Author: CapitalismLab

Ethena's Blog almost explicitly indicates the end of the points activity, and currently the implied APY of USDe on Pendle has reached a terrifying 170%! This means the market recognizes its 170% APY, which is an incredibly high yield.

Now I have to quickly write an article "Ethena Points Mining Ultimate Strategy" to help everyone understand how to catch this last train in the right way.

First, a brief introduction to Ethena, which involves buying stETH and other LSD on the exchange for U to the project party, then shorting ETH to hedge while earning ETH Staking income and shorting funding rate income. In a bull market, the funding rate is very high, so Ethena's income is also very high.

Ethena has packaged two token products:

1. sUSDe - a token that enjoys native interest, with interest reflected in the sUSDe/USDe exchange rate increasing over time, requiring 7d unstake to become USDe.
2. USDe - no interest, used in DeFi combinations to build liquidity, and the underlying asset income contributes to increasing sUSDe's income, which is mainly for points. Note that regular users can only use DEX to exchange USDe with USDC/USDT, so there is a small loss when entering and exiting.

Ethena Labs offers a variety of mining options with different multipliers for points. The following directly recommends the best solutions for different yields and liquidity needs.

Feel free to use our invitation link: http://app.ethena.fi/join/wogwi

1. Zircuit+USDe - The highest-yielding solution with no unlocking period and available quota.

Deposit USDe into @ZircuitL2 to earn 7 times the 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. Locking USDe - The largest quota with moderate income and liquidity.

Directly locking USDe yields 10 times the points, with a 7-day unlock period and a large remaining quota.

3. Locking Curve USDe LP - High yield, lowest liquidity, and limited quota.

Locking the LP shown on the http://app.ethena.fi/liquidity page yields 15 times the points, but requires a 21-day unlock period with no income during the unlock period. Considering the points activity is about to end, the opportunity cost is relatively high. If you think future mining cannot compare to this, you can consider it, but the quota is almost full at the moment, so it's recommended to wait and observe for available quota before taking action.

4. Holding sUSDe - High U-based income, very low points income.

Only 1x points, but can earn up to 67% of native income, i.e., U-based income, but requires a 7-day unlock period and has moderate liquidity. It can also be sold at a discount through DEX.

5. Pendle/Gearbox USDe - Theoretical high income but completely out of quota.

On Pendle, you can use YT to achieve 200 times the points, but the quota is full.

On Gearbox, borrowing and lending USDe can leverage to earn up to 90 times the points, but the quota is very scarce, and borrowing costs need to be considered. Both of these options have a significant probability of loss, so they are only recommended for professional individuals who understand the mechanisms.

Compared to the above options, other options have higher liquidity but not higher income, or higher income but less liquidity. Therefore, it is generally suitable to adapt the above options to their respective liquidity needs.

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