Ethena's Latest Incentive Push: Earning Points Through USDe Collateral Trading

The Ethena Foundation has rolled out a new incentive initiative designed to reward active exchange users for their trading participation. This six-month program, reported by PANews, focuses on genuine trading activities where USDe serves as the collateral backbone on partner exchanges like Ethereal and HyENA. By making collateral a central element of the rewards mechanism, Ethena aims to encourage meaningful engagement while maintaining platform stability.

How Collateral-Based Rewards Work on Ethereal and HyENA

The incentive structure is divided into two parallel initiatives: Ethereal Exchange Rewards and HyENA Points. Both distribute approximately 100 million points weekly to qualified participants who engage in trades utilizing USDe as margin collateral. The dual-track approach allows users to earn through whichever platform fits their trading style, while collateral requirements ensure that participants have real skin in the game. Account holders can track their earned points through dedicated panels that refresh at the end of each weekly cycle, providing transparency into their rewards accumulation.

Interestingly, these exchange-based incentives operate as a standalone program, independent from Ethena’s existing fifth season points initiative. This means users can participate in multiple earning streams simultaneously, amplifying their total rewards potential without conflicts between programs.

Weekly Point Distribution and Anti-Manipulation Safeguards

To maintain the integrity of the rewards system, Ethena has implemented robust anti-manipulation measures. These protections specifically target activities like self-trading and wash trading—schemes designed to artificially inflate trading volumes and claim undeserved rewards. The system may also enforce single-account limits and conduct post-distribution reviews to catch and prevent suspicious patterns.

This multi-layered approach ensures that genuine traders benefit fairly, while bad actors cannot game the system. The combination of collateral requirements and surveillance mechanisms creates a trustworthy environment where participants feel confident their earned rewards reflect authentic market activity rather than systematic manipulation.