Tutorial Pintu Web3 Intermediate

Ethena’s Key Features and Steps to Become Eligible for ENA Airdrops 2024

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Ethena introduces a synthetic dollar (USDe) built on the Ethereum blockchain. It features various innovative aspects to boost user interaction and engagement. Its season 2 airdrop campaign allows users to collect “Sats” to earn ENA airdrops. Users can buy, hold, stake, and lock USDe for a 20% Sats boost. This article will explore key features of Ethena and how to participate in the ongoing ENA airdrop season 2.

Article Summary

  • 💵 Ethena is a protocol that creates synthetic dollars (USDe) using ETH (stETH) as collateral, offering a unique stablecoin alternative.
  • 🪂 Ethena is currently running an ENA airdrop season 2. It introduces “Sats” as reward points that users can earn through various activities within the ecosystem. Sats can be converted into Ethena governance tokens (ENA).
  • 🤝 Ethena partners with Pintu via the Pintu Web3 Wallet to simplify access to Ethena features, including a 20% Sats boost for buying, holding, staking, and locking USDe.

Overview of Ethena

Ethena is a protocol that creates synthetic dollars (USDe) on the Ethereum blockchain. Unlike stablecoins backed by the US dollar, USDe uses ETH (stETH) as collateral or employs short positions on the futures market as its underlying assets.

In April 2024, Ethena airdropped ENA season 1 tokens, which represented 5% of their total token supply. These ENA tokens were distributed to users who had interacted with Ethena and collected Shards.

Currently, Ethena is running a season 2 airdrop campaign. The term ‘Shard’ from season 1 has been changed to ‘Sats,’ the smallest unit of Bitcoin. This change indicates that Ethena will include BTC as a backing asset in addition to ETH.

For more information about Ethena, you can read the article “Introducing Ethena: The First Native Synthetic Dollar Protocol”.

ENA Airdrop Season 2

Pintu Web3 Wallet partners with Ethena for the ENA airdrop season 2. This partnership offers the opportunity for an additional 20% Sats boost.

Program Duration: June 10 – September 2, 2024.

To join and qualify for this program, you need to own USDe assets and complete at least one of the following three procedures:

  • Buy & Hold USDe
  • Stake USDe
  • Lock USDe

Read more about the ENA airdrop tutorial in this article.

To get a higher chance of earning Sats, Stephen Oresco, a VC Investment Analyst, provides a strategy as below.

Source: Medium

Key Features of Ethena

To better understand this synthetic dollar platform, you can visit the official Ethena website at Ethena. Here are the key features of Ethena:


The Ethena team introduced Sats to encourage further interaction with the network. Sats function as reward points that can be earned through various activities within the Ethena ecosystem.

Users can collect Sats by staking USDe, participating in liquidity pools, referring friends, and other actions. The Sats earned can be converted into Ethena tokens (ENA).

The number of Sats earned per Epoch will decrease over time, meaning early adopters of Ethena will likely earn the highest number of Sats.

Sats are part of Ethena’s campaign to eventually make BTC a backing asset in its project. Before “The Sats Campaign,” Ethena ran the Ethena’s Shard Campaign.

Swap Token

Ethena offers a native token swap feature within its app, allowing users to buy USDe by swapping various crypto assets. Currently, the assets available for swapping to USDe are USDT, USDC, DAI, GHO, crvUSD, and mkUSD.

By swapping or buying USDe on Ethena, you fulfill one of the conditions to receive a 20% Sats boost. At the time of writing, the maximum slippage is 0.1%, with a gas fee of $1.9. These numbers may change depending on network congestion.


You can earn sUSDe rewards by staking USDe. Staking USDe with Pintu Web3 Wallet also gives you the opportunity to receive a 20% Sats boost.

When staking, users transfer USDe into a smart contract and receive sUSDe (staked USDe), an ERC20 token representing a fraction of the USDe in the contract.

When unstaking, sUSDe is burned in exchange for a proportional amount of USDe. To unstake sUSDe, Ethena applies a 7-day waiting period from requesting to unstake sUSDe to receiving USDe in exchange.

One advantage of the 7-day waiting period is that it allows Ethena to manage its market position effectively, helping to prevent a ‘bank run’ situation similar to what occurred with UST (Luna).


Another key features of Ethena is Liquidity. Within the Liquidity feature, users can participate as Liquidity Providers by supplying USDe to various pools. As shown in the illustration above, users can deposit USDe into platforms such as Ethena, Pendle, Curve, Blast, Mantle, Arbitrum, and others.

In the Ethena pool, locking ENA tokens provides an additional 20-100% Sats boost, while locking USDe offers an extra 20% Sats boost. This additional boost applies exclusively on select exchanges, including Pintu. You can capitalize on this opportunity by accessing Ethena through the Pintu Web3 Wallet.

The more Sats you accumulate, the higher your chances of receiving ENA airdrops in season 2. Remember, locking USDe grants you a 20% Sats boost, whereas locking ENA tokens does not provide an additional boost.


One of key features of Ethena is a Real-time Dashboard. It functions as a tool to enhance platform transparency. The Real-time Dashboard feature aims to facilitate independent verification of protocol collateral and derivative positions.

To achieve this, Ethena provides direct access to custodian wallet APIs, exchange sub-account APIs, and all on-chain wallets holding Ethena assets. According to Dashboard data, Ethena’s custodians include Copper, Ceffu, and Cobo.

To access centralized exchange (CEX) liquidity, Ethena must provide collateral to support delta-hedged derivative positions, serving as a stability mechanism for its peg.

Ethena holds all its collateral using an "Off-Exchange Settlement" solution. This solution provider manages deposited assets and enables Ethena to delegate or withdraw assets to/from exchanges without ever transferring the assets to the exchanges.


Ethena is on a mission to grow its DeFi ecosystem, and they’re offering exciting rewards to get you involved! Its season 2 airdrop campaign introduces “Sats” as a unique way to earn ENA tokens. By participating in various activities within the Ethena ecosystem, you can collect Sats and later exchange them for ENA.

Ethena goes beyond airdrops. To foster a thriving community, they offer a suite of features like native token swaps, staking opportunities, and liquidity solutions. These innovations aim to create a more stable, transparent, and ultimately, more profitable DeFi experience for everyone.

How to transact on dApps using Pintu Web3 Wallet

To make various transactions on dApps, including swaps, buying and selling, and staking tokens, you simply need to connect your Pintu Web3 Wallet with dApps via WalletConnect.

To connect your wallet with the dApp, follow these steps:

1. Visit the dApp website on your laptop or mobile browser, for example Pancakeswap.

2. On the top right of the site, click ‘Connect Wallet’.

3. Choose ‘WalletConnect,’ and a QR code will be displayed.

4. Open the Web3 page on your Pintu account and scan the QR code using ‘WalletConnect’.

5. As an alternative, you can use your smartphone to copy the dApp URL on the top right of the QR code and then paste it into the WalletConnect camera on the Pintu Web3 Wallet.

6. Succes! Your Pintu Web3 Wallet is now connected to the dApp.

Once your wallet is connected to the dApp, you can transact on its available features.


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