Original author: CapitalismLab
Ethenas Blog almost made it clear that the points activity is about to end, and the current USDe implied APY on Pendle has reached a terrifying 170%. That is to say, the market recognizes that its APY of 170% is so high that no one can earn it.
Now I have to quickly compile an article called Ethenas Best Guide to Earning Points to help everyone understand how to catch this last bus in the correct posture.
First of all, let’s briefly introduce Ethena. You give U to the project team to buy stETH and other LSD on the exchange, and then short ETH to achieve hedging and get ETH Staking income and short capital rate income at the same time. The fund rate in the bull market is very high, so Ethena’s income is also Very high.
Ethena packages two token products:
sUSDe - a token that enjoys native interest. The interest is reflected in the sUSDe/USDe exchange rate that will continue to increase over time. It takes 7 days to unstake into USDe.
USDe - no interest, combined with DeFi to build liquidity, etc. The underlying asset income increases the income of sUSDe, and the points are mainly given to this area. Note that general users can only use DEX to exchange USDe and USDC/USDT, so there will be a small amount of loss in and out.
Ethena Labs has various types of point mining, and the multiples of points are also different. This article will directly recommend the best solution under different income and liquidity needs.
1. Zircuit+USDe - The plan with the highest profit in the unlocking cycle and with quota.
Deposit USDe to @Zircuit L2
You can get 7 times points and Zircuit points, which can be unlocked instantly. Zircuit is an L2 invested by a well-known VC.
https://stake.zircuit.com/?ref=3yn4f8
2. Lock USDe - the largest amount, moderate returns and liquidity.
If you directly lock USDe, you will get 10 times the points, which will be unlocked within 7 days, and the remaining balance will be larger.
3. Lock Curve USDe LP - high returns and low liquidity.
lockinghttp://app.ethena.fi/liquidityThe LP shown on the page can earn 15 times the points income, but it takes 21 days to unlock and there is no income during the unlocking period. Considering that the current points activity is about to end, the opportunity cost is relatively high. If you feel that future mines are far from comparable to this, you can consider it, but the current quota is almost full. It is recommended to wait until there is a quota before taking action.
4. Holding sUSDe-U will result in high base income but little points income.
The points are only 1x, and you can get up to 67% of the original income, that is, U-based income, but it takes 7 days to unlock, the liquidity is average, and you can also sell it at a discount through DEX.
5. Pendle/Gearbox USDe has high theoretical income but no limit at all.
You can use YT to achieve 200 times points on Pendle, but the quota is full.
For recurring loans of USDe on Gearbox, you can increase leverage to obtain points up to 90 times, but the amount is very scarce and the cost of borrowing needs to be considered.
Both options have a high probability of losing money, and only professionals who understand the mechanism are recommended to participate.
Compared with the above-mentioned solutions, other schemes with higher liquidity do not have higher returns, and those with higher returns are not as liquid as the above-mentioned schemes, so generally the above-mentioned schemes can be adapted to their respective liquidity needs.
