Getting started with Ethena and USDe. Earn yield from the synthetic dollar protocol.
Yield FarmingIntermediate15-20 minutes6 stepsPrerequisites: USDC, USDT, or ETH, Ethereum wallet, ETH for gas
On this page
Quick Overview
1Go to Ethena
2Prepare Stablecoins
3Mint USDe
4Approve and Confirm
5Receive USDe
6Stake for sUSDe
Ethena is a synthetic dollar protocol offering USDe, a yield-bearing stablecoin backed by delta-neutral positions. Earn attractive yields from funding rates.
What is USDe?
USDe is Ethena's synthetic dollar, backed by:
Staked ETH (stETH, etc.)
Short perpetual futures positions
The combination creates delta-neutral exposure
Yield Source:
ETH staking rewards
Perpetual funding rates (usually positive)
Combined yields of 15-30%+ APY
USDe vs Traditional Stablecoins
Feature
USDe
USDC
. . . . -
. . .
. . .
Backing
Crypto + derivatives
USD reserves
Yield
15-30% (sUSDe)
0%
Risk
Higher (funding rates)
Lower
Decentralization
High
Centralized
Important Risks
Funding rates can turn negative
Custodian risk for collateral
Smart contract risk
Novel mechanism
. -
Track your Ethena positions with Fensory. Monitor USDe and sUSDe yields.
Start Tracking →
Step-by-Step Instructions
1
Go to Ethena
Visit app.ethena.fi and connect your wallet.
Tips
✓Ethena is available on Ethereum mainnet
Warnings
⚠Only use app.ethena.fi
2
Prepare Stablecoins
Have USDC, USDT, DAI, or other supported assets ready to mint USDe.
Tips
✓ETH and stETH can also be used directly
✓Check supported assets on the app
3
Mint USDe
Enter the amount of stablecoins to convert to USDe. Review the transaction.
Tips
✓Large mints may get better rates
✓Gas costs around $10-30 on Ethereum
4
Approve and Confirm
Approve the token spend if first time, then confirm the mint transaction.
Tips
✓Wait for confirmation before proceeding
5
Receive USDe
USDe will appear in your wallet. This is the base synthetic dollar.
Tips
✓USDe itself does not earn yield - stake it for sUSDe
✓Add token to wallet if not visible
6
Stake for sUSDe
Stake your USDe to receive sUSDe and start earning yield.