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Ethereal Points Maxing
Niklas Polk
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Key Takeaways
3 min read
  • Ethereal could be one of the most promising points farms around (see Ethereal report).
  • Buying Pendle YTs gives you 160% Ethereal points and 167% Ethena points compared to just farming regularly.
  • Delta-neutral hedging PTs with YTs for the same pool is forbidden and might result into slashing.
  • However, lvlUSD PTs offer even higher APR with the same expiry date, making it an attractive alternative to hedge your eUSDE YTs, without outright playing the Ethereal points system.

Introduction

In a previous report we highlighted the potential of Ethereal, a next gen (perp) DEX launching as L3 on the Ethena network. Points farming is now live and offers you exposure to an upcoming airdrop scheduled for May 2025. As Ethena previously was very accurate with their token scheduling, chances are that the Ethereal airdrop will happen on time as well. But how to best farm these points? This article introduces a method to maximize points farming and additional returns by combining it with Pendle and lvlUSD.

What is lvlUSD?

lvlUSD is a stablecoin designed for the DeFi ecosystem, specifically a yield-bearing token that aims to provide users with high returns while maintaining stability. It is fully collateralized by...