Ethena Rolls Out Multi-Level Incentive Structure Across Partner Exchanges

The Ethena Foundation recently unveiled its ‘Ethena Exchange Points’ program, a comprehensive incentive initiative designed to stimulate trading volume on partner platforms. As reported by PANews, this six-month campaign specifically rewards users who execute genuine trading operations using USDe—the protocol’s synthetic stablecoin—as margin collateral. The program architecture reflects Ethena’s commitment to building deeper liquidity infrastructure within its exchange ecosystem.

Two-Track Rewards Program Targeting Active Traders

The incentive framework operates through two parallel initiatives: ‘Ethereal Exchange Rewards’ and ‘HyENA Points,’ each deployed on their respective exchange partners. The structure is straightforward yet ambitious—each project allocates 10 million points weekly to eligible participants, with calculations focused exclusively on USDe-collateralized trading activities. User performance metrics and point balances update automatically at the conclusion of every weekly settlement cycle, providing real-time visibility into reward accumulation.

What distinguishes this incentive tier is its modularity. The program functions independently while remaining stackable with Ethena’s concurrent fifth-season points initiative, allowing engaged users to maximize their total reward potential across multiple campaigns. This layered approach demonstrates how the foundation is optimizing incentive distribution without creating redundant or conflicting user experiences.

Built-In Safeguards Against Market Manipulation

To preserve program integrity, the initiative incorporates sophisticated anti-manipulation mechanisms that filter out distorted trading patterns. The system actively excludes self-dealing transactions and wash trading schemes—activities that artificially inflate trading volumes without generating genuine economic value. Beyond automated filtering, the protocol reserves authority to implement per-account spending caps and conduct post-distribution audits to identify and neutralize manipulation attempts.

This calibrated approach to fairness underscores how modern blockchain incentive programs must balance growth objectives with market health. By embedding guardrails at the protocol level, Ethena ensures that rewards flow to authentic participants rather than sophisticated arbitrageurs exploiting program mechanics.