Ethena USDe (USDe)

Introducing Debt Swaps on Kamino.

Borrow positions can now migrate between debt assets in a single transaction, without manually unwinding and rebuilding the position.

Now available across all multi-debt markets, as well as in Kamino Multiply. https://t.co/Cw8NcXKfdR

Switching debt assets used to mean fully unwinding a position just to refinance into a different asset. Close the borrow, withdraw, and redeposit collateral, then reopen with the new pair, all while taking on extra execution and market exposure in between.

Debt Swaps compress that into a single atomic transaction, allowing positions to refinance into cheaper debt without unwinding, powered by Kamino flash loans.

Debt Swaps apply to Borrow positions with one collateral asset and up to two debt assets.

Since swaps route through onchain liquidity, splitting larger sizes into smaller batches is recommended to minimize price impact.

For Multiply, Debt Swaps allow users to migrate an active position from one pair to another in one-click. Exposure is preserved, swap fees and slippage are paid once, removing the need to manually unwind and reducing the cost of moving between strategies.