Ethena Pay launches Earn+ vault targeting high yields using leverage

Ethena Pay launched its new Earn+ vault for dollar deposits on October 28, 2026. CryptoSlate, The Defiant, and TradingView all reported on the product rollout, which uses Avalanche infrastructure to offer high target rewards. [1][2][3][4][5]

The Earn+ strategy utilizes an Upshift vault on the Aave lending protocol that targets roughly 11 times leverage, according to CryptoSlate and The Defiant. CryptoSlate reported that the app disclosure outlines an initial capacity limit of 4.5 million dollars, with depositors bearing all potential losses. [1][3]

The design pairs USDe collateral with USDT borrowing. CryptoSlate noted that the oracle pricing for USDe follows USDT, which could create a gap between reported protocol values and recoverable funds if USDe falls relative to USDT. [1]

As FTMQ Crypto reported earlier, the broader market remains sensitive to leverage mechanics following an October 2025 flash crash that wiped out 19 billion dollars in leveraged positions across the crypto sector. [7]