Earn+ Launch
Since launching in ~50 countries one month ago in a slow, secure and controlled rollout, Ethena Pay has:
- Onboarded approximately 1,400 active users from a waitlist of more than 10,000
- Crossed $8m of USDe balances in Ethena Pay
- Passed $750k of weekly spend
- Paid over $175k of user rewards via cashback and daily balance rewards
Today we are accelerating the user onboarding from the waitlist and launching Earn+.
Users will now be able to earn up to 12% APY on USD by accessing an external onchain vault. The vault is set up to be cross-chain and cross protocol functional from day one in order to best optimize the user experience with a simple one-click deposit flow.
Ethena Pay users already earn automatically on their USD balance, up to 6% APY, once they deposit into their account and use the app, but with Earn+ you can now earn up to 12% APY.
Earn+ introduces a new way of earning in Ethena Pay, utilizing DeFi rails to deliver a higher target rewards rate, while abstracting away the usual complexity of interacting with DeFi money markets.
How Earn+ Works
Earn+ is exclusively available to Ethena Pay users and will not be accessible onchain without being an Ethena Pay user.
Earn+ simplifies a strategy that even DeFi power users can find complex to execute and monitor into one click
The underlying strategy involves a user depositing USDe into a vault managed by Upshift and Steakhouse, utilising Aave v4 and executing on Avalanche. When you use Earn+, you are moving your money to an external vault service run by those external parties.
The vault supplies USDe as collateral to an Aave v4 Avalanche market, borrows USDT, acquires USDe, then repeats that process and targets a leverage ratio of ~11x. Similar to Aave v3, the oracle for USDe on Aave v4 is pegged to USDT.
You choose how much to move from your USD Account into Earn+, and review it before you confirm. There is no lock-up: you can withdraw whenever you like, and Ethena Pay charges no fee to add money or to withdraw it. A withdrawal is processed within 24 hours and paid into your USD Account.
Capacity
VIP users will be able to allocate up to $200k, while Pro users can allocate $50k and Standard users can allocate up to $20k. Users will be able to upgrade tiers in Ethena Pay shortly. The vault also has an overall limit across all users initially set at $4.5m, which will be increased as caps are filled.
FAQs
Disclaimers
Earn+ is a third-party product. It is not operated, held, or guaranteed by Ethena Pay.
Ethena Pay provides the interface only.
Ethena Pay does not custody, manage, or guarantee the assets in Earn+, and we accept no liability for the vault’s performance or for any losses. Participating subjects you to Upshift’s terms, which you acknowledge when you accept the Earn+ specific terms described above. You can read them on Upshift’s site. Those terms are Upshift’s, so they can change without us. Read them before you participate.
