Ethena has announced the launch of its USDe stablecoin on the public mainnet alongside a unique Shard Campaign. This campaign aims to incentivize user participation within the ecosystem by offering rewards based on contributions. The introduction of USDe on the public mainnet signifies a significant milestone for Ethena and its community.
The Shard Campaign serves as an innovative method to encourage engagement and foster long-term involvement among users. By rewarding activities within the ecosystem, Ethena aims to create a vibrant and active community dedicated to its success. This approach marks a departure from traditional methods of incentivization, signaling Ethena’s commitment to innovation and user-centric development.
Structure and Duration
The Shard Campaign is structured around multiple short-duration seasons, known as “Epochs.” Each Epoch focuses on different activities related to the USDe stablecoin and community integration. The campaign’s duration is not intended to be drawn out, with a commitment to finalize it within three months or when the USDe supply reaches $1 billion, whichever occurs first.
Throughout each Epoch, participants are incentivized to engage in various activities that contribute to Ethena’s ecosystem. These activities include providing liquidity for USDe Curve pools, minting with different stablecoins, utilizing USDe on money markets, and more. Each activity is designed to enhance liquidity, foster community involvement, and drive ecosystem development.
Early participants in the Shard Campaign stand to receive higher rewards, as the number of Shards awarded per Epoch decreases over time. This decay mechanism encourages users to engage early to maximize their rewards. By getting involved from the outset, participants can secure a larger share of rewards and actively contribute to the growth and success of Ethena’s ecosystem.
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Notices and Restrictions
It’s essential to note that the Shard Campaign is explicitly targeted towards long-term participants and users committed to contributing to Ethena’s ecosystem. Participation in certain jurisdictions, including the United States, is restricted. Users in restricted jurisdictions will find sections of the Ethena web application blocked, including the dApp UI.
This ensures compliance with relevant regulations and legal requirements. USDe serves as Ethena’s synthetic dollar, backed by staked ETH and short ETH hedges on exchanges. It’s the focal point for liquidity provision in AMMs and CEX orderbooks. On the other hand, sUSDe represents staked USDe, accruing value from underlying staked ETH and funding rate earned from short ETH positions. sUSDe is a reward-bearing token, reflecting value accrual within the staking smart contract.
The inaugural epoch focuses on Curve LP participation, where users provide liquidity to various USDe pools on Curve. Participants can lock their Curve LP tokens via Ethena’s frontend to earn 20 shards per day for each dollar worth of LP tokens locked. Additionally, users can deposit USDe outside of Curve to earn 10 additional shards per USDe.
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