Ethena Pay has integrated Earn+, an optional product that routes deposits to an Upshift vault curated by Steakhouse and using Aave V4 on Avalanche. The strategy supplies USDe and borrows USDT, while users choose how much of their balance to allocate and can make withdrawals within 24 hours under the stated product terms. Rewards depend on the return on deployed assets as well as borrowing costs, fees and potential losses from adjusting positions. The product has multiple actors and stages, with separate liquidity needs for the lending strategy and the Ethena Pay application. Net returns must therefore be assessed against collateral valuation, liquidation parameters, smart-contract behavior and operational risks.
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