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Ethena Season 3 airdrop event begins, details on how to play with the new sENA token

BlockBeatsBlockBeats2024/09/03 06:03
By:BlockBeats

The second season airdrop will be open for inquiry soon, but the final amount is still uncertain.

Original title: "Ethena launches the third season airdrop event, what new gameplay is there?"
Original author: Azuma, Odaily Planet Daily


In the early morning of September 3rd, Beijing time, USDe developer Ethena Labs officially issued a statement saying that the second season airdrop event has officially ended, and ENA tokens accounting for 5% of the total supply of ENA will be distributed to all users who participated in this season's activities this month. In addition, Ethena Labs also announced that it will immediately launch the third season airdrop event. The new season of activities has now begun and will last until March 23, 2025.


Review of the Second Season Airdrop


On April 1 this year, Ethena Labs announced the launch of the second season airdrop event Sats. The season event adopted multiple standards for the end time, which can last up to September 2 (5 months), or until the supply of USDe grows to 5 billion, whichever is achieved first.


Although USDe maintained a relatively strong growth trend in the early stage of the second season (once growing to 3.6 billion US dollars in early July), as the market downturn drove down the funding rate, the supply of USDe also gradually shrank as the yield decreased. In the end, USDe failed to reach the supply level of 5 billion before today, and the season event also ended at the latest time node on September 2.



During the second season, the supply of USDe eventually grew from 1.3 billion to 3 billion, and the Ethena protocol generated more than $105 million in revenue during this period, and distributed $54 million in rewards to the sUSDe staking contract, with an average APR of about 15%.


At the same time, USDe has further expanded in both DeFi and CeFi, and has expanded to new chains such as Solana, Mantle, Blast, Arbitrum, Base, and head projects such as Aave, Symbiotic, and LayerZero, and has been accepted as new collateral by Bybit and Bitget.


According to the official announcement of Ethena Labs, users who participated in the second season of the event will be able to view the ENA airdrop share on claim.ethena.fi on September 9, and receive their ENA airdrop from September 30.


Similar to the airdrop in the first season, the top 2,000 addresses will have a 50% lockup limit, and the locked shares will be unlocked linearly within 6 months.


It is worth mentioning that although the snapshot of the second season airdrop has been completed, before the token distribution is completed, if the USDe balance in the user's wallet is lower than the 30-day average balance at the time of the snapshot on September 1, the airdrop share it receives will be reduced proportionally (calculated by the gap percentage), and the reduced share will be redistributed to other users who lock ENA or sENA (new concept, detailed below).


In addition, Ethena Labs also mentioned that users will have 30 days to claim the unclaimed ENA (excluding the locked portion).


Q3 Airdrop Outlook


Ethena Labs officially mentioned that users can start accumulating airdrop points for the third season from September 2, and the season activity will last until March 23, 2025 (6 months). Users who participated in the first or second season activities will receive a 10% bonus on points in the third season activities. However, Ethena Labs has not yet mentioned the total amount of ENA allocated to the third season.


Similar to the previous two seasons, users can accumulate points for the third season activities by holding (USDe), staking (sUSDe), liquidity configuration (lending, LP) or other leverage methods (Pendle). Ethena Labs has stated that it will update the different point multipliers for various participation methods on the front end as soon as possible. The general multipliers of some participation methods are as follows:


· USDe held in any application listed on the Ethena Liquidity dashboard (such as Morpho, Aave, Pendle or Curve LP) will receive a 20x reward;


· sUSDe held in applications such as Morpho, Aave or Curve LP will receive a 5x reward;


· For any new USDe Pendle pool, if the expiration time is 3 months from the date of the pool’s launch, a 25x reward will be received, and if it is 6 months, a 30x reward will be received;


· For any new sUSDe Pendle pool, if the expiration time is 3 months, a 20x reward will be received, and if it is 6 months, you will receive 25 times the reward.


In addition, Ethena Labs will also introduce the sENA mechanism at the beginning of the new season.



sENA is essentially a liquidity voucher token with a 7-day unlocking cooldown period. In the previous second season event, Ethena Labs allowed users to obtain higher points by locking ENA. The lock of ENA also has a 7-day unlocking cooldown period, but the locked ENA will no longer have liquidity. Compared with the mechanism of locking ENA, sENA feels the same in terms of unlocking cooldown, but it can continue to retain liquidity and invest in various other DeFi protocols.


In the third season airdrop event, sENA will be able to obtain a maximum multiplier reward of 40 times. Ethena Labs will provide a migration tool for users who lock ENA, so that they can directly convert locked ENA into sENA, so as to earn more rewards in the third season.


In summary, Ethena Labs' third season activities are somewhat different from the second season activities in terms of detailed execution (mainly reflected in sENA), but there is not much difference in terms of corresponding strategies.


Odaily Planet Daily previously wrote an article "Analysis of Ethena's second season mining yield, up to 400%+APY? " on the second season activities, outlining three different mining strategies: low, medium, and high. Although the current figures may be quite different as the price of ENA has fallen sharply, the general operation mode is the same. Interested readers can use this article as a reference.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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