Drift is excited to announce a partnership with Ethena, a synthetic dollar protocol built on Ethereum. Ethena's deployment on Solana allows users to trade and hold their native USDe token, while earning yield and accruing Ethena's native rewards (Sats) on Solana.
With SOL as a backing asset for USDe, it opens up an extra $2-3B of open interest across major exchanges like Drift, which brings USDe's scalability even further. This partnership enhances trading experience by enabling USDe and sUSDe to be used as perpetual trading collateral on Solana.
Yield-Bearing Collaterals: USDe and sUSDe
Both USDe and sUSDEe are yield-bearing collaterals on Drift. At the time of writing, both assets were generating:
- 4.8% on USDe
- 12% on sUSDe
Earn yield while you trade. Users can margin their positions with USDe or sUSDE, all while earning Sats.
New ways to earn Sats on Solana
Sats are Ethena’s points. Users accumulate daily Sats when they hold USDe and sUSDe on Drift:
- USDe: Users accumulate 20 Sats daily
- sUSDe: Users accumulate 5 Sats daily
Deposit now. Deposits on Drift will also receive Fuel (when it's live).
How to check Sats accrued?
- Head to Ethena and connect your Solana wallet (i.e Phantom)
- Once you’ve connected your Solana wallet, you will be prompted to delegate an Ethereum wallet for the Sats to be attributed to and you’ll be asked to sign a message to confirm.
Note: Sats will be tracked and accumulated even before you delegate. You’ll only see your Sats once you’ve delegated and connected to Ethena with your Ethereum wallet. This is because the Ethena’s airdrop will be distributed on Ethereum.
About Ethena
Ethena is a synthetic dollar protocol built on Ethereum that provides a crypto-native solution for money not reliant on the traditional banking system. Unlike fiat-backed stablecoins, USDe is backed with crypto assets and corresponding short futures positions. USDe was designed to offer stability, scalability and censorship resistance.
Read more about Ethena here.
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