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How to Stake ENA

Staking ENA enables holders to receive the protocol's generated rewards

Users in permitted jurisdictions can stake & unstake ENA/sENA with Ethena via the UI.

Using the UI, the staking & unstaking ENA/sENA user workflow is:

  1. The user requests to stake/unstake ENA/sENA via the dApp interface by clicking "Stake"/"Unstake", which pops up their selected wallet to sign the requested transaction.

  2. After the user signs the transaction with their wallet, the transaction is submit to the blockchain.

  3. Upon successful confirmation of the transaction, the user receives sENA/ENA as their ENA/sENA is atomically swapped.

Important to Note

  • Users do NOT need to do anything but hold sENA to receive incentive rewards.

  • Rewards aren’t earned directly by sENA holders; rather, it accumulates within the staking contract, which results in the "value" of sENA rising over time in ENA terms. Users are able to unstake their sENA at any time, at which point they receive an amount sENA reflecting the staked amount plus any increase in value of sENA in ENA terms from the time the user staked until unstaking.

  • The amount of sENA a user will receive when staking sENA will depend on the current value of sENA. At launch the value was 1 sENA = 1 ENA, but sENA is expected to slowly increase in value as distributions are transferred into the staking smart contract.

    • This is because sENA was implemented using a token vault mechanism to provide protocol level rewards to permitted users. This mechanic is similar to Rocketpool's rETH.

    • Therefore, while a staker might receive less sENA than ENA staked, the value of the sENA will always be equal to or greater than the ENA you staked in ENA terms.

  • There is a cooldown period of 7 days after unstaking sENA, ENA will be available to withdraw after that period.

  • Distributions of ENA to the sENA contract are purely discretionary. In late 2024 and early 2025, unclaimed ENA grants from Ethena's Season 1 airdrop were distributed to sENA. As of September 2025, however, no distributions are in effect or announced.

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