Ethena Pay Launches 11‑X Leverage Earn+ Vault with 12% APY
Current overview (not historical)
Ethena Pay introduced its Earn+ vault on October 28, allowing users to collateralize USDe and borrow USDT with an advertised annual yield of up to 12%. The product’s core risk lies in the oracle’s tracking of USDT rather than USDe; if USDe depreciates against USDT, the reported collateral health may lag behind the actual remaining value, potentially exposing users to hidden losses. This risk was highlighted by CryptoSlate, which noted that while the high‑leverage loop promises attractive returns, the reliance on USDT‑based oracles could mask the true collateral value during market swings.
Written with AI from the reporting · updated 10/28/2026
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- 1Unclassified fact stationOct 28, 00:00recorded Oct 29, 06:20single sourcerevised
Ethena Pay推出11倍杠杆Earn+ vault
Read original source ↗ CryptoSlateReplay this moment in the explorerEvidence & revisions · 1 source records
- Subject：
- ethena
- Action：
- 推出Earn+ vault
- Object：
- USDe collateral with USDT borrowing
- Occurred (fact side)：
- Oct 28, 00:00
- Published (valid side)：
- Oct 29, 06:10
- First seen (known side)：
- Oct 29, 06:20
Fact stationSingle source · one-sided claimRevisedCopy may have been revised later; time replay is bounded. Layer labels group reading only, not causation between layers.
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- CryptoSlateRelated fact: single sourceSource report revisedEthena Pay’s Earn+ Vault Uses USDe Collateral and USDT Borrowing, Raising Hidden Loss Risks
Report first recorded Oct 29, 06:20
Ethena Pay launched its Earn+ vault on October 28, pairing USDe collateral with USDT borrowing to target roughly 11‑times leverage and advertise up to 12% APY. The vault is run via Upshift and Steakhouse on Aave v4 on Avalanche, with the collateral and debt valued using an oracle that follows the Chainlink USDT/USD feed. Aave Labs’ October 20 assessment noted that the USDe price reference follows USDT, meaning a USDe‑specific depeg could go unnoticed by the oracle. If USDe falls below USDT, the reported collateral health may remain unchanged while the actual equity available after debt repayment shrinks, potentially leaving users with less equity than the protocol’s health factor suggests. The design allows a position to stay above the liquidation trigger while its economic equity falls, creating a risk of hidden losses that users may not see until a market move or exit. The exact vault account, current collateral and debt, and live oracle wiring remain unverified, so the disclosed leverage target cannot be treated as an observed position.
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- Comparable peak
- 10Oct 29, 07:00
- 24h change
- -50%
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