Ethena – Season V
Stablecoins are the base layer of on-chain finance 💸
At scale, what matters is the market activity behind a dollar: derivatives funding, basis spreads, and asset rewards that generate real cashflow on-chain.
Ethena operates USDe, a synthetic dollar backed by crypto collateral and stabilized through delta-neutral hedging. The protocol holds spot assets such as $ETH or $BTC while maintaining offsetting short positions on perpetual futures. This neutralizes price exposure and keeps USDe close to $1 without relying on banks or fiat reserves.
Alongside USDe, Ethena also operates USDtb, a fully backed dollar whose reserves are primarily held as LP shares in BlackRock’s BUIDL fund. This connects Ethena directly to tokenized U.S. Treasury infrastructure while remaining native to on-chain settlement.
$ENA is the protocol’s governance and incentive token. When $ENA is staked, it becomes sENA, representing locked participation in the system and forming the basis for governance rights and incentive distribution across the Ethena ecosystem.
Ethena is designed so stable value and yield coexist.
Protocol revenue generated from perpetual funding, and basis spreads on backing assets is routed into sUSDe, the yield-accruing form of USDe. Holding sUSDe means holding a dollar-denominated asset whose value increases over time as yield compounds within the token.
sUSDe remains fully composable across DeFi, allowing capital to stay usable while yield accrues.
The Ethena airdrop program distributed $ENA rewards on top of that yield.
The Ethena Season 5 Airdrop is live 🪂
This phase distributes $ENA as an additional incentive, layered on top of the yield earned through sUSDe. $ENA rewards are earned through active participation in the protocol, including:
• holding or minting USDe
• staking USDe into sUSDe to earn yield
• staking and locking $ENA into sENA to signal long-term alignment
• deploying USDe or sUSDe across Ethena-aligned integrations
All qualifying activity is tracked over time and determines each participant’s $ENA allocation, while yield from sUSDe continues to accrue independently.
The total $ENA allocation for Season 5 has not yet been disclosed.
Ethena – Season V
Ethena – Season V
Step by step guide Ethena – Season V Airdrop
Connect your wallet → Head to the Ethena web app and connect your EVM wallet.
🔔 If you joined previous Ethena Airdrop Seasons, don’t forget to claim your ENA airdrop allocation on Liquifi Finance. Gas fees apply in $ETH.
Acquire USDe and / or $ENA → Use the Swap section in the Ethena app to acquire USDe (to stake into sUSDe) and / or $ENA (to stake and lock into sENA).
Stake USDe and / or $ENA → Stake USDe to mint sUSDe and / or stake and lock $ENA to mint sENA to earn protocol yield and accumulate Shards for Season 5 rewards.
Note: $USDe and $ENA become withdrawable 7 days after unstaking. Unstaking is currently only supported on Ethereum.
Use USDe or sUSDe across integrations → Deploy USDe or sUSDe in Ethena-aligned DeFi integrations to strengthen participation and increase Shard accumulation.
Monitor yield and rewards → Track yield, Shard accumulation, referral performance, and Season 5 $ENA rewards directly from the Ethena dashboard.
* Follow @Ethena_Labs on 𝕏 and join the community on Discord to stay in sync.
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