Ethena Airdrop 2026: Points, Season & Payouts
Ethena runs season-based points for holding, locking, and deploying USDe, with Season 5 already converted into an ENA claim in March 2026.
How to earn Ethena points
Documented earning mechanics as of 2026-07-06. Multipliers stack where the program allows it.
| Method | Points / $ | Multiplier | Details |
|---|---|---|---|
| USDe Holding & Locking | — | 1x | Holding and locking USDe and sUSDe earns daily points, with multipliers set per season and per venue. |
| DeFi Integrations | — | 1x | Supplying USDe to partner lending markets and liquidity pools earns season points at published per-integration multipliers. |
What Ethena has actually paid out
| Season | Date | Distributed | Price at drop | Eligibility |
|---|---|---|---|---|
| Season 5 | 2026-03 | 2% of supply | — | Season 5 points holders claimed 2% of ENA supply in March 2026. |
Status note (2026-07-06): Season 6 has been live since 2026-03-26, and airdrop trackers report it as the final season — Ethena itself has not confirmed that. Season 5 paid 2% of ENA supply, claimed March 2026. Points may never convert to tokens, and conversion ratios are set by the team at distribution time. Never trade solely to farm an airdrop.
FAQ
Is the Ethena airdrop confirmed?
Ethena has already distributed at least one airdrop (Season 5, 2% of supply). The current program is live, but future distributions and conversion rates are never guaranteed.
How do I earn Ethena points?
USDe Holding & Locking, DeFi Integrations — details in the table above. Points accrue to the account you trade with.
What did earlier Ethena seasons pay?
Season 5 (2026-03): 2% of supply.
Other active programs
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