Ethena Pay added a “floor it” button: up to 12% APY, but with caveats 🚀
Imagine you have dollars in your pocket, and they’re not just sitting there—they’re working for you. That’s exactly what Ethena Pay is trying to do. The app already offers a basic yield (up to 6% APY), and now there’s a “turbo version” called Earn+.
What’s inside?
Tap one button, and your dollars move into a special vault on Aave. There, they’re used as collateral again and again, borrowed against, and reinvested. This is called “leverage,” and here it’s about 11x. Ethena doesn’t do this itself; it’s handled by the Steakhouse team through the Upshift platform. Target yield: up to 12% APY.
What’s the catch?
There is a catch, and it’s clearly spelled out in the documentation:
12% is a target, not a promise. The rate may be lowered, and in reality, you could earn less.
The risk of liquidation is still there. If the market moves sharply and there isn’t enough collateral, your position will be forcibly closed, and you could lose some of your money.
This money doesn’t earn the regular “Daily Boost” offered by the main account.
Spots are limited. At launch, the vault is capped at just $4.5 million.
Bottom line: it’s like choosing between a regular bike and a motorcycle. The motorcycle is faster, but a fall hurts more. If you’re happy with a steady 5–6%, the main account is enough. If you’re willing to take a risk for more, consider Earn+, but only deposit an amount you can afford to lose.
This is not investment advice. Crypto yields always depend on the market.
