Ethena Airdrop Season 2: Sats Campaign

Ethena Labs, the innovative developer behind the yield-bearing Ethereum-based stablecoin USDe, has unveiled plans to launch the eagerly anticipated second season of its airdrop campaign called Sats Campaign, scheduled to kick off on April 2.

Sats Campaign - Season 2

Ethena's Season 2 marks an update, replacing "Shards" with "Sats" to better reflect the campaign’s emphasis. The campaign is scheduled to last five months, ending on September 2 or when USDe’s supply hits $5 billion and will feature Bitcoin (BTC) as the primary asset.

In the campaign's second season, there's an updated rewards system that benefits early adopters. Users who kept their positions unchanged from the first quarter will receive increased rewards in the next quarter.

Ethena, functioning as a Liquid Staking Derivative (LSD) protocol on Ethereum, offers a decentralised alternative to traditional banking. Through USDe, Ethena Labs seeks to provide users with opportunities for higher profitability.

Ethena includes Milady holders in the distribution, 4% of the airdrop (0.2% of the total supply) will be distributed to wallets holding SchizoPosters, Redacted Remillio Babies, and Milady Maker. 

Alongside the introduction of Season 2, Ethena Labs has announced new reward options and partnerships, including with MakerDAO and Morpho. Additionally, the USDe Pendle pool will reopen for participation, and new pools will be introduced through collaboration with Pendle, offering users more options for engagement.

Read More: Airdrop Compilation: Top Projects with Airdrop Potential (Part I)

MakerDAO and Morpho

Last week, Morpho introduced USDe and sUSDe/DAI pools, with Maker directing 100 million DAI in liquidity to these pools through Spark, aligning with Maker's strategic Endgame plans with Ethena. This 100 million DAI was swiftly utilized within hours, offering users a 7x reward on USDe collateral and 5x on sUSDe collateral.

For Season 2, Morpho will raise its caps, with Maker significantly increasing its capacity. Users will receive 20x rewards on USDe collateral and 5x on sUSDe collateral for deposits and borrowing. To manage risk in DeFi, leverage use is monitored, initially capping additional USDe rewards on Morpho at $400 million, reaching a total of $500 million.

Details on when users can start depositing with the new caps on Morpho to accrue these rewards will be announced soon.

Mantle, Pendle and EigenLayer Points

Ethena is integrating with Mantle, offering users numerous ways to earn Sats in Season 2. Season 2 introduces new Pendle pools on Mantle, featuring lower gas fees than the Ethereum Mainnet. Participants can trade USDe YT, PT, or provide liquidity to earn Sats and Eigenlayer points.

• Earn 20x Sats for holding USDe in YT or LP positions, with a 100m cap.
• Eigenlayer points are awarded at 0.0012 EL per USDe daily, with a total cap of 13,800,000 points over 115 days.

Additional opportunities in the Mantle ecosystem include:

• Acquiring USDe on Mantle for 2x Sats on USDe and 1x on sUSDe.
• Merchant Moe: 20x Sats for liquidity provision and LP token locking ($20m total cap).
• INIT: 20x Sats per USDe using the Looping Hook (20m cap).
• IntentX: 20x Sats per USDe as collateral (10m cap).

Additional Pendle Pools

Alongside the new Mantle x Pendle pool, the existing USDe Pendle pool on Ethereum Layer 1 will reopen on April 2, with a 100m cap for Season 2 rollovers. Ethena and Pendle will also introduce two additional pools in Season 2, with more details to come in the next update. This marks the beginning of Ethena's Season 2 integrations and partnerships for Sats rewards, with ongoing updates provided to users as the campaign unfolds.

750 Million ENA from Season 1 Will Be Airdropped Today

Ethena’s Shards campaign ended yesterday and Ethena had planned to distribute its governance tokens through an airdrop set for April 2. This airdrop will consist of 750 million ENA tokens, representing 5% of the total supply, and will be exclusively accessible to USDe holders.To be eligible for the airdrop in Season 1, users are required to keep their USDe staked and must not undertake any unstaking, unlocking, or selling activities before the specified date. The opportunity to claim tokens will begin on April 2, aligning with the day ENA is slated to appear on centralized exchanges. Following this airdrop, Ethena aims to launch additional reward initiatives for the forthcoming phases.