Ethena Token ($ENA) Airdrop: Season 3 Complete Guide

Introduction

With Season 2 wrapping up and Season 3 just beginning, it’s the perfect time to get involved. This comprehensive guide will cover all aspects of the Ethena airdrop, including how to claim your ENA tokens from Season 2 and step-by-step instructions on how to participate in Season 3.

Teir: A+
Difficulty Level: Hard
Cost to Farm: Gas Fees
Type: Liquidity
Funding: $20,500,000
VCs and Investors: DragonFly Capital, Binance Labs and others
Total Tasks: 6 (Recurring + One Time)

Key Highlights of Season 3

Season 3 began automatically on September 2nd and will run until March 23rd, 2025.

• sENA is introduced as a liquid receipt token with a 7-day cooldown, replacing the previous locked ENA system.
• sENA holders will earn the largest daily multiplier for rewards at 40x in Season 3.
• Composability: sENA can be used across various DeFi platforms like Pendle, Morpho, Aave, and more.

How to Participate in the Ethena Season 3 Airdrop

Participating in the Ethena Season 3 airdrop is straightforward. Follow these steps to start earning ENA tokens:

Step 1: Purchase Assets on Ethena

✅ Capital Required
✅ One Time Task
✅ 1–2 Minutes

1. Go to the Ethena Platform

• Visit app.ethena.fi/join/oi8fw to access the Ethena application.

2. Connect Your Wallet

• Click on the “Connect Wallet” button.
• Choose your preferred wallet option (e.g., MetaMask, WalletConnect).
• Follow the prompts to authorize the connection.

3. Swap for USDe

• Once your wallet is connected, navigate to the Swap section.
• Select the cryptocurrency you wish to swap (e.g., ETH) and choose USDe as the token you want to receive.
• Enter the amount you wish to swap and confirm the transaction.

By holding USDe, you automatically start accruing points for the Season 3 airdrop rewards.

Step 2: Lock asset on Ethena (Optional)

✅ Capital Required
✅ One Time Task
✅ 1–2 Minutes

1. Visit app.ethena.fi/join/oi8fw
2. Connect your wallet
3. Select Liquidity
4. Lock $USDe, sUSDe, sENA, ENA on Ethena

Step 3: Use Pendle for 5–30x Sats (Optional)

✅ Capital Required
✅ One Time Task
✅ 1–2 Minutes

1. Go to https://app.pendle.finance/points/
2. Choose your preferred chain and go to USDe
3. Select YT, LP or PT USDe based on your preference

Step 4: Provide liquidity on Curve (Optional)

✅ Capital Required
✅ One Time Task
✅ 2–3 Minutes

1. Go to https://curve.fi/#/ethereum/pools/factory-stable-ng-12/deposit
2. Connect your wallet
3. Provide liquidity on USDe-USDC pool

Step 5: Lock LP Tokens for 30x Sats (Optional)

✅ Capital Required
✅ One Time Task
✅ 1–2 Minutes

1. Go to app.ethena.fi/join/oi8fw
2. Connect your wallet
3. Select “Liquidity”
4. Lock your USDe-USDC LP token

Step 6: Use Money Markets to Leverage Farm (Optional)

✅ Capital Required
✅ One Time Task
✅ 2–3 Minutes

Leverage Farm your $USDe with Morpho or Gearbox

Benefits of Holding USDe

• Earn Rewards: USDe holdings in approved applications on Ethena Liquidity dashboard will receive 20x rewards and sUSDe held in Morpho, Aave or Curve will receive 5x rewards.
• Liquidity Options: Use USDe in various DeFi platforms to maximize your earnings.
• Eligibility for Boosts: Previous participants receive a 10% reward boost in Season 3.

Rewards Structure for Season 3

Earning Multipliers

• USDe in Approved Applications: 20x rewards.
• sUSDe Holdings: 5x rewards.
• New Pendle Pools:
• USDe with 3-Month Maturity: 25x rewards.
• USDe with 6-Month Maturity: 30x rewards.
• sUSDe with 3-Month Maturity: 20x rewards.
• sUSDe with 6-Month Maturity: 25x rewards.
• Loyalty Boost: 10% reward boost for participants from previous seasons.

Frequently Asked Questions (FAQs)

1. How do I participate in the Ethena Season 3 airdrop?

• Purchase USDe by visiting app.ethena.fi/join/oi8fw.
• Connect your wallet and swap your preferred cryptocurrency for USDe.
• By holding USDe, you start accruing points for Season 3 rewards.

2. How do I claim my ENA tokens from Season 2?

• Visit claim.ethena.fi after September 9th.
• Claim your ENA during the week of September 30th.

3. Am I subject to vesting conditions?

• If you’re among the top 2,000 wallets, 50% of your ENA is subject to a 6-month vesting period.

4. What happens if I reduce my USDe balance?

• Reducing your USDe balance below your 30-day average as of the September 1st snapshot will result in a proportional reduction of your ENA allocation.

5. How does sENA differ from locked ENA?

• sENA is a liquid token with a 7-day cooldown, allowing you to participate in various DeFi platforms, unlike the previous locked ENA.

Conclusion

The Ethena airdrop presents an excellent opportunity for crypto enthusiasts to earn and maximize their ENA tokens. With the introduction of sENA and an enhanced rewards structure in Season 3, there’s no better time to get involved. Follow the steps outlined above to participate in the Season 3 airdrop, claim your ENA tokens from Season 2, and make the most of what the Ethena ecosystem has to offer.

Disclaimer: This article, including insights on airdrop farming and other DeFi strategies, is for informational purposes only and should not be considered as financial advice, investment recommendations, or an endorsement of any particular investment or strategy. The cryptocurrency and DeFi markets are highly volatile and unpredictable. Past performance is not indicative of future results. One Click makes no representations or warranties regarding the accuracy, completeness, or timeliness of the information provided. Readers should conduct their own research and consult with independent financial advisors before making any investment decisions. By using this information, you agree that One Click is not liable for any losses or damages arising from your investment choices.

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