Task Description

Ethena Labs has launched Season 4 of its Shard Campaign, a six-month airdrop program featuring expanded integrations and updated reward mechanics. The campaign will run until Sept. 24, 2025.

Backed by a synthetic stablecoin model, Ethena aims to offer a DeFi-native alternative to centralized stable assets. Its flagship product, USDe, maintains a $1 peg through a delta-neutral strategy involving staked Ethereum and short perpetual futures. The protocol operates independently of traditional banking infrastructure.

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Key Details About Ethena Airdrop

Ethena Airdrop Season 4 introduces several changes from previous campaigns, including more partner integrations and broader eligibility criteria. At least 3.5% of the total ENA supply will be distributed during this period. Users earn “shards,” which determine the size of their ENA airdrop, by performing DeFi-native actions.

Key activities to earn shards via the Ethena Airdrop include:

  • Staking into sUSDe

  • Locking ENA into sENA for up to 40× multipliers

  • Providing liquidity in supported pools

  • Using integrated partners like Pendle, Aave, Morpho, and Gearbox for up to 60× boosts

  • Referring new users to earn a percentage of their shard generation

Loyalty multipliers from past seasons are also carried over, providing additional incentives for returning users.

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Step-by-Step Ethena Airdrop Participation Guide

To join the Ethena airdrop:

  1. Visit the Ethena app and connect an Ethereum wallet.

  2. Mint USDe or stake into sUSDe to start earning shards.

  3. Lock ENA into sENA to activate multipliers.

  4. Boost your rewards by using partner protocols or providing liquidity.

  5. Refer others to expand your shard base.

  6. If you participated in earlier seasons, claim past rewards on Liquifi.

Participants should allocate at least $1 worth of assets in USDe, ENA, or supported LP tokens. The initial setup takes between 15 and 30 minutes, while daily or weekly interaction can increase rewards further.

Additional Reward Streams and Integrations

Ethena continues expanding its ecosystem across multiple chains. USDe has launched on Solana, enabling crosschain participation. Users can delegate on Solana through Ethena’s app under the “Rewards” → “Delegation” section.

On Hyperliquid, USDe holders with a minimum balance of 100 USDe are eligible for automatic daily rewards. These are distributed by Merkl based on rolling 24-hour averages.

Participants can also earn Felix points by pairing USDe or sUSDe against feUSD on Curve Finance. This action generates simultaneous rewards: sUSDe APY, Felix points, and a 30× Ethena multiplier.

For those looking to maximize gains:

  • Deposit sENA into Ethereal for a 30× multiplier

  • Lock sENA for longer durations to increase boost

  • Engage with protocols like Derive, Echelon, and Terminal Finance for exclusive bonuses

To make the most of Ethena’s Season 4 airdrop, users can follow several strategies:

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  • Diversify activity: Engage with multiple components of the ecosystem—stake USDe, provide liquidity, lock sENA, and interact with partner protocols.

  • Participate regularly: Maintaining consistent activity throughout the six-month campaign will help accumulate more shards.

  • Leverage loyalty boosts: Users from past seasons automatically receive bonus multipliers, increasing their shard rate in Season 4.

  • Use multiple networks: crosschain engagement on both Ethereum and Solana expands reward eligibility and unlocks unique delegation incentives.

  • Lock sENA long-term: Extended lock periods deliver stronger boosts, improving both shard accumulation and eligibility for partner reward programs.

Project Overview and Governance

Ethena Labs positions itself at the intersection of TradFi and DeFi. Its USDe stablecoin is fully backed by crypto collateral, without reliance on centralized banking. The governance token, ENA, plays a central role in decision-making and protocol upgrades.

Ethena operates globally under Ethena (BVI) Limited, while Ethena GmbH manages EU redemption. The redemption window for EU/EEA users remains open until Aug. 6, 2025, as the company winds down operations in the region following MiCAR developments.