Ethena Pay Card referral code
An Ethena Pay Card referral code gives the new user nothing extra by default. Under the current Ethena Pay referral terms, only the referring user earns a bonus; the referred user receives a separate one only when the in-app Program Details say so. Each existing user finds a personal link or code in the Refer a Friend or Invite section of the Ethena Pay app, and the new user has to register with it. An account opened without the link or code does not count as a referral, even if the existing user recommended Ethena Pay separately.
Ethena Pay limits sharing to people the referring user knows personally and who agreed to receive the invitation. The terms prohibit search-engine, coupon-aggregation, paid-promotion and other mass distribution of codes, and Ethena Pay can withhold or claw back a bonus when those rules are broken. A code taken from a public list of referral codes therefore carries no reliable reward for whoever posted it, and it changes nothing for the new user.
The standard bonus is $30 USD-equivalent, credited in AVAX at the market rate at the time of credit, ordinarily within 30 days after the conditions are met. It is paid only when the referred user is new to Ethena Pay, registers within the time window in the Program Details, passes identity verification, completes the Qualifying Activity published on the registration date, and both accounts are in good standing in a jurisdiction where the program runs. Ethena Pay can change the amount by tier or campaign, or reduce it to zero, and the dollar value of the AVAX moves after it is credited.
For the new user, the card terms matter more than the code. The Ethena Pay Card is a virtual card created in the app and added to Apple Pay; it is available only in eligible jurisdictions and not to U.S. persons, and a referral does not bypass identity or card-availability checks. Cashback is paid in AVAX and steps down with monthly spend: Standard pays 4% on the first $2,500, 1% from $2,500 to $4,000 and nothing above that, as the Ethena Pay Card cashback bands set out.
Sources: Ethena Pay referral terms and Ethena Pay FAQ.
