Question 1

What is the Bitwise × Ethena market?

Accepted Answer

This is a lending market curated with Bitwise, isolated from the Jupiter market, and built around Ethena USDe and USDG assets alongside SOL. It operates as a fully separate market — activity here does not affect, and cannot be affected by, the main Jupiter Lend market.

Question 2

Is this market isolated?

Accepted Answer

This market is isolated from the Jupiter Lend market. Your exposure is limited to the Bitwise x Ethena market, and has no exposure to the Jupiter Lend market.

Question 3

Who is Bitwise and why are they involved?

Accepted Answer

Bitwise is the world's largest crypto index fund manager. As curator of this market, they've worked alongside Jupiter to design the risk parameters, asset selection, and overall structure — bringing institutional-grade oversight to the lending and borrowing experience.

Question 4

What can I do in this market?

Accepted Answer

There are four ways to participate: earn passive yield by depositing USDG; borrow USDe or USDG using SOL or USDe as collateral; multiply your USDe exposure using leveraged loops against USDG; or enter a Strategy (USDe Loop) with one click to amplify your yield automatically.

Question 5

How does Earn work here?

Accepted Answer

Deposit USDG to lend it out to borrowers in this market and earn variable interest. Jupiter Lend automatically finds you the best available rate — no extra steps needed.

Question 6

What are the borrowing options?

Accepted Answer

There are three borrow pairs in this market: SOL → USDe (80% LTV, 85% liquidation threshold); SOL → USDG (80% LTV, 85% liquidation threshold); USDe → USDG (92% LTV, 94% liquidation threshold). Supply the collateral asset, then borrow against it up to the displayed LTV for that pair.

Question 7

What happens if my collateral value drops?

Accepted Answer

If your collateral's value falls and your position exceeds the liquidation threshold, your position becomes eligible for liquidation — part of your collateral may be automatically sold to repay your loan. Keep a close eye on your Health Factor and add collateral or repay debt before it approaches 1.0.

Question 8

How does Multiply work?

Accepted Answer

Multiply lets you amplify your USDe exposure in a single transaction. The USDe → USDG vault supports up to 12.3x leverage (92% LTV, 94% liquidation threshold). It borrows USDG against your USDe collateral and loops the proceeds back into USDe automatically — compounding your position without manual steps.

Question 9

What is the USDe Loop strategy?

Accepted Answer

USDe Loop is a one-click strategy that borrows USDG and repeatedly loops it into USDe to amplify your yield. It applies maximum leverage automatically via a flashloan in a single atomic transaction. The APY shown reflects current rates and will fluctuate as Supply APY and Borrow APY change.

Question 10

What does "Capacity: Filled" mean on the Strategy?

Accepted Answer

Each strategy has a borrow ceiling that limits total leverage across all users. When capacity is filled, new deposits are unavailable until existing positions are closed or the ceiling is raised.

Question 11

Why does opening a Multiply or Strategy position require two signatures?

Accepted Answer

The first signature creates your position account on-chain. The second applies the leveraged loop — depositing collateral, borrowing, swapping, and re-depositing via flashloan — all in one transaction. Adding to an existing position only requires one signature.

Question 12

What is the Position NFT?

Accepted Answer

Every Borrow, Multiply, or Strategy position is represented by a Position NFT sent to your wallet when the position is opened. It stores all position data — collateral, debt, and risk parameters — and represents ownership. Transferring the NFT transfers the entire position. Do not burn it, as it is required to manage or close your position.

Question 13

Can I withdraw freely?

Accepted Answer

Withdrawals are available at any time subject to dynamic limits that protect the market from sudden large outflows — these limits grow continuously for smooth, predictable access. For Multiply and Strategy positions, withdrawals fully unwind the position: all debt is repaid via flashloan and remaining assets are returned to your wallet in one transaction.

Question 14

What are the risks?

Accepted Answer

Smart Contract Risk — a bug or vulnerability in the code could be exploited. Market Risk — SOL, USDe, and USDG can all change in value; for borrowers, a drop in collateral value can trigger liquidation. Depeg Risk — if USDe loses its peg, collateral value drops sharply and liquidation risk increases significantly, especially at high leverage. Rate Risk — Borrow APY can spike or Supply APY can drop, compressing or reversing yield on leveraged positions. Leverage Risk — Multiply and Strategy positions amplify both gains and losses; small adverse moves have an outsized impact at high multipliers. Please use this market carefully and never deposit or borrow more than you are willing to lose.

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Lending Market curated by Sentora

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