> For the complete documentation index, see [llms.txt](https://docs.thefiva.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.thefiva.com/fiva-strategies/integrated-markets/ethena.md).

# Ethena

## Ethena Markets in FIVA

### What Is Ethena Integration?

FIVA integrates with Ethena to bring high-yield stablecoin opportunities to TON. This partnership lets you transform Ethena's variable yields (5-20% APY) into fixed returns, farm Ethena points more efficiently, or earn multiple income streams from your stablecoin position.

### How Ethena Generates Yield

Ethena creates sustainable USD yields through a straightforward but powerful approach:

1. **Funding Rates**: Captures funding payments from perpetual futures markets
2. **Delta-Neutral Strategy**: Maintains balanced positions regardless of market direction
3. **Protocol Rewards**: Distributes Ethena points to loyal users

This model consistently delivers exceptional returns on USD, typically ranging from 5-20% APY depending on market conditions.

### Three Ways to Optimize Your Ethena Position

In the following sections, you'll learn how to use FIVA's technology to enhance your Ethena holdings:

1. [**Fixed Yield with PT Tokens**](/fiva-strategies/integrated-markets/ethena/pt-fixed-usde-returns.md)
2. [**Enhanced Farming with YT Tokens**](/fiva-strategies/integrated-markets/ethena/yt-farming-ethena-airdrop-with-60x-multiplier.md)
3. [**Multiple Income Streams with Liquidity Provision**](/fiva-strategies/integrated-markets/ethena/lp-multiple-income-streams.md)

Each approach offers distinct benefits based on your risk preferences and financial goals.


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