CryptoSlate analysis indicates that Ethena Pay's newly launched Earn+ vault borrows USDT collateralized by USDe, disclosing a target leverage of approximately 11x and advertising an annualized yield of up to 12%. A technical assessment by Aave Labs on October 20 stated that the USDe price reference on Avalanche follows USDT, and therefore may not reflect a downward de-pegging of USDe alone. In such a scenario, the protocol's displayed collateral health may remain stable, but the recoverable equity after users repay their debts would have decreased. LlamaRisk's admission recommendation proposed a 93% USDe collateral factor and set a cap on USDT pricing. However, the specific vault accounts, current collateral and debt sizes, and actual oracle configurations for Earn+ have not yet been verified, and the 11x leverage should be considered a disclosed target rather than an observed position. The total allocation cap for this product is $4.5 million, with individual limits for Standard, Pro, and VIP users set at $20,000, $50,000, and $200,000, respectively. Actual returns will also be affected by USDT borrowing costs, fees, exit liquidity, and the speed at which the manager deleverages.