# Vault Synopsis USDe is Ethena Protocol's synthetic dollar and the focal point of Ethena liquidity provision in Automated Market Makers (AMM) and Centralised Trading Exchanges (CEX). USDe takes on forms of staked ETH and ETH collateral as backing combined with short ETH hedges on exchanges to achieve a delta neutral approximate dollar position. The risk and return profile of USDe is very different from a typical fiat stablecoin such as USDC. Some portion of the unstaked USDe value accrual may flow into the staked USDe token (sUSDe). While USDe does not have a native yield like other yield-bearing tokens or the staked USDe (sUSDe), for Ethena's Season 2 Sats campaign, unstaked USDe supplied as collateral on Morpho Finance will receive a 20x Sats multiplier. When the Origami user deposits through the lov-USDe-a vault which generates a 5x Effective Exposure through the [Morpho USDe/DAI 86% LLTV pool](https://risk.morpho.org/market?id=0xc581c5f70bd1afa283eed57d1418c6432cbff1d862f94eaf58fdd4e46afbb67f), the Sats multiplier becomes 100x per 1 USDe deposit. Current borrow APY in the Morpho pool will impact the yield in this vault. For more details about the 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](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/usde-5x/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.