Token Flow

Fig 20. Displaying the user flow for farming Ethena Sats with the USDe 5x vault.

  1. User deposits USDe into the USDe 5x vault for shares

  2. User burns their shares of USDe 5x for USDe when exiting

  3. USDe 5x deploys to Ethena Protocol by holding USDe reserves

  4. USDe 5x vault borrows DAI to swap into USDe for 5x Effective Exposure

  5. USDe 5x vault supplies USDe to the Morpho LP (86% LLTV Pool)

  6. USDe 5x vault farms Ethena Sats at a 100x multiplier and 10x multiplier for Ori Points after leverage

  7. RebalanceDown triggers the USDe 5x vault to borrow more DAI from the Morpho LP (86% LLTV Pool)

  8. RebalanceUp sells USDe into DAI to pay down debt owed to the Morpho LP

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