---
title: "Lend USDe on Aave (looping required)"
description: "This campaign is part of Ethena's Liquid Leverage program on XLayer, with Merkl acting as the distribution partner. Rewards are based on your net USDe supply on Aave V3 (USDe supplied minus USDe borrowed). To be eligible, you must also borrow stablecoins and keep a health factor at or below 2. USDe deposits without a borrow position do not earn rewards."
canonical: "https://app.merkl.xyz/opportunities/16418277256281947742"
chain: "XLayer"
protocol: "Aave"
type: "AAVE_NET_LENDING"
page: 1
items: 25
totalPages: 1
lastCampaignCreatedAt: 2026-10-29T17:49:22.000Z
generated: "2026-10-30T08:47:35.860Z"
---

# Lend USDe on Aave (looping required)

## Back to

- [Opportunities index (HTML)](https://app.merkl.xyz/)
- [XLayer chain (markdown)](https://app.merkl.xyz/chains/xlayer.md)
- [Aave protocol (markdown)](https://app.merkl.xyz/protocols/aave.md)

This campaign is part of Ethena's Liquid Leverage program on XLayer, with Merkl acting as the distribution partner. Rewards are based on your net USDe supply on Aave V3 (USDe supplied minus USDe borrowed). To be eligible, you must also borrow stablecoins and keep a health factor at or below 2. USDe deposits without a borrow position do not earn rewards.

## Key metrics

- **Total Value Locked**: $2,718,402.46
- **APR**: 5.25%
- **Protocol APR**: 0.00%
- **Daily rewards**: $391
- **Live campaigns**: 1
- **Chain**: XLayer
- **Protocol**: Aave
- **Protocol trusted**: Yes, verified by DefiLlama (https://defillama.com/protocol/aave-v3)

## Tokens

- [aXlrUSDe](https://app.merkl.xyz/tokens/aXlrUSDe.md)
- [USDe](https://app.merkl.xyz/tokens/USDe.md)

## Campaigns : page 1 of 1 (2 total)

| Campaign | Status | Reward | APR | Daily $ | Start | End |
| --- | --- | --- | --- | --- | --- | --- |
| [0x1246c8…](https://app.merkl.xyz/opportunities/16418277256281947742/campaigns/0x1246c8faf83938fba409531e3c8b0460812f9821bd08f93c7811760d21c1d170.md) | live | [USDe](https://app.merkl.xyz/tokens/USDe.md) | 5.25% | $391 | 2026-10-30 | 2026-11-06 |
| [0x38be2e…](https://app.merkl.xyz/opportunities/16418277256281947742/campaigns/0x38be2ebd6b91fca86e912ddf2ca577a9320fea0585a9a0ddca8fc520a89f0730.md) | past | [USDe](https://app.merkl.xyz/tokens/USDe.md) | 0.00% | $0 | 2026-10-23 | 2026-10-30 |

## Participate

- [Deposit](https://app.aave.com/reserve-overview/?underlyingAsset=0x5d3a1Ff2b6BAb83b63cd9AD0787074081a52ef34&marketName=proto_xlayer_v3)

## Links

- [Open in Merkl App (HTML)](https://app.merkl.xyz/opportunities/16418277256281947742)
- [XLayer chain page](https://app.merkl.xyz/chains/xlayer)
- [Aave protocol page](https://app.merkl.xyz/protocols/aave)