Ethena airdropENA

What to do, in order

1. 1

   Step 1

   Earned points during Season 6 by holding or using Ethena assets such as USDe, sUSDe and sENA in the ways the Ethena app tracked

2. 2

   Step 2

   Checked the points balance on the official Ethena app (app.ethena.fi) while the season ran

3. 3

   Step 3

   Kept the same wallets after the season ended, since balances in the app were frozen as of 30 September 2026

4. 4

   Step 4

   Season 5 participants claimed sENA through the Coinbase Token Manager link given in the Ethena FAQ

5. 5

   Step 5

   Wait for the official Season 6 distribution announcement on the Ethena app, FAQ and official X account before connecting a wallet anywhere

Where things stand

Ethena issues USDe, a synthetic dollar backed by crypto assets and hedged with derivatives positions, along with the staked versions sUSDe and sENA. Since its ENA token launched in March 2024, Ethena has run a rewards campaign in numbered seasons, with points earned during each season later converted into token grants. The official FAQ in the Ethena app now states that Season 6 concluded on 30 September 2026 and that Season 6 is the final season of the Ethena Rewards campaign.

That puts the campaign in a waiting phase. Points stopped updating in the app at the end of September, but the FAQ only says that further details on the Season 6 airdrop will be announced soon. We have not found an official statement of the Season 6 pool size, the claim date, the claim site or any vesting terms. We list the status as "snapshot" because the season has closed and balances are fixed, but no distribution has been confirmed yet.

Earlier seasons give some context. Season 5 concluded on 25 March 2026 and was paid out in sENA, the staked form of ENA. A separate Exchange Rewards program for users of the HyENA and Ethereal perpetuals exchanges ran for six months and its ENA grants became claimable from 17 June 2026.

How the seasons and distributions work

Each season tracked activity with Ethena assets and integrated venues, and the team converted those balances into token grants after the season ended. The exact Season 6 multipliers and formulas are not reproduced in the official pages we could open, so we do not list them here. What the FAQ does confirm is that balances shown in the app are as of 30 September 2026 and no longer update daily.

For Season 5, the FAQ says grants were issued as sENA and made available through Coinbase Token Manager (formerly Liquifi). Smaller wallets received their grants without vesting, because the gas cost of vesting would have been large relative to the reward. For the top 2,000 participants by rewards earned, one third of the grant was subject to vesting, with no holding requirement attached to the vesting portion. This is a useful reference for how Ethena has handled large allocations, but it is not a promise that Season 6 will follow the same rules.

The Exchange Rewards program worked differently. Eligible HyENA users who were active on HyperCore and met other criteria received ENA directly, while others claimed through a Sablier campaign on HyperEVM. Ethereal users claimed through a Sablier campaign on Ethereum mainnet. Separately, the FAQ notes that holding or locking sENA continues to earn Strata and Meridian points after Season 6, with later balances calculated from on-chain sENA holdings.

• Season 6: concluded 30 September 2026, final season, distribution details pending.
• Season 5: concluded 25 March 2026, paid in sENA, partial vesting for the top 2,000 wallets.
• Exchange Rewards: ENA claimable from 17 June 2026 for eligible HyENA and Ethereal users.

Eligibility, costs and risks

The Ethena FAQ states that Prohibited Persons, as defined in its Terms of Service, are not eligible to take part in Ethena campaigns or to receive ENA or sENA distributions. Anyone in a restricted location should read the terms before expecting a grant. Ethena has not published Sybil detection rules in the pages we opened, so we cannot say how duplicate wallets will be treated in Season 6.

Holding USDe or sUSDe is not risk free. USDe depends on derivatives hedges, custodians and exchange counterparties, and its yield can fall or turn negative. sENA has a 7-day cooldown when unstaking, and unlocking a locked position adds a further cooldown, so funds are not instantly liquid. Any future ENA or sENA grant will also carry market risk.

The main practical risk now is phishing. A season ending without a published claim date attracts fake claim sites and fake support accounts. Use only links shown on app.ethena.fi, claim.ethena.fi or the official Ethena X account, check that any vesting link points to the Coinbase Token Manager or Sablier address the FAQ names, and never type a seed phrase into any site. Using a separate wallet for claims limits the damage from a bad approval.

What to take from this drop

Ethena is a well-documented case with a clear track record: earlier seasons were paid out, and the claim mechanics were explained in the official FAQ. Season 6 is different only in that the details are not out yet, and it is described as the last season of the rewards campaign.

If you took part, there is nothing to do except keep control of the wallets you used and watch the official channels. If you did not take part, there is no remaining Ethena Rewards season to join, according to the FAQ. sENA holders can still accrue third-party points from Strata and Meridian, but those belong to other protocols and have their own terms.

We will update this page when Ethena publishes the Season 6 allocation, claim date and claim process.