---
title: "Lend sUSDe and USDe on Aave (looping required)"
description: "This campaign is part of Ethena’s Liquid Leverage program, with Merkl acting as the distribution partner in collaboration with the ACI. The campaign considers the lowest amount of tokens lent across the sUSDe and USDe markets. The rate provided to eligible users will change week by week, but will be roughly in line with the sUSDe rate less the USDe supply rate earned for the foreseeable future. To be eligible, users must also borrow USDC, USDT, or USDS and maintain a health factor below 2.5."
canonical: "https://app-a.merkl.xyz/opportunities/9830701213305656660"
chain: "Ethereum"
protocol: "Aave"
type: "MULTILOG_DUTCH"
page: 1
items: 25
totalPages: 1
updated: 2026-06-26T09:00:56.000Z
---

# Lend sUSDe and USDe on Aave (looping required)

## Back to

- [Opportunities index (HTML)](https://app-a.merkl.xyz/)
- [Ethereum chain (markdown)](https://app-a.merkl.xyz/chains/ethereum.md)
- [Aave protocol (markdown)](https://app-a.merkl.xyz/protocols/aave.md)

This campaign is part of Ethena’s Liquid Leverage program, with Merkl acting as the distribution partner in collaboration with the ACI. The campaign considers the lowest amount of tokens lent across the sUSDe and USDe markets. The rate provided to eligible users will change week by week, but will be roughly in line with the sUSDe rate less the USDe supply rate earned for the foreseeable future. To be eligible, users must also borrow USDC, USDT, or USDS and maintain a health factor below 2.5.

## Key metrics

- **Total Value Locked**: $52,633,849.9
- **APR**: 3.75%
- **Native APR**: 1.10%
- **Daily rewards**: $3,824.23
- **Live campaigns**: 1
- **Chain**: Ethereum
- **Protocol**: Aave

## Tokens

- [sUSDe](https://app-a.merkl.xyz/tokens/sUSDe.md)
- [aEthUSDe](https://app-a.merkl.xyz/tokens/aEthUSDe.md)
- [USDe](https://app-a.merkl.xyz/tokens/USDe.md)
- [aEthsUSDe](https://app-a.merkl.xyz/tokens/aEthsUSDe.md)

## Campaigns — page 1 of 1 (9 total)

| Campaign | Status | Reward | APR | Daily $ | Start | End |
| --- | --- | --- | --- | --- | --- | --- |
| [0xc2fae0…](https://app-a.merkl.xyz/opportunities/9830701213305656660/campaigns/0xc2fae01879a73adca4ca60cbaa418cac7bb5f414025d13fb78aaad73d42b1459.md) | live | [aEthUSDe](https://app-a.merkl.xyz/tokens/aEthUSDe.md) | 3.75% | $3,824.23 | 2026-06-26 | 2026-07-03 |
| [0x2d4490…](https://app-a.merkl.xyz/opportunities/9830701213305656660/campaigns/0x2d4490f746a7bead8961fd2fa923bae70b5e5724722591b24867b3231269a643.md) | past | [aEthUSDe](https://app-a.merkl.xyz/tokens/aEthUSDe.md) | 0.00% | $0 | 2026-06-23 | 2026-06-26 |
| [0x23d532…](https://app-a.merkl.xyz/opportunities/9830701213305656660/campaigns/0x23d5327f47571608d2852e60a8e3c53fd50d6ade9fa911f087ddb85fc5072d76.md) | past | [aEthUSDe](https://app-a.merkl.xyz/tokens/aEthUSDe.md) | 0.00% | $0 | 2026-06-19 | 2026-06-23 |
| [0xee8773…](https://app-a.merkl.xyz/opportunities/9830701213305656660/campaigns/0xee8773423bd06f90d0cc2ca0360dd02644ce610e64be90561badb47d6a2c3ac2.md) | past | [aEthUSDe](https://app-a.merkl.xyz/tokens/aEthUSDe.md) | 0.00% | $0 | 2026-06-12 | 2026-06-19 |
| [0x669acb…](https://app-a.merkl.xyz/opportunities/9830701213305656660/campaigns/0x669acbd742ea56bd2ac51cc66258b7c2676445c81e89248355dc34c9e5983abc.md) | past | [aEthUSDe](https://app-a.merkl.xyz/tokens/aEthUSDe.md) | 0.00% | $0 | 2026-06-05 | 2026-06-12 |
| [0x92e178…](https://app-a.merkl.xyz/opportunities/9830701213305656660/campaigns/0x92e178bd022105d774f2328a23f638bad5c8d9e73d398d8470cbb37bded736f1.md) | past | [aEthUSDe](https://app-a.merkl.xyz/tokens/aEthUSDe.md) | 0.00% | $0 | 2026-05-29 | 2026-06-05 |
| [0x15390b…](https://app-a.merkl.xyz/opportunities/9830701213305656660/campaigns/0x15390b721aa090772437c68a6514c6b30519fa6d20ca8096b8661a70a2873fe3.md) | past | [aEthUSDe](https://app-a.merkl.xyz/tokens/aEthUSDe.md) | 0.00% | $0 | 2026-05-22 | 2026-05-29 |
| [0x722a43…](https://app-a.merkl.xyz/opportunities/9830701213305656660/campaigns/0x722a433898ce99eb445672dfe24feea6ae58af4342925751e7d7976a57e2dbac.md) | past | [aEthUSDe](https://app-a.merkl.xyz/tokens/aEthUSDe.md) | 0.00% | $0 | 2026-05-15 | 2026-05-22 |
| [0x4d5a76…](https://app-a.merkl.xyz/opportunities/9830701213305656660/campaigns/0x4d5a766dfca5c9bc96bc622309df24636c9fc847c14b22ff7f07b5f1f9da9e89.md) | past | [aEthUSDe](https://app-a.merkl.xyz/tokens/aEthUSDe.md) | 0.00% | $0 | 2026-05-08 | 2026-05-15 |

## Participate

- [Deposit](https://app.aave.com/markets/)

## Links

- [Open in Merkl App (HTML)](https://app-a.merkl.xyz/opportunities/9830701213305656660)
- [Ethereum chain page](https://app-a.merkl.xyz/chains/ethereum)
- [Aave protocol page](https://app-a.merkl.xyz/protocols/aave)