Unpopular opinion: The Ethena Sats farm is still one of the best, if not the best in the business
...and Pendle LP is the BEST way to farm it with SIZE.
Yes, we're already halfway through the Ethena S4 Campaign. Many think they've missed the boat.
Many are wrong👇
A quick breakdown of what you get as an LP:
8.435% Boosted APY with:
👉 Principal back at maturity, plus rewards and points
👉 Zero IL as long as you hold to maturity
In other words, this is a "milder" form of YT with BOOSTED points exposure, all while earning you some yield at the same time (native USDe has zero yield)
The end date for the current epoch is 23 Sep 2025., leaving us with a lot of runway still to rack up Sats.
This coupled with the fact that the USDe (25 Sep 2025) has the highest Sats multiplier at 60x means $$$
Diving deeper into the numbers 🧮
Assuming:
👉 33T total Sats by end of Season 4 (+25% more than Season 3)
👉 3.5% $ENA supply distributed (Same as Season 3), and Ethena did mention that this'd be the MINIMUM
Which would give us a projected value of ~0.0000159 $ENA per Sat
Based on the above, we could be getting an extra ~10.8% APY off Sats depending on your outlook for $ENA.
This is on top of the existing 8.435% LP APY.
Not bad for a stablefarm 👍
TL;DR
⛔ Native USDe earns you 20x Sats + 0% yield
👍 Pendle LP with a similar exposure gives you ~50x Sats (based on SY portion of your LP position) + 8.435% APY
More Sats. More yield.
That said, NFA. So kindly DYOR, muchahos.
Pendiddler OUT
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