Ethena is redefining digital money with USDe — a synthetic dollar backed by crypto collateral and stabilized through delta-neutral strategies. By holding spot assets like $ETH or $BTC while shorting them via perpetual futures, USDe maintains a reliable $1 peg without relying on traditional banks or fiat reserves, while generating sustainable on-chain yield.

Season 4 of the Shard Campaign is now live. Participants can earn $ENA by minting USDe, staking into sUSDe, locking ENA into sENA for multipliers, providing liquidity, and referring others.

Every qualifying action earns shards, which determine each participant’s $ENA Airdrop allocation.

Loyalty multipliers carry over from previous seasons, with extra shard boosts available through partners like Ethereal, Derive, Echelon, and Terminal Finance.

About Ethena

sUSDe, the staked version of USDe, captures yield from perpetual futures funding and staking rewards while maintaining composability across DeFi. It can be deployed into vaults, LPs, and structured strategies with full on-chain transparency.

Ethena Labs continues to expand aggressively, with integrations on Pendle, Morpho, Gearbox, and Aave, as well as deployments across Solana, Mantle, Blast, Arbitrum, and Base. The protocol’s hybrid architecture combines decentralized collateral and governance with centralized execution for futures hedging, coordinated through the ENA token.

In June 2025, Ethena GmbH — the EU-facing entity — initiated a regulated wind-down after withdrawing its MiCAR application. A BaFin-approved redemption plan was launched for EU/EEA holders. Global operations continue under Ethena (BVI) Limited, unaffected by this process, as reported by Cointelegraph.