Ether.fi vs Ethena: Which Airdrop is Bigger? (February 2026 Updated)
VSEthereumEthereumFebruary 2026
TL;DR
- Q: Is Ether.fi or Ethena a better airdrop farm?
- A: Ether.fi ($5B+ TVL) is lower risk — mint eETH and earn restaking yield plus Loyalty Points. Ethena ($3B+ TVL) has higher APY via sUSDe but carries synthetic dollar depeg risk. Track both on FarmDash.
Tale of the Tape
| Metric | Ether.fi | Ethena |
|---|---|---|
| Chain | Ethereum | Ethereum |
| Type | Liquid Restaking | Synthetic Dollar |
| TVL Ether.fi | $5B+ | $3B+ |
| Airdrop Status | Points Program | Points Program |
| Token | ETHFI | ENA |
| Est. Payout | $600+ | $400+ |
| Cost to Farm | ETH stake | Capital (USDC/ETH) |
| Farming Method | Mint eETH/weETH + hold | Hold USDe/sUSDe + sats campaign |
| Est. APY | ~5% + points | ~20% (sUSDe) |
| Risk Level | Low-Medium | Medium (depeg risk) |
Verdict: Which Should You Farm?
Ether.fi is the safer play for ETH holders wanting restaking yield + airdrop points. Ethena offers higher APY through its synthetic dollar but carries depeg risk. Conservative farmers lean Ether.fi; yield chasers lean Ethena. For maximum airdrop exposure, farm both and track your combined Pioneer Pace score on FarmDash.
Quick Answers
- Q: Is the Ether.fi airdrop confirmed?
- A: Ether.fi airdrop status is "Points Program" with estimated TVL of $5B+. Track your eligibility on FarmDash.
- Q: Is the Ethena airdrop confirmed?
- A: Ethena airdrop status is "Points Program" with estimated TVL of $3B+. Track your eligibility on FarmDash.
Related: About Ether.fi | About Ethena | Full Rankings