Crypto offers several ways to earn, including trading, holding, participating in airdrops, and staking, which is often considered one of the simpler ways to earn while continuing to hold assets. Ethena, one of the larger DeFi protocols in the market, caters to both investors looking for ecosystem exposure and users who prefer more stable, yield-focused strategies through its ENA staking and USDe staking options. In this guide, we will walk through the steps required to stake ENA tokens, along with the important things to understand if you are fairly new to Web3 wallets, DeFi platforms, and onchain transactions.

How Ethena Staking Works

Unlike traditional finance, where you simply create an account, deposit funds, and receive returns automatically after some time, things work a little differently in Web3, DeFi, and onchain transactions. Before you can stake on a DeFi platform like Ethena, you need to set up a few things properly, including a compatible Web3 wallet, the correct network, and enough crypto to pay gas fees. Without these, your transactions will not go through.

Web3 Wallets

For new users, it is important to understand that DeFi applications are built on specific blockchains and only support selected networks. Ethena is built on Ethereum, meaning you need your ENA tokens on the Ethereum network inside a compatible Web3 wallet before you can stake them. However, Ethena also supports 21 additional networks, most of which are EVM-compatible. So, depending on the network you plan to use, make sure your tokens are transferred through the correct supported network.

There are several wallets that support Ethereum and other EVM-compatible networks. Once your wallet is set up, you can connect it directly to the Ethena dApp and interact with the platform.

Gas Fees

Every transaction on a blockchain requires a fee known as a gas fee. This includes staking ENA, unstaking tokens, claiming rewards, or approving transactions through your wallet.

On Ethereum, gas fees are paid in ETH, so you must keep some ETH in the same wallet that holds your ENA tokens. If your wallet does not have enough ETH, the transaction will fail even if you already hold ENA tokens. Similarly, if you are using another supported EVM-compatible network, you will need that network’s native token to pay gas fees.

You can buy ETH from centralized exchanges like Binance and transfer it to your wallet. Users looking for no-KYC alternatives often use BloFin to buy and transfer Ethereum to their Web3 wallet.

How to Stake ENA Tokens: Step-by-Step Guide

So before you begin the staking process, make sure your ENA tokens are already transferred to a Web3 wallet on the Ethereum network. You should also keep some ETH in the same wallet to cover gas fees during staking transactions. Once everything is ready, here are the steps you need to follow to stake ENA tokens.

Step 1: First, visit the Ethena app through your browser, or use your Web3 wallet’s built-in dApp browser. Once you are there, click on the “Launch App” button.

Step 2: You will now be redirected to the Ethena dApp. Here, click on the “Connect Wallet” button to connect your Web3 wallet.

Step 3: With your wallet connected, head over to the “Earn” feature available inside the Ethena app.

Step 4: Here, you will find the staking feature located inside a small container on the right side of the screen. Click on the “Stake” tab.

Step 5: Since we will be staking ENA tokens, click on the token selector and choose “ENA” from the dropdown menu.

Step 6: Now enter the amount of ENA you want to stake. You will see the amount of sENA you will receive update in real time, along with the estimated gas fees displayed below.

Step 7: Review the transaction details carefully, then click on the “Stake” button to continue.

Step 8: Ethena will now ask for permission through your Web3 wallet to approve the request. Sign and approve the transaction, then wait for the staking process to complete.

Once your ENA staking request is submitted, you can monitor the transaction status through Etherscan. After the transaction is confirmed on Ethereum, you will be able to view your staked ENA balance, rewards, and staking position directly from the Ethena dashboard.

What Is ENA Staking?

Ethena is a protocol built around USDe, a synthetic dollar backed through delta-neutral positions across Bitcoin, Ethereum, and other crypto assets. The protocol generates revenue mainly through funding rates from perpetual futures positions, along with reward payments from stablecoin holdings. Ethena has also expanded its ecosystem reach through partnerships with exchanges like Binance, where USDe perpetual contracts are available.

ENA staking allows users to stake ENA tokens within the Ethena ecosystem to earn staking rewards while remaining exposed to the protocol’s growth and activity. When users stake ENA, they receive sENA, which represents their staking position on the platform. Since ENA is the ecosystem token, staking rewards and overall value can still fluctuate depending on market conditions and protocol activity.