Ethena Officially Arrives in the Morph Ecosystem: Here's How to Collect Points in the Retroactive Program
April 16, 2025 — by [oxyon]
Ethena, a rising decentralized stablecoin protocol, has now officially arrived in the Morph ecosystem, one of the leading modular rollups built on Ethereum. This collaboration marks a strategic step for both entities in expanding utility and adoption in the DeFi world.
What is Ethena?
Ethena is a protocol that promotes a derivative-based stablecoin, USDe, which is pegged to the US dollar but backed by perpetual futures positions on decentralized derivative exchanges. This innovation allows for price stability without relying on traditional banking.
Since the launch of the first phase airdrop (Season 1) in April 2025, Ethena has managed to capture the attention of the crypto community. The ENA token distribution program conducted through the points mechanism is touted as one of the most anticipated.
Ethena Integration in Morph
Through this integration, users can now use USDe directly on the Morph network with low transaction fees and high speed. This also opens up new opportunities for DeFi protocols on Morph that want to adopt non-bank stablecoins as primary liquidity.
As part of this collaboration, Ethena will support user activities on Morph through the Retroactive Points program, which can be converted into future ENA token allocations (Season 2).
How to Collect Points in the Retroactive Program
Here are the steps users can take to start collecting points:
1. Bridge USDe to Morph
Use the official bridge or verified partners to transfer USDe from the Ethereum mainnet to the Morph network.
2. Use DeFi Protocols on Morph with USDe
Points will be collected based on activities such as providing liquidity, trading, and borrowing using USDe in DeFi applications that support Ethena.
3. Monitor the Retroactive Dashboard
Ethena provides a dedicated dashboard to monitor point accumulation. Make sure the wallet used is connected and actively used on the Morph network.
4. Participate in Community Campaigns
Several projects in the Morph ecosystem are also holding campaigns with additional point incentives for active users and content creators.
When Will the Snapshot Be Taken?
Although the exact date has not been announced, the Ethena team advises users to be active as early as possible, as the snapshot for Season 2 could be taken at any time without prior notice.
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Ethena's presence in Morph opens a new chapter for stablecoin innovation and new opportunities for users to get involved from the start. For those who missed Season 1, this is a golden opportunity to collect points before the next token distribution occurs.
Stay updated with official developments from Ethena and Morph through their respective Twitter and Discord channels.