Ethena Pay has started rolling out Earn+, an optional vault feature that advertises target annualized rewards of up to 12% on dollar balances. The product is initially open to Pro and VIP users, and the company plans to extend access to all users in the coming days.
The feature moves funds from a user’s main payment balance into an external Upshift vault. There, Steakhouse Financial runs a leveraged USDe strategy on Aave, with a target yield above Ethena Pay’s existing tiered rewards, which currently top out at 6%.
How the strategy works
According to documentation published by Ethena Pay, the vault targets roughly 11x leverage on Aave v4 on Avalanche, packaging repeated borrowing and reinvestment into a one-click deposit flow.
The process involves depositing USDe as collateral, borrowing USDT, using the borrowed tokens to buy more USDe, and then repeating the cycle. The strategy’s return depends on whether USDe rewards can cover the cost of borrowing USDT.
Risk disclosures
Ethena Pay said it only provides the interface and does not guarantee user assets. Users bear the vault’s losses themselves and could lose part or all of the capital they put in.
The company also said the simplified interface does not remove liquidation risk. If collateral is no longer sufficient to cover debt, the position can be liquidated, with liquidators repaying the debt and taking the collateral and rewards.
Ethena Pay added that the 12% figure is a target, not a guaranteed return. Rates may be reduced, and balances placed in Earn+ do not qualify for the main account’s Daily Boost.
Limits and withdrawals
The product has no lock-up period, and deposits and withdrawals carry no fees. Withdrawals are processed back to the main dollar account within 24 hours, though delays are possible.
Ethena Pay said the product is not an insured bank deposit. The vault’s initial total capacity is capped at $4.5 million. Individual limits are set at $50,000 for Pro users, $200,000 for VIP users, and $20,000 for Standard users.
