New Incentive Structure from Ethena Foundation Attracts Exchange Traders

The Ethena Foundation has unveiled a comprehensive incentive program designed to boost trading activity on its ecosystem exchanges. Dubbed the ‘Ethena Exchange Points’ initiative, this half-year campaign rewards active traders who engage in genuine USDe-based trading on supported platforms like Ethereal and HyENA. The program represents a strategic push to deepen liquidity and user engagement across Ethena’s exchange network.

Dual Rewards Framework Powers the Incentive Campaign

The incentive structure operates through two parallel tracks: ‘Ethereal Exchange Rewards’ and ‘HyENA Points.’ Rather than treating them as competing programs, traders can participate in both simultaneously, maximizing their earning potential. Each track distributes approximately 100 million points weekly to qualifying participants, with a particular focus on transactions utilizing USDe as margin collateral. This approach creates a competitive environment that encourages sustained trading volume across the exchange ecosystem.

According to PANews, the distribution cycle operates on a weekly basis, with point allocations updated directly in user dashboards at the conclusion of each seven-day period. The six-month timeframe provides traders with a clear, medium-term incentive window—long enough to drive meaningful behavior change, yet structured enough to maintain program sustainability.

Safeguards Maintain Program Integrity

To preserve fairness and prevent exploitation, the incentive framework incorporates sophisticated anti-manipulation mechanisms. The system actively filters out gaming tactics such as self-trading and wash trading, which could artificially inflate participation metrics. Additionally, the Ethena Foundation reserves the right to implement per-account limits and conduct post-distribution audits, ensuring that incentives flow to genuine market participants rather than sophisticated arbitrageurs attempting to game the system.

Importantly, traders aren’t limited to this new program alone. The Exchange Points initiative can be layered on top of Ethena’s existing fifth-season points program, allowing users to accumulate rewards across multiple incentive tracks. This flexible approach demonstrates how blockchain platforms can create compounding value propositions that reward loyalty and engagement without cannibalizing existing programs.