Ethena Announces Reward Criteria for Season 2, Integrates MakerDAO, Mantle, Pendle, and EigenLayer

In anticipation of the ENA governance token release, Ethena has unveiled the reward criteria for Season 2, dubbed the Sats Campaign.

Ethena, known for its innovative Delta-Hedging strategy, has captured significant attention since its inception.

Today, April 2, marks the airdrop of 750 million ENA tokens and their listing on major exchanges, including Binance. The criteria for the first airdrop were disclosed last month.

Users who did not qualify for the first airdrop still have a chance to "farm ENA" in the second phase, known as the Sats Campaign.

The campaign aims to encourage users to use BTC as collateral for the stablecoin USDe. The Sats Campaign will run from April 2 to September 2 or until the total supply of USDe reaches 5 billion USD. Participants in the program will earn rewards similar to those in the Shard Campaign.

In addition to the criteria from Season 1, Season 2 will involve several other DeFi platforms.

MakerDAO and Morpho

Last week, Morpho launched the USDe and sUSDe/DAI pool, followed by MakerDAO's intention to allocate 600 million DAI to Ethena's USDe lending pool.

To encourage support from MakerDAO and Morpho, Ethena will award points for USDe and sUSDe used as collateral on these platforms:

• 20x sats for USDe collateral
• 5x sats for sUSDe collateral

Mantle, Pendle, and EigenLayer Points

Beyond the existing integration with Pendle from Season 1, Season 2 expands by incorporating Mantle, leveraging the low fees of Layer-2.

When users trade USDe YT, PT, and add LP, they will earn Sats and EigenLayer Points. The latter is a reward program from the renowned restaking platform EigenLayer, anticipated to be used for future governance token airdrops:

• 20x sats for each USDe held in USDe YT or LP
• EigenLayer Points: 0.0012 EL for each USDe per day

Other ways to earn sats within the Mantle ecosystem include:

• Buying USDe on Mantle to earn 2x sats for USDe, 1x sats for sUSDe
• Merchant Moe: Providing liquidity and locking LP tokens to earn 20x sats
• INIT: Using the USDe Looping Hook on INIT to earn 20x sats for each USDe
• IntentX: Using USDe as collateral to earn 20x sats for each USDe

This comprehensive approach aims to enhance user engagement across various DeFi platforms while boosting the utility and adoption of USDe in the broader crypto ecosystem.