Ethena Pay launched Earn+, an external vault managed by Upshift and Steakhouse on Aave v4 and Avalanche, which advertises up to 12% annual yield through a leveraged USDe strategy. The disclosed target of roughly 11 times leverage remains unverified, while the oracle price reference follows USDT and may miss a USDe-specific discount, including through its $1.04 price cap. In a hypothetical scenario with $100 of initial equity, a 2% fall in USDe’s price would reduce equity from $100 to $78, a 22% loss before costs, even if the position remains above the protocol’s liquidation trigger. A one-percentage-point increase in the annual USDT borrowing rate would lower the simple return on initial equity by about 10 percentage points, and withdrawal requests without a lock-up may be delayed, exposing users to financing costs and liquidity risk.
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