Ethena’s best strategy for earning points: use the correct posture to catch the last bus

Author: CapitalismLab; Source: X@NintendoDoomed

Ethena's Blog almost made it clear that the point activity is about to end, and the current USDe implied APY on Pendle has reached a terrifying 170%! That is to say, the market recognizes that its APY of 170% is too high to be profitable.

I have to hurry now Ma Jia compiled an article "Ethena's Strongest Guide to Earning Points" to help everyone understand how to catch this last bus in the correct posture.

First of all, let’s briefly introduce Ethena. It means that you give U to the project party to buy stETH and other LSD on the exchange, and then short ETH to achieve hedging while receiving ETH Staking income and short funding rate income. , the bull market funding rate is very high, so Ethena's income is also very high.

Ethena packaging is out Two token products:

1. sUSDe - a token that enjoys native interest. The interest is reflected in the sUSDe/USDe exchange rate that will continue to increase over time. It takes 7 days to unstake into USDe 

2. USDe - no interest, combined with DeFi to build liquidity, etc., the underlying corresponding asset income increases sUSDe's income , the points are mainly given to this area. Note that general users can only use DEX to exchange USDe and USDC/USDT, so there will be a small loss in and out.

Ethena Labs Point Mining There are various types of mines, and the multiples of points are also different. This article will directly recommend the best solution under different income and liquidity needs.

1. Zircuit+USDe - The plan with the highest profit in the unlocking cycle and has a quota.

Deposit USDe @ZircuitL2

Available 7x points and Zircuit points can be unlocked instantly. Zircuit is an L2 invested by a well-known VC.

https:// stake.zircuit.com/?ref=3yn4f8

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2. Lock USDe - the largest amount, moderate returns and liquidity.

Directly lock USDe Yes 10x points, unlocked in 7 days, with a larger remaining balance.

3. Lock Curve USDe LP - High yield, low liquidity.

Lock http:// The LP shown on the /app.ethena.fi/liquidity page can earn 15 times the points income, but it takes 21 days to unlock and there is no income during the unlocking period. Considering that the current points activity is about to end, the opportunity cost is relatively high. If you feel that future mines are far from comparable to this, you can consider it, but the current quota is almost full. It is recommended to wait until there is a quota before taking action.

4. Holding sUSDe-U will result in high base income but little point income.

Points only 1x , you can obtain up to 67% of the native income, that is, U-based income, but it takes 7 days to unlock, the liquidity is average, and it can also be sold at a discount through DEX.

5. Pendle/ Gearbox USDe has high theoretical income but no limit at all.

Available on Pendle YT achieved 200 times points, but the quota is full.

Gearbox on USDe For revolving loans, you can increase leverage to obtain points up to 90 times, but the amount is very scarce and the cost of borrowing needs to be considered.

These two options There is a high probability of losing money, and only professionals who understand the mechanism are recommended to participate.

Other solutions are relative to the above Schemes with higher liquidity do not have higher returns, and schemes with higher returns are not as liquid as the above schemes, so generally the above schemes can be adapted to their respective liquidity needs.