Ethena Pay Launches Earn+ Vault With 11x USDe Leverage on Aave

TLDR Ethena Pay launched Earn+, a vault that loops USDe and USDT at about 11 times leverage and advertises up to 12% APY. The USDe price feed used on Aave follows USDT, so it may not detect a USDe-only drop in value. At 11x leverage, a 2% USDe discount would erase 22% of a user’s starting equity, before costs. A 1% rise in USDT borrowing costs would cut simple yearly returns on equity by about 10%. Withdrawals can be requested anytime and are processed within 24 hours, though Ethena Pay warns they can take longer.