Ethena’s momentum continues to accelerate. Just one day after the ENA token launch, its fully diluted valuation (FDV) surged past $13 billion, with a market cap exceeding $1.3 billion. The success of Season 1’s airdrop—delivering annualized returns of 300% to over 800% for participants—has set a high bar. Now, Ethena Labs has officially launched Season 2 of its rewards program: the "Sats" campaign, running from April 2 to September 2, 2025, or until USDe supply hits $5 billion, whichever comes first.
This new phase marks a strategic evolution. No longer just an Ethereum-centric stablecoin protocol, Ethena is expanding into Bitcoin-based liquidity, rebranding its reward points from Shards to Sats—a nod to Bitcoin’s smallest unit and a signal of broader asset integration.
With Bitcoin perpetual futures offering an estimated $250 billion in open interest (2.5x that of ETH), Ethena is positioning itself at the forefront of delta-neutral synthetic asset protocols. This expansion unlocks new yield opportunities across multiple chains and DeFi platforms.
Let’s break down how you can maximize your Sats earnings in Season 2.
Understanding the Sats Reward System
The core mechanic remains familiar: users earn Sats based on their participation in supported protocols. However, this season introduces higher multipliers, new integrations, and cross-chain opportunities.
Your Sats are calculated daily based on:
- The amount of USDe or sUSDe held
- The platform used (Ethena, Pendle, Curve, etc.)
- Participation in referral programs
- Loyalty bonuses for Season 1 participants
All activities contribute toward the upcoming second ENA token airdrop, making consistent engagement crucial.
👉 Discover how to boost your crypto rewards with strategic DeFi participation.
Top Ways to Earn Sats in Season 2
Ethena Protocol
As the native platform, Ethena offers some of the highest base rewards:
- Lock USDe: 20× Sats per day
- Buy and hold USDe: 5× Sats per day
- Stake and hold sUSDe: 2× Sats per day
With a hard cap of $600 million in USDe deposits and over $424 million already deposited, space is filling fast. Early participation ensures maximum multiplier impact before potential saturation.
Pendle Finance (Ethereum & Mantle)
Pendle remains a top-tier partner for yield optimization:
- Holding USDe-based YT or LP tokens earns 20× Sats/day
- Using sUSDe-based positions yields 5× Sats/day
On Ethereum, the deposit cap has been raised to $550 million** (currently $452 million deposited). On Mantle, the limit is $200 million**, with $114 million already in use—indicating strong cross-chain adoption.
Pro Tip: Reinvesting yield into more USDe boosts both principal and Sats accumulation.
Curve & Uniswap
Curve continues to lead in liquidity incentives during Epoch 1 of Season 2:
- Providing USDe liquidity on Curve grants 30× Sats/day — the highest available
- The liquidity cap is set at $125 million, nearly full
Uniswap V3 pools currently do not offer multiplier boosts, but future epochs may change this. For now, Curve is the optimal choice for LP-focused users.
Zircuit & Mito (Injective)
New integrations expand Ethena’s reach into ZK and Cosmos ecosystems:
Zircuit (ZK-Rollup)
- Stake USDe → earn 15× Sats/day
- Deposit cap: $100 million
- Current deposits: $43.37 million
As an EVM-compatible zkRollup, Zircuit offers low fees and high scalability—ideal for active traders accumulating Sats.
Mito (Injective Ecosystem)
- Deposit USDe into Mito Vault → earn 15× Sats/day
- Cap: $10 million
- Deposited: $3.8 million
Mito’s integration highlights Ethena’s push into modular blockchain ecosystems beyond Ethereum.
Gearbox & Morpho
These advanced DeFi protocols cater to experienced users leveraging composability:
Gearbox (Composable Leverage)
- Use USDe as collateral → 20× Sats/day
- Use sUSDe as collateral → 5× Sats/day
Morpho (Efficient Lending)
- Supply USDe to lending pools → 20× Sats/day
- Supply sUSDe → 5× Sats/day
Both platforms enable leveraged yield strategies while contributing directly to Sats accumulation—perfect for users comfortable with higher-risk, higher-reward setups.
Loyalty Bonus: 20% Extra Sats for Season 1 Holders
If you participated in Season 1, you can unlock a 20% bonus on all earned Sats by meeting just two conditions:
- Do not unstake, withdraw, or sell your USDe/sUSDe
- Optionally, increase your holdings
This reward incentivizes long-term commitment and aligns early supporters with Ethena’s growth trajectory.
👉 Learn how loyal DeFi users are earning passive income through strategic staking.
Key Dates and Limits You Need to Know
| Platform | Max Deposit | Current Deposit | Multiplier |
|---|---|---|---|
| Ethena | $600M | $424M | Up to 20× |
| Pendle (ETH) | $550M | $452M | 20× |
| Pendle (Mantle) | $200M | $114M | 20× |
| Curve | $125M | ~$124M | 30× |
| Zircuit | $100M | $43.37M | 15× |
| Mito | $10M | $3.8M | 15× |
Note: Once caps are reached, new deposits may be paused or receive reduced multipliers.
Frequently Asked Questions (FAQ)
Q: What are Sats in the Ethena ecosystem?
A: Sats are reward points earned by interacting with USDe across supported DeFi platforms. They determine eligibility and allocation size for future ENA token airdrops.
Q: Can I earn Sats on multiple platforms simultaneously?
A: Yes! You can earn Sats across Ethena, Pendle, Curve, Zircuit, and others at the same time—there’s no exclusivity. Diversifying across platforms maximizes total points.
Q: Does holding sUSDe always give lower multipliers than USDe?
A: Generally yes. While sUSDe offers staking rewards, it typically earns lower Sats multipliers (e.g., 5× vs. 20×). However, combining staking yield with moderate Sats can still be efficient.
Q: Will there be more epochs in Season 2?
A: Likely. Season 1 had multiple epochs with changing rules. Expect adjustments to multipliers, caps, or new protocol additions as USDe approaches the $5B supply target.
Q: How do referrals affect my Sats?
A: Referring new users boosts your total Sats earnings. While exact referral multipliers aren’t public, community data suggests meaningful uplift for active promoters.
Q: Is there a minimum holding period to qualify?
A: No official minimum, but consistency matters. Sporadic activity may reduce ranking in final airdrop calculations. Long-term engagement yields better results.
Final Thoughts: Why This Season Matters
Ethena isn’t just building a synthetic dollar—it’s creating a decentralized reserve currency powered by real yield and broad protocol integration. By renaming rewards to Sats, Ethena signals its intent to bridge Ethereum and Bitcoin economies, tapping into BTC’s vast liquidity without requiring direct ownership.
With FDV already above $13 billion and growing community traction, positioning yourself early in Season 2 could yield substantial rewards when the next ENA distribution occurs.
Whether you're a passive holder or an advanced DeFi user leveraging Gearbox and Morpho, there's a path to maximize your Sats.
👉 Start earning high-yield rewards in today’s fastest-growing DeFi ecosystem.
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