The Ethena Points Event is about to end, comparison and analysis of various participation plans.

Recent news indicates that the Ethena points program may be coming to an end. Meanwhile, a data platform shows that the implied annualized yield of USDe on a certain DEX has reached an astonishing 170%, reflecting the market's recognition of its high returns.

In light of this, it is necessary for us to provide a detailed introduction to Ethena's points mining strategy to help users make the best choices before the end of the event.

Ethena is an innovative financial project whose core mechanism is to use stablecoins provided by users to purchase LSD (such as stETH) on exchanges while shorting ETH to hedge risk. This strategy can simultaneously obtain ETH staking rewards and short funding rate returns, especially during bull markets, where higher funding rates correspondingly increase Ethena's returns.

Ethena mainly offers two types of token products:

1. sUSDe: This is a token that can earn native interest. Its exchange rate with USDe will increase over time, reflecting the accumulated interest. However, it is important to note that converting sUSDe to USDe requires a 7-day unlocking period.

2. USDe: This is an interest-free token primarily used to build liquidity in the DeFi ecosystem. The yield from the underlying assets corresponding to USDe will be used to enhance the yield of sUSDe. It is worth noting that regular users can only exchange USDe for USDC/USDT through DEX, so there will be a small loss when entering and exiting.

Ethena Labs offers various points mining methods, with different point multipliers for each method. Below are the best solutions for different yield and liquidity needs:

1. Zircuit+USDe: This is currently the highest yielding plan with no lock-up period and still has available quotas. Users can deposit USDe into Zircuit to earn 7 times Ethena points as well as Zircuit's own points. This plan supports instant unlocking and has good liquidity.

2. Locking USDe: This method offers 10 times the points, but has a 7-day unlocking period. Its advantage lies in a larger available quota, with balanced returns and liquidity.

3. Locking Curve USDe LP: This plan offers 15 times the points, with the highest returns, but has poor liquidity and limited quotas. There is a 21-day unlocking period, and no returns during the unlocking period. Considering that the points activity is about to end, the opportunity cost is quite high, it is recommended to consider participating only when there is available quota.

4. Holding sUSDe: This method only provides 1x points, but can yield up to 67% native returns (i.e., U-denominated returns). Unlocking takes 7 days, liquidity is average, and it can also be sold at a discount through DEX.

5. Pendle/Gearbox USDe: Theoretically, both methods can achieve higher point multiples (Pendle up to 200 times, Gearbox up to 90 times), but the limits are extremely restricted and there is a high risk of loss. It is recommended that only professionals who have a thorough understanding of the mechanisms consider participating.

Overall, users should choose a participation method that suits their liquidity needs and risk tolerance. With the points activity coming to an end, timely action is particularly important.