Ethena Earn

Ethena Earn

Ethena Earn is a staking campaign by Ethena, available directly in the TON Wallet interface. It allows you to:

  • Deposit USDe and earn income through the Ethena protocol.
  • Start with a minimal amount — just 1 USDe.
  • Retain full control over your assets: track earnings and withdraw USDe at any time under Ethena’s terms.
  • Use a decentralized system — Ethena has no access to your funds.

The campaign is conducted by a third-party service and is governed by the terms and mechanisms of Ethena. TON Wallet only provides a convenient interface to access the campaign.

What is tsUSDe

tsUSDe is a staking token issued by the Ethena protocol. It is fully compatible with DeFi: it can be stored, transferred, exchanged, or used in various applications — just like a regular token.

Important: Ethena is a third-party protocol and is not managed by TON Wallet.

What is USDe

USDe is a synthetic dollar developed by the Ethena Labs project. It is designed to maintain a value equivalent to 1 US dollar without relying on traditional fiat reserves. Learn more about USDe

What is staking

Staking is the process of locking up cryptocurrency in order to earn rewards. A user freezes their funds in a wallet or on a dedicated platform and receives income in the form of interest or additional tokens.

In Ethena, staking functions as a financial product: the user deposits cryptocurrency to receive rewards, but without participating in the network’s infrastructure.

How does Ethena Earn work

Ethena is a liquid staking provider that allows users to deposit USDe and earn rewards.

  1. Swap: you exchange USDe for tsUSDe. This is the moment when deposit and “staking” occurs.
  2. Receive rewards: while you hold tsUSDe, its value gradually increases — thanks to the returns generated by the protocol through various strategies.

  3. Exit: you can request withdrawal at any time and will receive:

    - your initially deposited funds

    - plus their accumulated yield

How is APY calculated

APY (Annual Percentage Yield) represents the yearly return you can earn by holding tsUSDe in Ethena Earn.

When you exchange USDe for tsUSDe, you start earning yield through the increasing value of the tsUSDe token itself.

Ethena recalculates the APY once a week, based on the actual performance of the assets backing USDe. Contributions to the reserve fund are not included in this calculation.

The yield may fluctuate over time — it depends on market conditions, the efficiency of the strategy, liquidity, and other factors.

Important: APY is variable and may change weekly. It depends on the protocol’s performance and overall market conditions.

How to withdraw funds from Ethena Earn

There are two ways to withdraw in Ethena Earn:

  1. Submitting a withdrawal request
  • Tap the "Withdraw" button on the Ethena Earn page.
  • After submitting the request, a fixed 7-day waiting period begins. This time is required for the unfreezing of funds and the accrual of earned rewards.
  • After the 7-day waiting period ends, tap “Claim” on the Ethena Earn page to have the funds credited to your TON Wallet balance.

Important: If you initiate another withdrawal before the current 7-days cooldown ends, the entire cooldown timer is reset for all funds. The countdown restarts from day one. This means that the previous request will be canceled, and the unfreezing process will begin anew — with a fresh 7-day period.

This withdrawal method is best if you're willing to wait and want to receive a full amount of USDe, including all accumulated yield. 

  1. Instant withdrawal
  • Tap the "Swap" button on the tsUSDe token page to instantly swap tsUSDe for USDe.
  • The USDe will be credited to you immediately, with no waiting time.
  • However, the total amount of USDe you receive may be lower than with the submitting withdrawal request, depending on the current exchange rate.

This withdrawal method is suitable if you wish to withdraw your funds before the 7-day period and agree with potentially receiving a reduced amount of USDe.

Why is tsUSDe more valuable than USDe

tsUSDe is the staking token of USDe. Its value increases over time as it accumulates the yield generated by the Ethena protocol through staking and hedging.

When you exchange USDe for tsUSDe, you receive tsUSDe at the current exchange rate. Then, simply by holding tsUSDe, you earn yield as its value appreciates.

When you withdraw, you will receive more USDe than you initially deposited, accounting for the accumulated yield.

USDe Boost APY

Note: USDe Boost APY promotion has ended. This FAQ is for informational purposes only.

What is USDe Boost APY

USDe Boost APY is a promotion to celebrate the launch of Ethena Earn staking on TON. In addition to the regular Ethena Earn APY, eligible users will receive Boost APY in Toncoin, increasing the total APY up to 18% for the first 10,000 tsUSDe.

Campaign start: May 30, 2025, 12 UTC

End date: October 24, 2025, 23:59 UTC

Important: This promotion is organized by a third party that is not affiliated with TON Wallet.

TON Wallet is not responsible for the organization, execution, or outcome of this promotional program. TON Wallet does not guarantee the availability, eligibility, or delivery of any rewards, and shall not be held liable for any losses, delays, or disputes arising from participation in this program.

How to get USDe Boost APY

  1. Open your TON Wallet.
  2. Deposit an amount of USDe equivalent to at least 10 tsUSDe in Ethena Earn.
  3. Complete verification via the TON ID Mini App and claim your verification badge. The badge will be issued within 24 hours after claiming.
  4. Once your TON ID badge is issued, you’ll start earning Boost APY.

Why am I not receiving Boost APY

You may not receive Boost APY for the following reasons:

  • You have not met the criteria for Boost APY by depositing less than 10 tsUSDe.
  • Your TON ID badge has not been issued yet.
  • You have failed TON ID Verification. For more information, please refer to the third party's Terms of Use.

Please note: the campaign is organized by a third party organization that is not affiliated with TON Wallet. See the detailed Campaign terms in TON ID's dedicated article.

Are there any risks involved with participating in Ethena Earn

With any DeFi platform, participating in Ethena Earn comes with inherent risks. Ethena is committed to transparency and outlines several key areas of potential risk, particularly related to its stablecoin USDe.

You can explore a detailed breakdown of the risks and mitigation strategies in the official documentation here: Risks

As always, do your own research (DYOR) and carefully evaluate the risks before participating in any DeFi service. Additional disclaimers and comprehensive documentation are available at docs.ethena.fi.

Ethena Earn is conducted by a third-party partner and is governed by the terms and operating mechanism of Ethena.

Is there a minimum or maximum amount to deposit in Ethena Earn

You can start participating from 1 USDe directly from your wallet via TON Wallet, where Ethena is fully integrated. There is no maximum amount that you can deposit.

Is there a fee for participating in Ethena Earn

There is no additional fee for participating.

However, when depositing to or withdrawing from Ethena Earn, a standard TON blockchain transaction fee applies.

  • The fee is up to 0.2 TON.

Any unused portion of the fee is automatically refunded to your balance in TON Wallet.

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