Ethena

⛔ HARD RULES (read first, always)

• ALWAYS call ethena_rate before any on-chain operation — cooldown duration is live from chain, not a constant
• NEVER call wallet_transfer directly — use ethena_* native tools only (wallet_transfer triggers UI block in deny-all policy)
• NEVER hardcode cooldown as "7 days" — actual value is fetched per request (currently ~24h)
• NEVER guess or assume the sUSDe/USDe exchange rate — call ethena_rate
• HARD LIMIT: max 5 tool calls per user request
• ON-CHAIN EXECUTION: after ethena_* returns calldata, sign and broadcast via wallet_sign_transaction — NEVER skip or simulate

Ethena — USDe Staking

Ethena lets users stake USDe to receive sUSDe, an ERC4626 yield-bearing token. Rewards accrue from ETH staking + funding rate delta-hedging. sUSDe value only increases or stays flat — never decreases.

Key Contracts (Ethereum Mainnet)

Native Tools

End-to-End Execution — Sign & Broadcast

ethena_* tools return unsigned calldata. To actually execute on-chain:

ethena_stake / ethena_cooldown_start / ethena_unstake
        ↓  returns tx dict  {to, data, value, chain_id}
wallet_sign_transaction(tx)          ← wallet skill
        ↓  returns signed_tx hex
wallet_sign_transaction broadcast    ← same call, auto-broadcasts

Standard Flow (stake example)

Step 1  ethena_rate()                    # confirm rate + cooldown before tx
Step 2  ethena_stake("100", receiver)    # returns [approve_tx, deposit_tx]
Step 3  wallet_sign_transaction(approve_tx, broadcast=True)
Step 4  wallet_sign_transaction(deposit_tx, broadcast=True)

Standard Flow (unstake)

Step 1  ethena_rate()                    # get live cooldown duration
Step 2  ethena_cooldown_start("100")     # returns cooldown_tx
Step 3  wallet_sign_transaction(cooldown_tx, broadcast=True)
Step 4  [wait cooldown_hours]
Step 5  ethena_unstake(receiver)         # returns unstake_tx
Step 6  wallet_sign_transaction(unstake_tx, broadcast=True)

Cross-skill dependency

Load wallet-policy skill first to confirm wildcard policy is active. wallet_sign_transaction is part of the wallet skill — it is available natively; no extra install needed.

Error handling

Tool Routing — IF/THEN

IF "APY" OR "yield" OR "return" OR "收益率" OR "年化"
  → ethena_apy()

IF "rate" OR "price" OR "how much USDe per sUSDe" OR "汇率" OR "多少USDe"
  → ethena_rate()

IF "balance" OR "how much do I have" OR "余额"
  → ethena_balance(wallet_address)

IF "stake" OR "deposit" OR "质押" AND amount given
  → ethena_stake(amount, receiver)

IF "unstake" OR "redeem" OR "cooldown" OR "withdraw" OR "赎回" — starting flow
  → ethena_cooldown_start(amount)

IF "claim" OR "unstake" OR "withdraw" AND cooldown already done
  → ethena_unstake(receiver)

IF "how long" OR "cooldown duration" OR "等多久"
  → ethena_rate()  ← returns cooldown_seconds live from chain

Few-Shot Examples

ETH-01 — APY query

"sUSDe 现在的 APY 是多少？"

ethena_apy()
→ "当前 APY 3.72%，7日均值 3.68%"

ETH-02 — Rate query

"1 sUSDe 能换多少 USDe？"

ethena_rate()
→ "1 sUSDe = 1.227675 USDe（totalAssets/totalSupply 实时计算）"

ETH-03 — Balance

"我有多少 USDe 和 sUSDe？"

ethena_balance("0x...")
→ {usde_balance: 500.0, susde_balance: 81.46, susde_in_usde: 100.0}

ETH-04 — Stake

"帮我质押 100 USDe"

ethena_rate()          # get live rate for estimate
ethena_stake("100", receiver="0x...")
→ [{approve tx}, {deposit tx}]  # execute in order

ETH-04b — Stake end-to-end (sign & broadcast)

"帮我质押 100 USDe，直接执行到链上"

ethena_rate()                                   # Step 1: confirm rate
ethena_stake("100", receiver="0x...")           # Step 2: get calldata
→ [approve_tx, deposit_tx]
wallet_sign_transaction(approve_tx, broadcast=True)   # Step 3
wallet_sign_transaction(deposit_tx, broadcast=True)   # Step 4
→ tx_hash confirmed

ETH-06b — Unstake end-to-end (sign & broadcast)

"帮我开始赎回 50 sUSDe，直接发链上"

ethena_rate()                                         # Step 1: get cooldown
ethena_cooldown_start("50")                           # Step 2: get calldata
→ {cooldown_tx, cooldown_hours: 24.0}
wallet_sign_transaction(cooldown_tx, broadcast=True)  # Step 3
→ tx_hash confirmed, 等待 24h 后再调 ethena_unstake

ETH-05 — Cooldown duration

"赎回要等多久？"

ethena_rate()
→ "cooldown_seconds: 86400 → 当前需等待 24 小时"

ETH-06 — Start cooldown

"开始赎回 50 USDe 的 sUSDe"

ethena_cooldown_start("50")
→ {transaction: {...}, cooldown_hours: 24.0}

ETH-07 — Claim after cooldown

"cooldown 到了，帮我提款"

ethena_unstake("0x...")
→ {transaction: {...}}

ETH-08 — English yield query

"What's the current yield for staking USDe?"

ethena_apy()
→ "Current APY: 3.72%"

How Staking Works

1. Stake: ethena_stake → approve USDe + deposit → receive sUSDe (ERC4626)
2. Yield: Protocol transfers USDe rewards every 8h, linearly vested over 8h (anti-sandwich)
3. Unstake: ethena_cooldown_start → wait cooldown (query live, currently ~24h) → ethena_unstake

sUSDe/USDe rate only goes up. Cooldown duration may change — always query ethena_rate.

After generating calldata via any ethena_* tool, always follow up with wallet_sign_transaction(tx, broadcast=True) to actually submit on-chain. Never stop at calldata generation.

Prerequisites — Wallet Policy

Before any on-chain operation, ensure a wildcard wallet policy is active (deny key export + allow *). Load the wallet-policy skill if needed.

Gotchas

• Cooldown is ~24h (not 7 days) — but always verify with ethena_rate() as it can change via governance
• No negative rewards — sUSDe value can only go up or stay flat
• Rewards every 8h — linearly vested, no sandwich opportunities
• sUSDe can be sold on DEXes without cooldown if liquidity exists
• EU/EEA restriction — sUSDe acquisition not offered in EU/EEA