# Vault Synopsis 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-b vault which generates a 7x Effective Exposure through the [Morpho sUSDe/DAI 91.5% LLTV pool](https://risk.morpho.org/market?id=0x1247f1c237eceae0602eab1470a5061a6dd8f734ba88c7cdc5d6109fb0026b28\&network=ethereum), the Sats multiplier becomes 35x 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 [Season 2 announcement](https://mirror.xyz/0xF99d0E4E3435cc9C9868D1C6274DfaB3e2721341/GTbzFynrve4gzSjIEKL0vz7Kq0UHkIiekHkup0EXgjU) Before depositing, read the [Ethena documentation on risks associated with USDe and sUSDe](https://ethena-labs.gitbook.io/ethena-labs/solution-overview/risks). --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.origami.finance/the-second-fold-v2/deprecated-vaults/susde-7x/vault-synopsis.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.