Ethena Invite Code "AU3M5"

15 Apr 2024

Ethena Invite Code is AU3M5

Ethena kept their airdrop active with a minimum holding of $10 you may earn 10K SATS daily.

The Sats Campaign

April 2nd marks one of the biggest days in Ethena’s recent history. Not just because of the ENA airdrop, but also because it marks the beginning of the second Ethena campaign.
“Shards” have been replaced with “Sats” in this campaign to coincide with one of the protocol’s most exciting product developments to date - onboarding BTC as a backing asset.
BTC perpetual futures offer Ethena an additional ~$25bn of open interest to delta-hedge, a 2.5x increase on the current size of ETH perpetual futures. This figure excludes $11bn of CME open interest.
Average funding on BTC has consistently matched ETH funding rates and presents one of the largest untapped real yield opportunities in all of crypto.
YTD funding on BTC has averaged ~22% on ~$25bn of open interest on major exchanges.
With half of that open interest paying fees to shorts, this equates to ~$2.75b of annual gross cash flow opportunity.
After adding over 1 billion of supply in a month, Ethena delta hedging represents approximately 15% of ETH open interest.
While no material impact on ETH funding rates has been observed as of yet, with funding currently sitting at ~60% at the time of writing, it is crucial that the protocol continues to have room to grow at the pace demanded by the market; accessing BTC perpetual futures is a huge unlock for the scalability of USDe.
The Sats Campaign aims to support that growth. The campaign will run for 5 months until September 2nd, or until USDe supply hits $5bn, whichever happens first.


Ethena is a synthetic dollar protocol built on Ethereum that will provide a crypto-native solution for money not reliant on traditional banking system infrastructure, alongside a globally accessible dollar-denominated savings instrument - the 'Internet Bond'.

Ethena's synthetic dollar, USDe, will provide the first censorship-resistant, scalable, and stable crypto-native solution for money achieved by delta-hedging staked Ethereum collateral. USDe will be fully backed transparently on-chain and free to compose throughout DeFi.
USDe peg stability is ensured through the use of delta hedging derivatives positions against protocol-held collateral.
The 'Internet Bond' will combine yield derived from staked Ethereum as well as the funding & basis spread from perpetual and futures markets, to create the first on-chain crypto-native 'bond' that can function as a dollar-denomina

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