Season 2 Updates

On April 2nd, 5% of ENA’s total supply was allocated to the community after a 6 week campaign.

As outlined in the original post upon launch of the Sats Campaign, the second season will reach its conclusion on the earlier of September 2nd, or when USDe supply hits $5bn.

In the interest of transparency, and following community feedback requesting additional guidance, this blog post is intended to clarify that:

i) a minimum of 15% of ENA’s supply, or 2.25bn ENA, has been allocated to overall Ethena “points” program distributions.

ii) This figure is a minimum, and may be increased up to 20% subject to the growth in USDe and subject to governance.

The above figure includes the 5% of total supply that was distributed in April 2024, meaning an additional 10% of ENA supply at a minimum is allocated to be distributed in future programs, including the currently active Sats Campaign.

Recognizing that market conditions may impact user decisions regarding whether to interact with ecosystem integrations using USDe as opposed to staking directly within the Ethena protocol in sUSDe, while specific outcomes with respect to the Sats Campaign and results of interacting with third-party applications cannot be guaranteed, it is not expected that users choosing to interact with ecosystem integrations with USDe instead of staking in sUSDe will be in a materially different position at the end of the current season.

Season 1: Shard Campaign

The 5% of ENA supply distributed at the conclusion of the Sats Campaign in April appeared to have been well received by the community.

Due to the short duration of the campaign, and the significant quantum of tokens received by participants, Season 1 was broadly viewed in positive light:

In an effort to provide tooling for users in the current season, an assumptions calculator has also been built.

Sats Campaign Calculator

As of Monday users will be able to input assumptions into a high-level calculator tool, experimenting with inputs for example engagements with ecosystem integrations and impact on the sats they can expect to receive.

The calculator is meant to be an illustrative tool only and in no way represents a guarantee that any specific user would obtain the illustrative results of any inputs provided by a user via any engagement within the ecosystem.

The tool may also not be comprehensive with respect to opportunities for engagement within the ecosystem, or combinations of engagements with third-party applications.

It’s up to the user to determine the right engagement for their situation and risk profile.

To access the full range of ecosystem integrations involving Ethena sats, go to

Sats Campaign End Date

As mentioned earlier, the Sats Campaign will conclude on September 2nd, or when USDe supply hits 5bn, whichever happens first.

In Season 1 this was outlined with a similar target for $1bn USDe, which resulted in the campaign ending two months earlier than expected, as USDe supply reached the target after only 6 weeks.

At USDe’s current supply last 7-day supply growth rate of 9%, the Sats Campaign would end in mid July as USDe supply passes 5bn.

New Additions Live Next Week

FDUSD Curve $10m LP Pool Live Monday 12pm UTC

Users will be able to provide LP on FDUSD<>USDe to support liquidity for swaps via FDUSD.


Ethena is integrating with Infinex, an innovative cross-chain wallet allowing users to easily access the world of DeFi including perps, DEXes and lending protocols, which would provide users with an opportunity to access yield powered by Ethena.


In addition to existing sats received by users depositing USDe into the Karak campaign, users depositing sUSDe into Karak will earn 5x sats a day combined with the organic yield.


We are announcing an exciting partnership between Ethena and Bouncebit. Starting next week, Bouncebit users will be able to earn yield powered by Ethena as well as 5x sats per USDe equivalent (as determined by Bouncebit based on application parameters) while remaining exposed to BTC.

At sUSDe’s current APY levels, this integration represents the highest-yielding BTC product in DeFi at scale. BTC related yield products are expected to grow significantly and Ethena should play a key role in supporting this growth.

Further Updates

In the coming week the Bybit USDe integration on their UTA trading accounts will officially launch where users can post USDe collateral to trade perpetuals whilst potentially capturing a yield paid by Bybit. We will confirm the date and time of when this is live with Bybit next week via Twitter.

In addition, new CEX USDe integrations will be announced next week.

If users have any questions on anything discussed in today’s post we would encourage you to go to either our Sats FAQ in our app, or our Discord for more information.

Subscribe to Ethena Labs
Receive the latest updates directly to your inbox.
Mint this entry as an NFT to add it to your collection.
This entry has been permanently stored onchain and signed by its creator.