April 2, 2024, was a significant day for Ethena for two main reasons — it marked the release of $ENA and the beginning of the second Ethena campaign. This new campaign allows users to acquire Sats, replacing Ethena Shards from Season 1. Mantle is set to play a crucial role in this campaign as users on Mantle can start earning Sats immediately, and this blog post will explain exactly how.

Before we explore how users can obtain Sats, it's important to note that there's still an opportunity to engage with Ethena's Shards campaign through Mantle Rewards Station. Users can lock their $MNT tokens in exchange for mShards, a receipt token that will eventually be redeemable for Ethena's native token, $ENA. For further details about the Mantle Sharding With ETH ena event, visit here. If you need a step-by-step guide on navigating Mantle Reward Station, click here.

Mantle x Ethena: Unlocking Sats on Mantle Network

Mantle Ecosystem is set to play a crucial role in Ethena's Sats campaign, offering Mantle users a wide array of options to earn Sats. Here's how you start today.

Pendle pools on Mantle

Ethena's Pendle pools from Season 1 proved to be very popular, filling up to the 250m cap in a matter of days. As a result, Season 2 will feature new Pendle pools on Mantle, allowing users to trade USDe YT, PT, or provide liquidity to pools to earn not only Sats but also EigenLayer points.

Users can earn 20x Sats per USDe held in USDe YT or LP position with the current cap at $200 million. In addition to Sats, EigenLayer points are also up for grabs, as users can earn 0.0012 EigenLayer points per USDe per day. Please note the cap on Eigenlayer points will be 100m * 0.0012 * 115 days = 13,800,000 points.

Hold USDe and sUSDe on Mantle to Earn Sats

Acquire USDe on Mantle to earn 2x Sats on USDe, 1x Sats on sUSDe.

Users can bridge USDe and sUSDe to Mantle Network using Stargate. Besides bridging, additional methods exist to acquire USDe on Mantle Network. For instance, users can acquire USDe on Mantle DEXs, including Merchant Moe. Simply navigate to the “Trade” tab, and choose USDe as the token you want to swap into.

NativeX also allows users to swap into USDe. Select the "Swap" tab and select USDe as the token you wish to swap into.

Provide liquidity and lock LP tokens on Merchant Moe

Deposit liquidity into the USDe - USDT Vault to begin earning 20x Sats daily. Start accruing Sats here before the $20 million cap is reached!

To participate, select the “Pool” homepage and navigate to the “Vault” tab and search for the USDe - USDT Vault.

Use USDe Looping Hook on INIT

Use USDe Liquidity Hooks on INIT Capital to earn Sats. Visit INIT Capital, click the "Hook" tab, and select the USDe Looping Hook. Participants have the chance to earn 20x Sats for USDe. Again, there is a $20 million cap, so take advantage of USDe looping before it's too late.

Use USDe as collateral on IntentX to earn Sats

Once IntentX launches on Mantle Network, users will be able to trade from a range of 261+ $USDe perpetual pairs. Depositors on IntentX Mantle can accrue 20x Sats per USDe ($10 million cap).

The Sats campaign will run for five months, ending on Sept. 2, or when the USDe supply reaches $5 billion, whichever occurs first. This hopefully gives Mantle users plenty of opportunity to benefit from the campaign. However, be mindful of the specific caps set by each protocol offering Sats incentives.

To stay informed about the latest developments in the Sats campaign, follow Mantle on X/Twitter. If you have any questions about the campaign, feel free to post them in Mantle Discord.