Vault Synopsis
The sUSDe 5x vault accepts deposits denominated in sUSDe.
Last updated
The sUSDe 5x vault accepts deposits denominated in sUSDe.
Last updated
The sUSDe token is a reward-bearing token similar to Coinbase ETH (cbETH) or Spark DAI (sDAI) which means it acts as a repricing share that is worth more in USDe terms over time. USDe takes on forms of staked ETH and ETH as backing combined with short ETH hedges on exchanges to achieve a delta neutral approximate dollar position. Some portion of the unstaked USDe value accrual will flow into the staked USDe token (sUSDe).
The sUSDe token represents Ethena’s staked USDe. The variable sUSDe yield is derived from Ethena’s version of the “crypto carry trade”. The sUSDe token accrues value from the staked ETH that backs the USDe as well as the funding rate earned from Ethena’s short ETH position.
For Ethena's Season 2 Sats campaign, sUSDe supplied as collateral on Morpho Finance will receive a 5x multiplier in addition to the variable native sUSDe yield from the carry position. When the Origami user deposits through the lov-sUSDe-a vault which generates a 5x Effective Exposure through the , the Sats multiplier becomes 25x per 1 sUSDe deposit. Current borrow APY in the Morpho pool will impact the yield in this vault.
For more details about ENA airdrop and the Ethena Season 2 campaign, please refer to the official
Before depositing, read the .