partial buy

Capture Ethereal's 100% Points Bonus — Partial Stablecoin Allocation

I see Ethena pushing Ethereal from a zero season into season one with new DEX-like features and a 100% points bonus on active deposits. That bonus makes it worthwhile to park some stables in Ethereal and then redeploy yield via DeFi.

My plan would be: deposit USDe on Ethereum (token contract 0x4c9edd5852cd905f086c759e8383e09bff1e68b3), take the eUSDe wrapper, enable E‑mode on Aave to use eUSDe as collateral, borrow USDC and choose between re-leveraging on Ethena, putting USDC into Kamino at ~11.3%, or taking more risk in LPs. Alternatively, simply hold in Ethereal to limit risk.

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Analysis

The 100% points bonus creates a clear short-term incentive to deploy stables into Ethereal, but leveraging via Aave raises liquidation and smart‑contract risk. Kamino at ~11.3% is a lower‑risk redeplo...

Recommendation

Allocate a limited, defined portion of stablecoins to Ethereal to capture the bonus (partial buy). Avoid heavy leverage unless you can absorb potential liquidations; prefer borrowing to redeploy into ...

Disclaimer

The Analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.

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