medium
See source — token amounts are not USD valuations
Est. Reward
22 days left
Deadline
high
Risk Level
Multi-chain
Ecosystem
Requirements
- Ethena Season 5 ended on March 25, 2026. Season 6 started immediately after and is now live. It runs the same model — earn Sats (points) through protocol activity, and those Sats determine your $ENA allocation at season close. The exact ENA pool for Season 6 has not been disclosed. Season 6 is expected to run approximately six months. If you participated in Season 5, two separate airdrops are pending for you: Airdrop 1 — $ENA: Distribution details and the exact claim date have not yet been officially announced. Watch @ethena_labs for the claim link. Based on previous seasons, claiming opens roughly one week after the snapshot closes. Airdrop 2 — $BASED: Ethena partnered with BasedOneX during Season 5, allowing sENA holders to earn Based Points throughout the season. The final snapshot is done and points have stopped accumulating. BasedOneX TGE is March 30, 2026. Eligible sENA holders can claim $BASED tokens within 72 hours of TGE. Track your Based Points on the Ethena Overview dashboard. For Season 6, participation mechanics are the same as previous seasons. Staking USDe mints sUSDe and earns protocol yield from perpetual funding and basis spreads. Staking and locking ENA mints sENA, which earns governance rewards and a Sats multiplier boost. Deploying USDe or sUSDe across Ethena-aligned integrations such as Pendle, Aave, Morpho, and Ethereal adds further multipliers. Previous season participants receive an automatic reward boost in Season 6. USDe and ENA have a 7-day unlock