How to Farm Ethena’s ENA on Mantle Rewards Station

Before we get started, this is not a recommendation or endorsement to buy any token(s) mentioned.

This week, we cover how to farm Ethena’s newly launched token ENA by staking MNT on the Mantle Rewards Station.

Last summer, we covered a guide to early DeFi protocols building on the Ethereum L2 Mantle. Since then, Mantle has established itself as the 12th largest network by TVL, 4th among Ethereum L2s with $353M as of this post.

Mantle prides itself on being an L2 DeFi haven incubating new protocols such as the money market INIT Capital with $60M in liquidity as well as DeFi juggernauts like Pendle, which currently hosts $196M TVL on Mantle. 

While most L2s claim to be DeFi friendly, there’s a real edge to the community Mantle has cultivated thanks to key contributors like Mantle Chief Alchemist, Jordi Alexander.

During an episode of The Edge Podcast, Jordi revealed there’s a deeply held belief in building the best native yields in DeFi and attracting yields such as Ethena’s sUSDe (37% APY). One of the best examples of this is when Mantle used its massive treasury of ETH and staked over 600k ETH to provide 2x staking yield to 600k mETH holders (7.2% APY).

In other words, they staked their own ETH and then gave away all of the yield to ETH stakers on Mantle (aka mETH holders).

Recently on March 25th, Mantle announced the launch of the Mantle Rewards Station, a hub