Ethena Labs is a DeFi protocol focused on building stable, on-chain yield systems. It introduced USDe, a yield-bearing stablecoin that allows users to earn returns without staking. Powered by on-chain derivative strategies, Ethena aims to offer secure, transparent, and sustainable yield for all.
In partnership with Ethena Labs, OneKey now supports native USDe yield. Simply hold USDe in your wallet and activate the feature — no staking, no lockups — and start earning daily on-chain rewards with an APR of up to 4%.
Program Start Date
July 4, 2025
Participation Requirements
To participate and start earning yield, users must meet the following 3 conditions:
Hold USDe in your OneKey Wallet
Click "Activate to start earning" in the OneKey App to enroll your wallet address
Hold for a full day, meaning your USDe must remain in your wallet until after the final daily snapshot (after 23:00)
Yield Mechanism
Maximum Yield Rate: 4 % APR
Reward Token: USDe
Yield Basis: Daily minimum balance
Snapshot Frequency: Every hour
Start of Accrual: Begins on the day after funds are received (e.g., deposit at 22:00 on 07/01 → starts earning 00:00 on 07/02, must be held until 07/02 23:00)
Reward Distribution Time: Daily at 04:00 (UTC)
Claim Method: Users must manually claim rewards in the app
Asset Cap: None
Performance Fee: 7% of yield, collected by OneKey
⚠️ When total locked value (TVL) exceeds the reward cap, the effective APR will decrease.
KYC Verification
To comply with regulatory requirements, users must complete a one-time KYC before claiming rewards.
Verification Includes: Email, ID document, facial liveness check
When It’s Required: Automatically triggered upon first claim
Device Binding: Once verified, results are saved to your device. Changing wallet addresses does not require re-verification.
Frequently Asked Questions (FAQ)
How does Ethena USDe work on OneKey?
Ethena USDe is made available through a collaboration between OneKey and our partner Ethena Labs. Rewards are automatically calculated based on the USDe balance in your wallet — no staking, no lockups, and no manual steps required.
How do I participate in Hold to Earn?
Simply hold USDe in your wallet and tap “Activate to start earning” within the OneKey App. You can obtain USDe via trading or swap. Once activated, you’ll see the “Earnings Active” badge at the top of the page — and your rewards will start accruing the next day.
How is yield calculated?
The system takes hourly snapshots of your USDe balance and calculates your daily rewards based on the lowest amount held throughout the day. Rewards are updated daily at 04:00 (UTC) and can be claimed anytime after that.
Why is KYC required?
To comply with regulations, this campaign is not available to users in restricted jurisdictions. KYC must be completed before claiming rewards. OneKey does not collect or store any of your personal data — verification is handled by Ethena and used solely for this campaign.
Which countries or regions are restricted from KYC?
Abkhazia, Afghanistan, Angola, Belarus, Burundi, Central African Republic, Congo, Cuba, Crimea, Ethiopia, Guinea-Bissau, Iran, Ivory Coast (Côte d’Ivoire), Lebanon, Liberia, Libya, Mali, Myanmar, Nicaragua, North Korea, Northern Cyprus, Russia, Somalia, Somaliland, South Ossetia, South Sudan, Sudan, Syria, Ukraine (Donetsk and Luhansk regions), United States, Venezuela, Yemen, and Zimbabwe.
What is the performance fee?
The performance fee is charged as a percentage of your actual realized profit. It does not affect your principal.
Example: If the performance fee is 7%, and you deposit $100 and earn a profit of $10, a $0.7 performance fee will be charged. You will receive 109.3 in total (principal + profit − performance fee).
What are the potential risks of using Earn?
Although both the Ethena protocol and vault managers have implemented strong security measures, using third-party smart contracts always involves risk. These may include smart contract bugs, hacking attempts, liquidity issues, and price volatility.
Please evaluate these risks carefully before participating. OneKey is not responsible for any losses resulting from third-party protocol vulnerabilities.