Ethena Shard Campaign: Epoch 2

As of February 26th 8am ET, Ethena’s Epoch 2 of the “Shard Campaign” will be live.

Epoch 1 Recap:

Just one week ago we launched Epoch 1.

The first epoch was focused on users providing liquidity into Curve’s USDe pools, as well as buying and holding USDe.

In just 5 days USDe supply grew to just over $440m, with $100m of liquidity added to the Curve Pools. Some of these pools filled $15m caps in under 30 minutes.

Dune Dashboards:




While we guided towards a two week duration for Epoch 1, we are committed to not drawing out the campaign for our users and have accelerated forward the introduction of Epoch 2.

For absolute clarity, any new Epochs are additive to the existing Shards being collected from prior Epochs. For any users who are receiving Shards from Epoch 1, you will continue to receive the exact same number of Shards as the full campaign progresses.

To recap the current Shard rewards per day for Epoch 1 are:

i) 20 Shards per day for providing liquidity in Curve and locking in Ethena

ii) 10 Shards per day for locking USDe in Ethena

iii) 5 Shards per day for simply holding USDe

iv) 1 Shards per day for staking in sUSDe

Epoch 2: Pendle

The second Epoch will have 3 separate components:

i) Raising the caps on sDAI<>sUSDe, and adding GHO<>USDe pool to support liquidity with our friends at Maker and Aave.

Users who provide liquidity to those pools can then lock their Curve LP token via Ethena’s frontend to continue to accrue 20 shards per day, for each LP token.

Note for the new cap on the sDAI<>sUSDe Curve pool in Epoch 2, only single side sDAI deposits on Curve will be eligible for shards.

ii) Raising the USDe lock cap from $100m to $200m. This may be increased further during this Epoch, but is not guaranteed to increase.

Users who lock USDe will continue to receive 10 shards per day for each USDe locked.

iii) Pendle: users will be able to initial deposit USDe up to a cap within Pendle Finance and receive shard rewards. Once this cap is filled for USDe, we will be adding additional Pendle pools for sUSDe. Further details will be provided alongside the Pendle team this week.

As noted previously, users in certain jurisdictions will be restricted from accessing Ethena’s frontend to stake LP tokens and stake in sUSDe.


Users can also accumulate shards through referrals for the duration of the shard campaign. Any user who refers a friend will receive additional shards equal to 10% of the shards their referral accumulates.


General FAQ Link:

>100 answers to FAQ are contained in our Notion document link here:

What are the risks of USDe vs a fiat stablecoin?

Please note Ethena’s synthetic dollar is very different in both the risk and return profile compared to a normal fiat stablecoin. We encourage you to read about these risks before engaging with the protocol in our documentation:

Do I sacrifice my sUSDe value accrual by providing liquidity to USDe pools?

Yes, as you need to provide USDe directly to Curve liquidity pools. Staking USDe alone to receive sUSDe will only earn 1 shard vs. 20 shard per USDe LP.

Users have the choice between staking USDe and receiving value accrual funded from  the real yield generated by the protocol (stETH + short ETH funding), or accumulating 20x shards via a LP position in Curve to be eligible for the airdrop. LP positions on Curve will earn a yield via pool rewards determined by normal Curve protocol mechanics outside of the Ethena ecosystem’s control.

What pools will be eligible for shards?

Curve USDe/USDC: 0x02950460e2b9529d0e00284a5fa2d7bdf3fa4d72

Curve USDe-crvUSD: 0xf55b0f6f2da5ffddb104b58a60f2862745960442

Curve USDe-FRAX: 0x5dc1bf6f1e983c0b21efb003c105133736fa0743

Curve USDe-mkUSD: 0x1ab3d612ea7df26117554dddd379764ebce1a5ad

Curve USDe-DAI: 0xf36a4ba50c603204c3fc6d2da8b78a7b69cbc67d

Curve USDe-GHO:


Please always ensure you are using the correct contract addresses contained in our Gitbook:

Can I track my shards accumulated?

Yes, you can track your accumulated shards via our dashboards

Do I need to stake my Curve LP token with Ethena?

Yes, you must lock your LP token with Ethena to be eligible for shards at

How do I generate a referral code?

You can generate referral codes at our referral page.

Is there a cooldown for unlocking LP tokens?

Yes, there is a 21 day cooldown for unlocking LP tokens

If I unlock my LP token, will I be eligible for shards?

You will earn shards during the cooldown period for unlocking LP tokens, but not when the cooldown period is over.

Where can I access the shard campaign?

What jurisdictions are restricted from participating in the shard program?

Abkhazia, Afghanistan, Angola, Belarus, Burundi, Central African Republic, Congo, Cuba, Crimea, Ethiopia, Guinea-Bissau, Iran, Ivory Coast (Cote D’Ivoire), Lebanon, Liberia, Libya, Mali, Burma (Myanmar), Nicaragua, North Korea, Northern Cyprus, Russia, Somalia, Somaliland, South Ossetia, South Sudan, Sudan, Syria, Ukraine (Donetsk and Luhansk regions), United States, Venezuela, Yemen, and Zimbabwe.

Where can I see the Terms of Service applicable to the shard campaign?

See the Terms of Service located here.

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