Integrating Ethena with Privy

Ethena allows apps to earn yield by staking USDe into the sUSDe vault. The sUSDe vault follows the ERC-4626 standard — your app deposits USDe and receives sUSDe shares that automatically accrue yield over time. There is no minimum staking period, and rewards are distributed every 8 hours.

Resources

Ethena Staking Docs

Official documentation for staking USDe and the sUSDe contract.

Get started with Privy

Set up Privy and create embedded wallets for your app.

Getting USDe

Your app can swap any supported token for USDe on any major decentralized exchange using a DEX aggregator or router.

Stake USDe into the sUSDe vault

1. Configure addresses

Set up the sUSDe vault and USDe token addresses. The example below uses Ethereum Mainnet:

const SUSDE_VAULT_ADDRESS = '0x9D39A5DE30e57443BfF2A8307A4256c8797A3497';
const USDE_ADDRESS = '0x4c9EDD5852cd905f086C759E8383e09bff1E68B3';
const CHAIN_ID = 1; // Ethereum Mainnet

2. Approve the sUSDe vault to spend USDe

Use viem’s encodeFunctionData to encode the approval, and Privy’s useSendTransaction to send it:

import {encodeFunctionData, maxUint256, erc20Abi} from 'viem';
import {useSendTransaction} from '@privy-io/react-auth';

const {sendTransaction} = useSendTransaction();

const data = encodeFunctionData({
  abi: erc20Abi,
  functionName: 'approve',
  args: [SUSDE_VAULT_ADDRESS as `0x${string}`, maxUint256]
});

const tx = await sendTransaction({
  to: USDE_ADDRESS as `0x${string}`,
  data,
  chainId: CHAIN_ID
});

3. Deposit USDe into the vault

Use viem to encode the deposit and Privy’s useSendTransaction to stake USDe:

import {encodeFunctionData, parseUnits} from 'viem';
import {useSendTransaction} from '@privy-io/react-auth';

const {sendTransaction} = useSendTransaction();

const erc4626Abi = [
  {
    type: 'function',
    name: 'deposit',
    inputs: [
      {name: 'assets', type: 'uint256'},
      {name: 'receiver', type: 'address'}
    ],
    outputs: [{name: 'shares', type: 'uint256'}],
    stateMutability: 'nonpayable'
  }
] as const;
const depositAmount = parseUnits('100', 18); // 100 USDe (18 decimals)
const data = encodeFunctionData({
  abi: erc4626Abi,
  functionName: 'deposit',
  args: [depositAmount, address]
});

const tx = await sendTransaction({
  to: SUSDE_VAULT_ADDRESS as `0x${string}`,
  data,
  chainId: CHAIN_ID
});

Check balance

Call the vault’s balanceOf function to get the user’s sUSDe shares, then call convertToAssets to see the current USDe value including accrued yield.

import {publicClient} from './viem';

const erc4626Abi = [
  {
    type: 'function',
    name: 'balanceOf',
    inputs: [{name: 'account', type: 'address'}],
    outputs: [{name: '', type: 'uint256'}],
    stateMutability: 'view'
  },
  {
    type: 'function',
    name: 'convertToAssets',
    inputs: [{name: 'shares', type: 'uint256'}],
    outputs: [{name: '', type: 'uint256'}],
    stateMutability: 'view'
  }
] as const;

const userShares = await publicClient.readContract({
  address: SUSDE_VAULT_ADDRESS as `0x${string}`,
  abi: erc4626Abi,
  functionName: 'balanceOf',
  args: [address]
});

const usdeValue = await publicClient.readContract({
  address: SUSDE_VAULT_ADDRESS as `0x${string}`,
  abi: erc4626Abi,
  functionName: 'convertToAssets',
  args: [userShares]
});

Unstake from the vault

Ethena has a 7-day cooldown period for unstaking. Your app must first request an unstake, which places the USDe in the USDeSilo contract. After the cooldown completes, your app can withdraw the USDe.

Unlike instant withdrawal vaults, Ethena requires a 7-day cooldown period after requesting an unstake before USDe can be withdrawn.

Request unstake (start cooldown)
Withdraw after cooldown

Call cooldownShares on the sUSDe vault to initiate the unstaking process. The USDe is placed in the USDeSilo contract during the cooldown period.

import {encodeFunctionData} from 'viem';
import {useSendTransaction} from '@privy-io/react-auth';

const {sendTransaction} = useSendTransaction();

const cooldownAbi = [
  {
    type: 'function',
    name: 'cooldownShares',
    inputs: [{name: 'shares', type: 'uint256'}],
    outputs: [{name: 'assets', type: 'uint256'}],
    stateMutability: 'nonpayable'
  }
] as const;
const data = encodeFunctionData({
  abi: cooldownAbi,
  functionName: 'cooldownShares',
  args: [userShares]
});

const tx = await sendTransaction({
  to: SUSDE_VAULT_ADDRESS as `0x${string}`,
  data,
  chainId: CHAIN_ID
});

After the 7-day cooldown period has passed, call unstake on the sUSDe vault to withdraw USDe from the USDeSilo contract:

import {encodeFunctionData} from 'viem';
import {useSendTransaction} from '@privy-io/react-auth';

const {sendTransaction} = useSendTransaction();

const unstakeAbi = [
  {
    type: 'function',
    name: 'unstake',
    inputs: [{name: 'receiver', type: 'address'}],
    outputs: [],
    stateMutability: 'nonpayable'
  }
] as const;
const data = encodeFunctionData({
  abi: unstakeAbi,
  functionName: 'unstake',
  args: [address]
});

const tx = await sendTransaction({
  to: SUSDE_VAULT_ADDRESS as `0x${string}`,
  data,
  chainId: CHAIN_ID
});

Key integration tips

Always approve first: Your app must grant ERC-20 approval to the sUSDe vault before any deposit.
USDe uses 18 decimals: Use parseUnits('100', 18) for amounts.
Use convertToAssets for real-time balances: This ERC-4626 method converts sUSDe shares to their current USDe value, including accrued yield.
Plan for the 7-day cooldown: Unlike other yield protocols, Ethena requires a cooldown period before withdrawing staked USDe. During this period, the USDe is held in the USDeSilo contract.
No minimum staking period: Your app can stake and unstake in consecutive blocks, though the 7-day cooldown still applies for withdrawals.
sUSDe value only increases: Rewards can only be positive or zero — stakers cannot lose USDe by staking.
Supported chains: Ethena sUSDe staking is available on Ethereum Mainnet.

Conclusion

Privy makes it straightforward to build secure, user-friendly access to Ethena yield. For advanced use cases, refer to the Ethena Staking Docs, or reach out in Slack.

Your app is now ready to interact with Ethena using Privy embedded wallets!

​Resources

Ethena Staking Docs

Get started with Privy

​Getting USDe

​Stake USDe into the sUSDe vault

​Check balance

​Unstake from the vault

​Key integration tips

​Conclusion

Resources

Getting USDe

Stake USDe into the sUSDe vault

Check balance

Unstake from the vault

Key integration tips

Conclusion