Is there an Ethena airdrop?
Not one you can still earn. Ethena ran six points seasons between 2024 and 2026 that paid out its ENA token. Season 6, which the app calls "The Final Season", concluded on 30 September 2026. Ethena's FAQ answers the question "Will there be a Season 7?" with: "No. Season 6 is the final season of the Ethena Rewards campaign."
Three things are left. The Season 6 payout hasn't been announced, and the claim page only says "More details regarding Season 6 will be provided soon." The Season 5 claim is still open for people who took part between 24 September 2025 and 25 March 2026. And ENA from the Exchange Rewards program has been claimable since 17 June 2026 by people who traded on Ethereal or HyENA.
Warning Depositing into Ethena now earns no Ethena points. Ethena said on 26 September 2026 that token incentives tied to USDe would drop to zero at the end of that month, so any guide that still describes Season 6 as live is out of date.
What Ethena is
Ethena issues USDe, which it calls a synthetic dollar. USDe is backed by crypto assets and matching short futures positions, and Ethena's docs say it "is not the same as a fiat stablecoin like USDC or USDT". Staking USDe gives sUSDe, which earns the protocol's yield, about 4.9% a year on average at the end of September 2026. ENA is the governance token, and sENA is its staked form.
Warning USDe is not a bank deposit. Its terms say it has no deposit insurance, and ordinary holders can't redeem it with Ethena, so the only way out is to sell on the market.
How Ethena rewards work now
Season 6 balances in the app are frozen as of 30 September 2026. Ethena hasn't said how much ENA Season 6 will pay, when, or with what vesting.
Season 5 is paid in sENA through Coinbase Token Manager, which you reach from Ethena's claim page. Only the 2,000 largest earners have vesting, and only on one third of their grant.
Holding sENA still earns points from two partner projects, Strata and Meridian, which was formerly called Ethereal. Those are the partners' points and not Ethena's. The docs say sENA itself currently receives no ENA distributions.
Ethena airdrop step-by-step guide
- Check that you're eligible. Ethena's terms exclude "Prohibited Persons" from its campaigns and distributions, which covers citizens and residents of the United States and about 30 other jurisdictions.
- Open claim.ethena.fi and connect the wallet you used.
Warning Use only claim.ethena.fi and the two services it sends you to, Coinbase Token Manager and Sablier. No Season 6 claim exists yet, so a site that offers one isn't Ethena's.
- For Season 5, follow the link to Coinbase Token Manager and claim your sENA.
- For Exchange Rewards, follow the Sablier link for Ethereal or HyENA and claim your ENA.
- For Season 6, there is nothing to claim yet. Connect your wallet on the app overview to see your final points, then wait for Ethena's announcement.
- If you decide to leave, plan for the wait. Unstaking sENA takes 7 days, and unstaking sUSDe takes between 1 and 7 days.
Open Ethena claim pageOpens claim.ethena.fi
Ethena airdrop costs and fees
The app charges no fee of its own. Claims cost Ethereum gas, and Ethena's own FAQ says small wallets face "significant friction via gas fees" compared with what they stand to receive. Buying USDe means a swap through the app or an exchange, since minting directly is limited to approved, whitelisted firms.
Ethena airdrop risks and eligibility
- The Season 6 payout is undefined. No amount, date or vesting terms have been published.
- The United States is on the list of prohibited jurisdictions, for citizens and for residents.
- sUSDe isn't offered to residents of the European Union or the European Economic Area, and the staking guide adds the United Kingdom.
- The hedge behind USDe can lose money when funding rates turn negative, and the backing sits with custodians and on centralized exchanges. Ethena's docs list both as risks.
- The reserve fund that backstops USDe stood at about $62 million in mid 2026.
Who is behind Ethena?
Ethena (BVI) Limited operates the app, and the Ethena Foundation handles ENA distributions through a subsidiary. Guy Young is the founder and chief executive, according to The Block. The Block reported a $14 million round in February 2024 at a $300 million valuation, co-led by Dragonfly and Arthur Hayes's family office Maelstrom, and a $100 million private sale of ENA by the Ethena Foundation that it reported in February 2025.
Sources
- App FAQs: Points Seasons Ethena,
- Claim page Ethena,
- Zero token incentives related to USDe from the end of the month Ethena on X,
- Season 5 Update Ethena blog,
- ENA Token Launch Ethena blog,
- Ethena Overview Ethena docs
- How to Stake USDe Ethena docs
- How to Stake ENA Ethena docs
- How to Buy USDe Ethena docs
- Terms of Service Ethena docs
- USDe Terms and Conditions Ethena docs
- Risks Ethena docs
- Ethena's June 2026 Governance Update Ethena governance forum,
- USDe developer Ethena raises new funding round at $300 million valuation The Block,
- Ethena raises $100 million in private ENA token sale The Block,
This guide explains how the program works. It isn't financial advice, and no airdrop is guaranteed. Check Ethena's official channels before you connect a wallet or deposit funds.
