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At a glance
- What changed
- Earn+, a higher-rewards option for part of an Ethena Pay USD balance, running on an Upshift vault that uses Aave V4 on Avalanche.
- Who it affects
- Ethena Pay users; Pro and VIP first, then all users in the coming days.
- When
- Live since 28 October 2026. No end date announced.
What Ethena Pay launched
Ethena Pay has launched Earn+, a second savings option inside its app that pays higher rewards on part of a user's dollar balance. Aave announced the integration on its official X account on 28 October 2026 and published a longer explainer on its blog the same day. Aave's post quoted Ethena Pay's own launch message, which advertises 12% rewards on dollars in a single tap, available first for Pro and VIP users and rolling out to all Ethena Pay users in the coming days.
Ethena Pay is the payments and savings app from Ethena that launched in about 50 countries in September. Users hold a USD balance, spend it, and earn rewards on it automatically. Earn+ sits next to that default balance: a user picks how much to move across, reviews the amount and confirms.
How the money is put to work
Aave's blog describes three partners with separate jobs. Upshift provides the vault that holds the deposits. Steakhouse curates the vault and runs its strategy. Aave V4 on Avalanche supplies the lending markets that strategy uses. On Avalanche the strategy supplies USDe and borrows USDT from liquidity pooled in Aave V4's Avalanche Hub, the new Hub and Spoke design in which hubs pool deposits and spokes are the markets that borrow from them, each with its own collateral and risk rules.
Limits, withdrawals and who runs the vault
For users, the practical terms are spelled out. Earn+ has no lock-up period. Withdrawals are processed within 24 hours and paid back into the user's USD balance. Deposits are capped by Ethena Pay's account tier: $20,000 for Standard users, $50,000 for Pro users and $200,000 for VIP users.
Aave adds a clear note: Earn+ is a third-party product offered through Ethena Pay, and Aave does not operate, curate or manage the vault. Neither Aave's post nor its blog says whether the 12% figure is fixed or for how long it applies, and the blog itself gives no rate. A strategy that supplies one stablecoin and borrows another carries smart contract, market and liquidity risk, so the advertised rate should be read as variable rather than guaranteed.
Our take
Earn+ is another sign of Aave V4 being used as plumbing by consumer apps rather than only by DeFi traders, after the Aave Pro and Privy integrations we covered this month. The appeal for Ethena Pay users is simplicity: one tap, no lock-up and a 24-hour exit. The trade-off is that a higher rate comes from a leveraged lending strategy run by a third party, so it makes sense to size it as part of a balance, which is exactly how Ethena Pay frames it.
The Aave App code in the box above moves you up the iOS waitlist for Aave's own savings app. To hold dollar stablecoins such as USDC in a self-custody wallet first, the Base app at base.app and Phantom, shown in the box below, both support USDC.
Dates to know
As announced by the provider. A listed date does not confirm current availability or eligibility.
- Earn+ live on Ethena Pay for Pro and VIP usersDate passed
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Conditions
New users who sign up in the Phantom mobile app with this code get 10% of their own eligible trading fees back for three months from signup. Codes apply only at mobile-app signup and cannot be added later. Rebates are paid in CASH to the Phantom Cash balance after a $1 minimum; ID verification may be required. Perps and prediction markets are not available in every region; program terms apply and Phantom may change rates or end the program. Perps are unavailable in the US, UK and US-sanctioned jurisdictions; prediction markets are unavailable in the US, UK, Germany and sanctioned jurisdictions. Program eligibility depends on jurisdiction under the referral terms.
The code and partner link have no expiry. Campaign dates, benefits and eligibility are separate and may change. Check the provider’s current terms before signing up.
