Vault Synopsis

The lov-USDe-a vault accepts deposits denominated in USDe

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-b vault which generates a 7x Effective Exposure through the Morpho USDe/DAI 91.5% LLTV pool, the Sats multiplier becomes 140x 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

Before depositing, read the Ethena documentation on risks associated with USDe.

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