Ethena partners with Derive, sENA holders to receive 5% of the DRV token supply.

Ethena has entered a strategic partnership with Derive.xyz, an on-chain options and structured products protocol that reportedly holds more than 75% of the on-chain options market for BTC and ETH. As part of the deal, the Ethena Foundation is providing Derive with a multi‑million‑dollar grant or investment, and in return Derive will allocate 5% of the total DRV governance token supply to holders of sENA (staked ENA) via an airdrop. Distribution is tied to a points program for sENA holders, with tracking referenced as beginning in early December 2025 in ecosystem materials. Operationally, the partnership aims to deepen integration between Ethena’s synthetic dollar USDe and Derive’s derivatives infrastructure. Derive plans to onboard USDe as collateral for options and other derivatives, explore the first options markets for ENA, and build structured products that leverage Ethena’s sUSDe yield. For Ethena, this expands its role from a synthetic dollar issuer into a broader DeFi ecosystem and launchpad for derivatives and structured products built around USDe. For Derive, tapping into Ethena’s liquidity and user base is positioned as a way to accelerate adoption of its options and structured products platform while decentralizing DRV token ownership through the sENA-oriented airdrop.

✨ AI-generated background, compiled from web sources — not editorial content.

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