What does a sustainable DeFi yield model look like in 2025?

That’s the question I’ve been reflecting on lately especially as DeFi shifts from aggressive short-term incentives to more resilient, ecosystem-aligned rewards.

One project on the TON blockchain recently caught my attention. Ethena, in partnership with STON fi, has introduced a unique rewards model that goes beyond the typical APY grab. It’s not just about earning more but it’s about doing so in a way that strengthens the protocol and aligns with long-term adoption.

At the core is tsUSDe, a synthetic stablecoin backed by staked USDe. Until recently, users earned by holding tsUSDe benefiting from its gradual price appreciation and base rewards. But the latest update quietly introduces a powerful layer, an APY boost of up to 10%, paid in TON, for both holders and liquidity providers.

What makes this particularly interesting is the delivery mechanism. TON rewards are automatically airdropped to verified wallets each week, based on daily accrual. No farming complexity. No extra steps. Just plug into the system and let the rewards flow either by holding tsUSDe or by contributing to the tsUSDe/USDe liquidity pool.

But beyond the mechanics, it’s the intent that stands out. This isn’t just a short-term yield bump. It’s a liquidity incentive designed to deepen the utility of tsUSDe, improve trading efficiency, and create stronger peg dynamics. It encourages active participation in the ecosystem while respecting users’ time and capital.

To me, it’s a smart example of where DeFi is headed. A cleaner UX, aligned incentives, and rewards that serve both users and the protocol itself.

As always, yield is never risk-free, but seeing these kinds of thoughtfully designed programs gives me more confidence in the direction TON DeFi is taking.

If you’re watching TON or exploring new passive income strategies in crypto, this model is worth paying attention to.