After much anticipation, following Derive $DRV, Echelon will issue $ELON next week (2/2). This is the second ecological project airdrop for Ethena $ENA stakers.
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A quick review of the major events of Echelon x Ethena
In February 2025, Ethena & Echelon announced their partnership, with Echelon allocating 5% of tokens to sENA holders.
In March 2025, sUSDe supported Aptos and integrated into the Echelon lending market.
In March 2025, Echelon subsidized interest through $APT to make sUSDe APR exceed 20%.
In April 2025, Echelon's sUSDe supply reached a peak of 87 million.
At that time, Echelon was one of the top protocols in the Aptos ecosystem and expanded its TVL further through the integration of sUSDe. The feature of this protocol is one-click looping, which can be considered a precursor to the Ethena x Pendle x Aave model.
Subsequently, as subsidies end, and Ethena actively promotes the Ethena x Pendle x Aave lending cycle, Echelon's sUSDe TVL has drastically shrunk.
Current Echelon sUSDe data:
TVL - 36m
Supply APR - 5.87%
Borrow APR - 8.03%
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Is the Echelon $ELON airdrop worth holding?
I personally prefer to sell immediately after receiving the airdrop. If there are vesting + incentives mechanisms, I would also choose to forgo incentives and directly cash out the tokens.
Several considerations:
ENA Price -80% (one year), severely damaging the initial position value of stakers
The funding lineup has a higher risk of selling pressure, including Re7 Capital, Web3Port, two rather controversial institutions.
Echelon's staked assets have significantly decreased from 466m (2025/9/21) to 177m (2026/1/27)
Echelon's profitability continues to shrink, which will affect its ability to subsidize or support prices.
Based solely on the 5% airdrop allocation from sENA, most people are likely to choose to sell.
Firstly, the connection between Echelon and Ethena has weakened, and secondly, sENA users have a priority demand for capital recovery (devaluation of ENA), so the selling pressure of ELON will inevitably be substantial.
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*The opinion is solely my personal view and not financial advice (NFA), please do your own research (DYOR)
*The attached images are sourced from Echelon, DeFiLlama
#Aptos #Echelon #EthenaAnalysis #Airdrop
