Ethena's third quarter airdrop is about two months away. Recently, the author's ranking has gradually dropped from three thousand to three thousand five hundred, indicating that users participating in Ethena at the front end are gradually increasing positions to earn airdrop points.
The author reallocated ENA points positions at the end of December, and is preparing to increase the airdrop points position recently for several reasons:
The market is in a narrow range consolidation, and the arbitrage space for mainstream coins is not large
Stablecoins USDe or sUSDe participate in on-chain agreements to maintain basic returns, and stablecoin positions can respond to market downturn risks
The attractiveness of airdrop returns from mainstream coins such as BTC and ETH related re-staking agreements has decreased
Screen taken from Binance APP
The points position I currently hold is the USDe/USDT liquidity of Merchant MOE (30x points), the reason being:
MOE is the leading Mantle DEX, with high liquidity, many users, and high trading fees
The maximum capital amount that can obtain ENA points positions on the Mantle chain
There are Journeryman incentive activities
Planned operations include:
Increase USDe/USDT liquidity, 30x points
Add USDe single currency pledge liquidity (Init, can also layout Init airdrop), 20x points
(Alternative option) Add sUSDe single currency pledge liquidity (Lendle), 5x points
Buy ENA on dips, pledge to sENA and lock it, 40x points
The reasons for wanting to build positions to buy ENA, besides the previously mentioned Trump family's WLFI continuously increasing positions in Ethena, include several other reasons:
The issued Derive airdrop made me realize that the additional airdrop on the Ethena network has a good return rate
Ethereal airdrop will be released in Q1, currently obtaining Ethereal points through sENA has reached the third month
After the issuance of the above two airdrops, I expect new airdrop contributions to allow sENA holders to earn points dividends
Therefore, I believe that in addition to obtaining Ethena points and Ethereal points through sENA, it is also possible to benefit from the price increase of ENA caused by supporting new airdrop points.
Summary
Based on past airdrop rule experiences, it is recommended to allocate USDe positions with funds that are not urgently needed, among which a small amount of USDe can be allocated in the single currency pledge pool to respond to the need to liquidate positions.
Whether to build or increase positions in ENA depends on personal risk preference and judgment, such as views on the long-term trend of the cryptocurrency price and the additional income from short and medium-term airdrops, etc.
This article only shares the author's views and planned strategies. If you have better ideas, feel free to discuss together.
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※ Ethena code:
eu54u
※ The above content does not constitute investment advice. Users should operate according to their own risk tolerance. DYOR and participate in the investment market with caution.
※ Attached images taken from Ethena, Merchant MOE DAPP