Want to bridge over USDe?Bridge your USDe from other chains using Stargate
Institutional grade lending market for Ethena assets, curated with Bitwise.
Strategies
Pre-built leverage strategies — enter in 1 click.
Multiply
Amplify exposure with leveraged loops.
Borrow
Collateral-debt pairs. Borrow against collateral, or loop for leveraged exposure.
Earn
Single-asset deposits, passive yield.
| Vault | Deposited | Earnings | TVL | ||
|---|---|---|---|---|---|
FAQs
This is a lending market curated with Bitwise, isolated from the Jupiter market, and built around Ethena USDe and USDG assets alongside SOL. It operates as a fully separate market — activity here does not affect, and cannot be affected by, the main Jupiter Lend market.
This market is isolated from the Jupiter Lend market. Your exposure is limited to the Bitwise x Ethena market, and has no exposure to the Jupiter Lend market.
Bitwise is the world's largest crypto index fund manager. As curator of this market, they've worked alongside Jupiter to design the risk parameters, asset selection, and overall structure — bringing institutional-grade oversight to the lending and borrowing experience.
There are four ways to participate:
- Earn passive yield by depositing USDG
- Borrow USDe or USDG using SOL or USDe as collateral
- Multiply your USDe exposure using leveraged loops against USDG
- Enter a Strategy (USDe Loop) with one click to amplify your yield automatically
Deposit USDG to lend it out to borrowers in this market and earn variable interest. Jupiter Lend automatically finds you the best available rate — no extra steps needed.
There are three borrow pairs in this market:
- SOL → USDe (80% LTV, 85% liquidation threshold)
- SOL → USDG (80% LTV, 85% liquidation threshold)
- USDe → USDG (92% LTV, 94% liquidation threshold)
If your collateral's value falls and your position exceeds the liquidation threshold, your position becomes eligible for liquidation — part of your collateral may be automatically sold to repay your loan. Keep a close eye on your Health Factor and add collateral or repay debt before it approaches 1.0.
Multiply lets you amplify your USDe exposure in a single transaction. The USDe → USDG vault supports up to 12.3x leverage (92% LTV, 94% liquidation threshold). It borrows USDG against your USDe collateral and loops the proceeds back into USDe automatically — compounding your position without manual steps.
USDe Loop is a one-click strategy that borrows USDG and repeatedly loops it into USDe to amplify your yield. It applies maximum leverage automatically via a flashloan in a single atomic transaction. The APY shown reflects current rates and will fluctuate as Supply APY and Borrow APY change.
Each strategy has a borrow ceiling that limits total leverage across all users. When capacity is filled, new deposits are unavailable until existing positions are closed or the ceiling is raised.
The first signature creates your position account on-chain. The second applies the leveraged loop — depositing collateral, borrowing, swapping, and re-depositing via flashloan — all in one transaction. Adding to an existing position only requires one signature.
Every Borrow, Multiply, or Strategy position is represented by a Position NFT sent to your wallet when the position is opened. It stores all position data — collateral, debt, and risk parameters — and represents ownership. Transferring the NFT transfers the entire position. Do not burn it, as it is required to manage or close your position.
Withdrawals are available at any time subject to dynamic limits that protect the market from sudden large outflows — these limits grow continuously for smooth, predictable access. For Multiply and Strategy positions, withdrawals fully unwind the position: all debt is repaid via flashloan and remaining assets are returned to your wallet in one transaction.
- Smart Contract Risk — a bug or vulnerability in the code could be exploited.
- Market Risk — SOL, USDe, and USDG can all change in value. For borrowers, a drop in collateral value can trigger liquidation.
- Depeg Risk — if USDe loses its peg, collateral value drops sharply and liquidation risk increases significantly, especially at high leverage.
- Rate Risk — Borrow APY can spike or Supply APY can drop, compressing or reversing yield on leveraged positions.
- Leverage Risk — Multiply and Strategy positions amplify both gains and losses. Small adverse moves have an outsized impact at high multipliers.