Ethena Foundation Unveils Multi-Exchange Incentive Program for USDe Trading

WhaleStalker · 2026-02-12T10:13:36+00:00

The Ethena Foundation has launched a six-month incentive program to enhance user engagement on partner exchanges, rewarding trading with the USDe stablecoin. It features a dual-track structure distributing 100 million tokens weekly, focuses on USDe margin trading, and includes anti-manipulation controls for fairness.

WhaleStalker

2026-02-12 10:13:36

Abstract generation in progress

The Ethena Foundation has officially rolled out a comprehensive incentive framework designed to boost user engagement across its partner exchange platforms. Building on recent announcements covered by PANews, this six-month incentive initiative rewards participants who actively trade using USDe—the protocol’s native stablecoin—as margin collateral on supported exchanges including Ethereal and HyENA.

Dual-Track Incentive Structure with 100 Million Weekly Points

The program operates through two parallel initiatives: Ethereal Exchange Rewards and HyENA Points, each distributing 100 million incentive tokens weekly to qualified traders. This dual-channel approach allows the Ethena Foundation to maximize reach while maintaining consistent reward distribution across multiple trading venues. Points allocation is calculated based on genuine trading activity, with performance metrics updated at the conclusion of each weekly cycle. Users can track their cumulative incentive earnings through dedicated dashboard panels, enabling transparent monitoring of reward accumulation.

USDe Margin Trading as the Core Incentive Catalyst

At the heart of this incentive system lies USDe-collateralized margin trading. By positioning USDe as the primary collateral asset, the program encourages deeper liquidity pools and more robust trading pairs across supported exchanges. This incentive mechanism drives network adoption while simultaneously strengthening the utility case for USDe across the broader DeFi ecosystem. The program operates as a standalone initiative but can be layered with Ethena’s fifth-season points program, enabling users to earn multiple reward streams from coordinated trading activities.

Safeguarding Program Integrity Through Anti-Manipulation Controls

To ensure fairness and sustainability, the incentive framework incorporates sophisticated fraud prevention controls. The system identifies and excludes manipulative trading practices, including self-trading and wash trading schemes that artificially inflate trading volumes. Beyond detection mechanisms, the protocol may implement per-account limitations and conduct post-distribution verification reviews to validate legitimate participation. These safeguards protect genuine traders from unfair competition while maintaining the integrity of the reward distribution process.

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