Ethena has some new moves! Their newly launched Earn+ offers an annualized return of up to 12%. I plan to hold Ethena long-term, and I bought some more during this recent dip I'm mainly optimistic about Ethena's future development. For example, Ethena Pay, launched just over a month ago, already boasts user balances exceeding $8 million and weekly transaction volume surpassing $750,000. The newly launched Earn+ adds a maximum APY of 12% to the existing 6% USD balance reward. This yield is quite attractive, and I estimate it will draw many users. As for how this yield is generated, from what I've seen, it utilizes a relatively complex Carry Trade strategy in DeFi to profit from the interest rate spread between USDe and USDT. The underlying vault is managed by Upshift and Steakhouse, based on Aave V4 on Avalanche, through a cyclical operation of collateralizing USDe, borrowing USDT, and then buying USDe. The entire strategy involves approximately 11x leverage, which is quite cumbersome for ordinary users to operate and maintain themselves. Now, through Ethena Pay's Earn+, participation is a one-click process, eliminating the need for manual management. A few other noteworthy details: - No fixed lock-up period; withdrawals processed within 24 hours. - Ethena Pay does not charge deposit or withdrawal fees. - Standard/Pro/VIP limits are $20,000, $50,000, and $200,000 respectively. - Initial total vault capacity is $4.5 million, with plans to gradually increase. Of course, 12% is the maximum target annualized return, not a fixed return. The underlying technology involves leveraged lending and is subject to interest rate fluctuations, liquidation, and protocol risks. From USDe to payment cards, cashback on daily spending, and now Earn+, Ethena is gradually integrating stablecoin payments, balance rewards, and DeFi yields into a single app. Moreover, Earn+ is currently only available to Ethena Pay users, further increasing the product's appeal. If it can continue to attract real users and funds, Ethena certainly has considerable potential in the Crypto Neobank sector. This is one of the reasons I will continue to follow ENA. DYOR