Ethena Pay, the payments app built by the Ethena team, already pays up to 6% rewards on dollar balances. Its new Earn+ product doubles that ceiling, offering up to 12% in a single tap.

Earn+ is live now for Pro and VIP users and will roll out to all Ethena Pay users in the coming days.

Deposits flow into an Upshift vault curated by Steakhouse Financial, which runs a leveraged USDe strategy on Aave V4 on Avalanche. Users get the looped yield without managing debt positions themselves.

The higher rate comes from leverage, so returns depend on USDe rewards and Aave borrowing costs and add smart contract and liquidation risk compared with the base balance product.