【Ethena S3 Review | S4 Outlook | sENA Strategy】 @ethena_labs Season 3 airdrop, 27T points shared 3.5%, which is $164.5M of $ENA, equivalent to $6.1 per 1M points Based on the previous @pendle_fi $USDe pool 50x points as a base, without any additional boost or bonus, each 100 $USDe can earn $0.03 airdrop per day, or 11.1% APR 💰 During this period, Pendle LP annualized return was about 10-20%, adding up to an overall annualized return of about 30%, which is quite good for stablecoin returns... Unfortunately, the $ENA price ended up low, otherwise the annualized return on points would have been higher ✤ ✤ ✤ Looking forward to Season 4, based on the accumulation speed of points in the first month plus some room, it is expected that the final points will be 40T, sharing at least 3.5% airdrop (Ethena has stated that S4 distribution will not be less than S3), which is $4.1 per 1M points (based on the current $ENA price) Based on the latest Pendle $USDe pool 60x points as a base, without any additional boost or bonus, each 100 $USDe can earn $0.0246 airdrop per day, or 9% APR Everyone can consider the opportunities of LP / PT / YT based on their own outlook on $ENA price prospects, TVL growth, etc. ✤ ✤ ✤ As for the $sENA in hand, if you don't want to sell at a low price, you can consider depositing it into the @pendle_fi sENA pool, in addition to 40x Ethena Sats points and other sub-project points, the current LP annualized return is 33%, PT annualized return is 25% YT/LP's sENA can be used to boost USDe or sUSDe (or related LP/YT) points, details can be found in the following strategy... ✤ ✤ ✤ 《Ethena Points Newcomer Strategy》 If you haven't registered for the points plan, you can use my invitation link Once registered, the page above will show the multipliers of points in different places Generally speaking, the multiplier for storing in Pendle is better: about 30-60x, depending on the expiration date, etc. (the multiplier list is available in the Ethena link above) ◆ PT has no points, only earns fixed u returns ◆ YT is similar in concept, it is a prepayment of a fixed interest expense, borrowing funds to leverage underlying returns & points ◆ 1 PT matures and you receive back the value of 1 USDe (redeem equivalent USDe or sUSDe tokens) ◆ 1 YT is equivalent to depositing 1 USDe into USDe or sUSDe ✤ ✤ ✤ As for LP, LP = PT + SY (SY is considered the underlying asset, here it is USDe or sUSDe), the ratio can fluctuate, when YT is more popular, the PT content in LP is higher. LP can be seen as a relatively neutral strategy, earning some PT returns and also earning points ✤ ✤ ✤ The points multiplier for USDe is higher, sUSDe is half. But for $sUSDE, in addition to points, there is also the underlying annualized return (current 4-5%) Note: Ethena ecosystem project @etherealdex's $eUSDe is basically the same as $USDe, eUSDe is a 1:1 wrapped USDe Another benefit of the USDe (or eUSDe) Pendle pool is that the airdrop mined from the pool, Ethena has promised not to lock it ✤ ✤ ✤ Finally, $sENA or YT-sENA or LP-sENA (the SY part in LP), in addition to having 40x Ethena points, also has points from Ethereal (Ethena's self-developed Perp DEX) and other Ethena-related sub-projects It can also be used to boost your USDe/sUSDe category positions (including YT) points in Ethena 🚀 For example, if you have 6000 YT-sENA, assuming $ENA = $0.333 Then: ◆ Can provide a 100% boost (i.e. x2) for points of $2000 or less USDe or sUSDe ◆ Can provide a 60% boost (i.e. x1.6) for points of $3000 USDe or sUSDe (2000/3000 rounded down to integer %) ◆ Can provide a 30% boost (i.e. x1.3) for points of $6000 USDe or sUSDe (2000/6000 rounded down to integer %) ◆ If the boost is less than 20%, it is no longer applicable The above also applies to Pendle related LP/YT positions It can be seen that sENA's LP/YT, in addition to being able to mine points, if properly coordinated, can also double the points earnings for the stablecoin part End🔚🙏