Ethena in TON Space

What is tsUSDe

tsUSDe is a staking token issued by the Ethena protocol. It is fully compatible with DeFi: it can be stored, transferred, exchanged, or used in various applications — just like a regular token.

Important: Ethena is a third-party protocol and is not managed by TON Space.

What is USDe

USDe is a synthetic dollar developed by the Ethena Labs project. It is designed to maintain a value equivalent to 1 US dollar without relying on traditional fiat reserves. Learn more about USDe

What is staking

Staking is the process of locking up cryptocurrency in order to earn rewards. A user freezes their funds in a wallet or on a dedicated platform and receives income in the form of interest or additional tokens.

In Ethena, staking functions as a financial product: the user deposits cryptocurrency to receive rewards, but without participating in the network’s infrastructure.

How does USDe staking work in Ethena

Ethena is a liquid staking provider that allows users to deposit USDe and earn rewards.

  1. Swap: you exchange USDe for tsUSDe. This is the moment when “staking” occurs.
  2. Receive rewards: while you hold tsUSDe, its value gradually increases — thanks to the returns generated by the protocol through various strategies.

  3. Exit: you can request to exchange tsUSDe back to USDe at any time and will receive, after 7 days:

    - your initially staked funds

    - plus their accumulated yield

How is APY calculated

APY (Annual Percentage Yield) represents the yearly return you can earn by holding tsUSDe in staking through Ethena.

When you exchange USDe for tsUSDe, you start earning yield through the increasing value of the tsUSDe token itself.

Ethena recalculates the APY once a week, based on the actual performance of the assets backing USDe. Contributions to the reserve fund are not included in this calculation.

The yield may fluctuate over time — it depends on market conditions, the efficiency of the strategy, liquidity, and other factors.

Important: APY is variable and may change weekly. It depends on the protocol’s performance and overall market conditions.

How long does unstaking take

When unstaking from Ethena, there is a fixed 7-day waiting period after submitting an unstaking request. This time is required for the unfreezing of funds and the accrual of earned rewards.

Important: If you initiate another unstake before the current 7-day cooldown ends, the entire cooldown timer is reset for all funds. The countdown restarts from day one. This means that the previous request will be canceled, and the unfreezing process will begin anew — with a fresh 7-day period.

Why is tsUSDe more valuable than USDe

tsUSDe is the staking token of USDe. Its value increases over time as it accumulates the yield generated by the Ethena protocol through staking and hedging.

When you exchange USDe for tsUSDe, you receive tsUSDe at the current exchange rate. Then, simply by holding tsUSDe, you earn yield as its value appreciates.

When you unstake, you’ll be able to exchange tsUSDe back for more USDe than you initially deposited, accounting for the accumulated yield.

Are there any risks involved with staking via Ethena

With any DeFi platform, staking via Ethena comes with inherent risks. Ethena is committed to transparency and outlines several key areas of potential risk, particularly related to its stablecoin USDe.

You can explore a detailed breakdown of the risks and mitigation strategies in the official documentation here: Risks

As always, do your own research (DYOR) and carefully evaluate the risks before participating in any DeFi service. Additional disclaimers and comprehensive documentation are available at docs.ethena.fi.


Staking is conducted by a third-party partner and is governed by the terms and operating mechanism of Ethena.

Is there a minimum or maximum amount to stake

No minimums or maximums are enforced. You can start staking any amount of USDe directly from your wallet via TON Space, where Ethena is fully integrated.

Is there a fee for staking

There is no additional fee for staking.

However, when depositing to or withdrawing from staking, a standard TON blockchain transaction fee applies.

  • The fee is up to 0.2 TON.
  • Any unused portion of the fee is automatically refunded to your balance on TON Space.

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