Ethena Pay Adds Earn+ Through Aave V4 Lending on Avalanche

TL;DR: Ethena Pay’s Earn+ routes deposits into an Upshift vault curated by Steakhouse and using Aave V4 on Avalanche. The layered structure matters when assessing rewards and withdrawals. Ethena Pay has added an optional rewards product that connects a consumer-facing dollar balance to an onchain lending strategy. Aave Labs described the Earn+ integration on October 28, identifying separate providers for the app, vault infrastructure, strategy and lending markets. That division of responsibilities is the most useful starting point for understanding the product. A familiar interface can simplify access without removing the risks and dependencies underneath it. Several firms perform different functions According to Aave’s integration announcement, Earn+ deposits enter an Upshift vault curated by Steakhouse, with the strategy using Aave V4 on Avalanche. Aave explicitly says it does not operate, curate or manage the vault. The announcement describes a strategy that supplies USDe and borrows USDT. It says users choose how much of their balance to allocate, with withdrawals processed within 24 hours under the stated product terms. The product is therefore not simply an ordinary dollar ba...