Earn+ is Ethena Pay's new one-tap option for up to 12% rewards on dollars held in the app, announced Oct 28 as live now for Pro and VIP users and rolling out to all users in coming days.

Deposits flow into an @upshift_fi vault curated by Steakhouse, running its strategy on Aave V4 on Avalanche. Aave says the strategy supplies USDe and borrows USDT from the Avalanche liquidity hub.

There is no lock-up, withdrawals are paid back to the USD balance within 24 hours, with deposit caps of $20,000 Standard, $50,000 Pro and $200,000 VIP, per Aave's breakdown.

It sits alongside the base Ethena Pay dollar savings rate, previously pitched at 6.0%. The Defiant coverage circulating on X notes roughly 11x leverage and a $4.5M initial capacity, which Ethena/Aave posts do not state, so treat the 12% as a target reward rate, not guaranteed yield.