from four additional projects, for a total of five (originally six, but Derive's airdrop has ended, though new partner projects may be added in the future). These projects are: Strata, Ethereal, Terminal, and Echelon.
Staking grants you sENA, and locking sENA doubles the 4 bonus points. However, unlocking takes 14 days. Suitable for long-term miners. Alternatively, you can directly purchase YT-sENA to mine instead of sENA.
2. Staking or locking USDe earns ENA airdrop points, excluding the four additional points. Locking is more valuable than staking. Staking earns sUSDe, which earns protocol interest, but yields very few airdrop points. We usually directly purchase YT-USDe, YT-pUSDe, YT-tUSDe, etc., to replace USDe.
II. Advanced Gameplay:
1. ENA positions can boost USDe positions, effectively doubling USDe mining power. Therefore, careful allocation is crucial to maximize your mining efficiency! I've created a separate tutorial for detailed instructions: Ethena Boost Principle Tutorial
2. Pendle YT Arbitrage
YT, PT, and LP assets are unique to the Pendle platform. You can purchase a large amount of YT with a small amount of capital to amplify your mining capabilities. The airdrop rewards will allow you to recover your costs and generate additional profits. This requires careful calculation of which YT asset offers higher returns. I have provided a calculation tool here Airdrop Catcher Pro 3.0 - YT Arbitrage Edition. However, you still need to analyze the project to choose the appropriate YT asset. You can also contact me to customize a personalized asset allocation plan to maximize your capital utilization and mining speed. Join my group to stay updated on the latest developments.
III. Core Strategy:
ENA is the cornerstone of the entire airdrop, the source of the other four airdrops, and provides a mining bonus for USDe. Buy on dips and hold long-term. Use it in conjunction with various YT assets for arbitrage mining to obtain more airdrops at a lower cost, accumulating compound interest and reinvesting in mining.
📌ENA Season 5 Airdrop - How to Participate🔥:
1. Go to the official event website to activate your airdrop eligibility.
Official website event address: Enjoy a 10% boost:
https://app.ethena.fi/join/kxhze
Open the official website event page, link your wallet, check the confirmation box for the service agreement, and complete the registration.
II. Deploy sENA positions + USDe-type positions to form a mining portfolio.
1. Buy ENA and withdraw it to your web3 wallet. Try to withdraw as much as possible at once to reduce transaction fees.
2. Link to the official website: https://app.ethena.fi/join/kxhze
Connect wallet in the top right corner.
Click the three horizontal lines in the upper right corner to enter Earn.
Under stake, click max, select all ENA, and then confirm to eat 1 fish for 5!
(If your capital is limited, you can directly purchase YT-sENA to replace the spot collateral. 1 YT-sENA is equivalent to 1 sENA.)
3. Deploy USDe positions. Currently (at the time of writing), it is recommended to use Strata's YT-srUSDe for arbitrage. This offers a guaranteed annualized interest rate of around 4%, plus Ethena airdrop points and Strata airdrop points, resulting in substantial arbitrage opportunities based on calculations. You can also refer to Strata Q1 Airdrop Tutorial.
Of course, you can also choose:
YT-USDe (Ethena main protocol pool, purely for Ethena airdrops)
or
YT-tUSDe (a pool from the partner project Terminal, for trading Terminal + Ethena)
The process is similar. Purchase on Pendle and no further deployment is required.
※Taking Strata as an example
Log in to the Strata website with your wallet, activate your airdrop eligibility, and receive a 10% bonus:
https://app.strata.money/?ref=PR8u2dqg
Click "sign" to complete your Strata Season 1 airdrop registration.
On the Strata main menu, click POINTS. At the bottom of the page, find Pendle srUSDe YT (Jan 26). Click Deposit on the right, and you'll be redirected to Pendle to redeem YT-srUSDe.
(Strata does not currently offer a mobile app; it can only be accessed on a computer. After successfully registering on your mobile phone, you can go directly to the Pendle website -> Market menu, at https://app.pendle.finance/trade/markets?search=srUSDe, to exchange YT-srUSDe. The process is the same as shown in the image above.)
As shown in the image (at the time of writing), 10,000 USDT can be exchanged for more than 400,000 YT-srUSDe, which amplifies the mining capacity by more than 40 times.
You can also exchange various currencies in your wallet, such as ETH and BTC. It's on the Ethereum blockchain.
1YT-srUSDe can earn: a guaranteed annual return of around 4% + 40x Ethena points per day + 60x Strata points per day, a triple benefit. The Ethena points earned can also be boosted to 2x by sENA, resulting in 80x ENA points per day.
You can use Airdrop Catcher Pro 3.0 YT Arbitrage Edition to calculate the specific profit.
*Taking Terminal as an example
Mobile app - Follow the instructions in the image.
Open the Terminal event website
https://terminal.fi/?ref=CJMSZTDO
After completing the registration, follow the steps shown in the image.
PC version - as shown in the image
Then purchase YT-tUSDe as shown in the image.
1 YT tUSDe offers 60x Terminal Points + 50x Ethena Points, allowing you to earn two rewards from one investment. Additionally, Ethena Points can be multiplied by sENA positions up to 2x, with a maximum of 100x Ethena Points.
—At this point, you have completed the pairing of ENA with YT-srUSDe/tUSDe.
Your sENA position can also be replaced with YT-sENA, and your USDe position can be arbitrageurized using spot USDe or YT-USDe.
Regardless of which YouTube channel you choose, before participating, please activate your airdrop eligibility on the corresponding official website and claim your 10% bonus. Limited spots available, first come, first served.
⭐️Ethena event website: https://app.ethena.fi/join/kxhze
⭐️Strata event website: https://deposit.strata.money/?ref=PR8u2dqg
⭐️Terminal event website: https://terminal.fi/?ref=CJMSZTDO
⭐️Ethereal official website: https://deposit.ethereal.trade/points?ref=B0TDOQ
For an advanced YouTube arbitrage tutorial, see here: Pendle's YouTube Arbitrage Tutorial
Here are 3 more tools for you:
1. Rewards Calculator - Basic Version 1.0 Calculates your current earnings based on your current points, daily.
2. Airdrop Catcher Pro 2.0 Based on your mining speed, it provides an overview of your daily earnings changes and a final earnings summary.
3. Airdrop Catcher 3.0 YT Arbitrage Edition Is buying YT profitable? Which type is more profitable? How much profit can be made? This tool can calculate all of these questions.
These are some amazing airdrop tools that can be incredibly effective if used correctly! I'll also be updating with more useful tools from time to time. You're also welcome to join my group or contact me for one-on-one Q&A and customized fund allocation plans.
Driven by quantitative analysis, we systematically explore the benefits of Web3.
Reconstructing airdrop strategies and defining DeFi opportunities with data.
📌Other projects in the Ethena ecosystem - early airdrop opportunities:
1. Ethereal – A DEX based on USDe
Airdrop event link: https://deposit.ethereal.trade/waitlist?ref=B0TDOQ
This is a DEX project that I am very optimistic about for the future. Exchanges are generally profitable businesses. The mainnet is already online. You can use USDe as margin to trade here and earn USDe's annualized interest at the same time. It is highly recommended. Currently, whitelisted users are being opened in batches.
2. Strata – A revenue aggregation platform
Airdrop event link: https://app.strata.money/?ref=PR8u2dqg
You can choose jrUSDe or srUSDe based on your risk tolerance; different risks and different returns, choose what suits you best. This project is also excellent. See my separate tutorial for details: Strata Season 1 Airdrop Tutorial
3. Terminal – A yield platform providing liquidity for Ethena's public blockchain project, Converage.
Airdrop event address: https://terminal.fi/?ref=CJMSZTDO
Currently, it is the Q0 pre-deposit activity, and the corresponding YT arbitrage asset is YT-tUSDe. After activating the airdrop option, you can purchase it yourself on Pendle, or you can deposit it directly into USDe.
📌FAQ：
1. How to claim the reward:
The Season 4 rewards will be available to claim later in October, and are expected to be available on the https://ethena.liquifi.finance/ page. I will also post about it once the official announcement is made.
2. Is it possible to unlock/unstake the pledge midway through the process?
A: You can unlock and withdraw your funds at any time. There is a 7-day cooldown period for unstaking. You can also choose the official website's swap service to directly exchange sENA for USDT or USDe, although there will be some slippage. Locked sENA requires 14 days to unlock.
3. Will the points disappear after unlocking?
A: Unlocking and withdrawing coins won't cause your points to disappear, but your rewards will decrease. This is because your points will stop accumulating, while others are mining and their total points are increasing, so your reward share will become smaller and smaller.
4. How to calculate the current integral value in ENA units?
A: You can use the ENA Airdrop Catcher - Reward Calculator in the airdrop community: https://airdropzone.cn/ena.html
If you need one-on-one coaching, you can contact me to join the communication group.
This idiot below copied my post. If you've read the tutorial, please spit on it for me!
