diff --git a/src/facets/strategies/EthenaStrategy.sol b/src/facets/strategies/EthenaStrategy.sol
new file mode 100644
index 0000000..8b828aa
--- /dev/null
+++ b/src/facets/strategies/EthenaStrategy.sol
@@ -0,0 +1,175 @@
+// SPDX-License-Identifier: MIT
+pragma solidity ^0.8.24;
+
+import { IERC20 } from "@openzeppelin/contracts/token/ERC20/IERC20.sol";
+import { SafeERC20 } from "@openzeppelin/contracts/token/ERC20/utils/SafeERC20.sol";
+import { IERC4626 } from "@openzeppelin/contracts/interfaces/IERC4626.sol";
+
+import { LibDiamond } from "../../libraries/LibDiamond.sol";
+import { IStakedUSDEV2 } from "../../interfaces/external/IStakedUSDEV2.sol";
+import { ICurvePool } from "../../interfaces/external/ICurvePool.sol";
+
+contract EthenaStrategyFacet {
+    using SafeERC20 for IERC20;
+
+    /*====errors====*/
+
+    error EthenaUSDENotConfigured();
+    error EthenaSlippageExceeded(uint256 minOut, uint256 received);
+    error EthenaCoinNotInPool(address tokenIn, address tokenOut);
+    error EthenaZeroAddress();
+
+    /*====events====*/
+
+    event EthenaSetConfig(address indexed usde, address indexed curvePool, address indexed stakedUSDEV2);
+
+    // erc7201:vaultrouter.strategy.ethena
+    bytes32 internal constant ETHENA_STORAGE_SLOT = 0x0000000000000000000000000000000000000000000000000000000000000000;
+
+    struct EthenaStorage {
+        IERC20 usde;
+        ICurvePool curvePool;
+        IStakedUSDEV2 stakedUSDEV2;
+        uint256 maxSlippageBps;
+        uint256 cooldownDuration;
+        /*====only for offchain explicit routing ====*/
+        //mapping (address => bool) allowedRouter;
+        //mapping (address => bool) allowedSpender;
+    }
+
+    function _es() internal pure returns (EthenaStorage storage s) {
+        bytes32 slot = ETHENA_STORAGE_SLOT;
+        assembly {
+            s.slot := slot
+        }
+    }
+
+    function ethenaSetConfig(
+        IERC20 usde,
+        ICurvePool curvePool,
+        IStakedUSDEV2 stakedUSDEV2,
+        uint256 maxSlippageBps
+    )
+        external
+    {
+        LibDiamond.enforceIsContractOwner();
+        if (address(usde) == address(0) || address(curvePool) == address(0) || address(stakedUSDEV2) == address(0)) {
+            revert EthenaUSDENotConfigured();
+        }
+        EthenaStorage storage s = _es();
+        s.usde = usde;
+        s.curvePool = curvePool;
+        s.stakedUSDEV2 = stakedUSDEV2;
+        s.maxSlippageBps = maxSlippageBps;
+        emit EthenaSetConfig(address(usde), address(curvePool), address(stakedUSDEV2));
+    }
+
+    /*====IEthenaStrategy surface====*/
+
+    /// @notice Swap `amount` of the vault's underlying (USDC) into USDe and stake
+    ///         it into sUSDe. Driven by the allocator's rebalance with a computed
+    ///         delta, so it deposits exactly `amount` — not the whole balance.
+    function ethenaDeposit(uint256 amount) external {
+        EthenaStorage storage s = _es();
+        if (
+            address(s.usde) == address(0) || address(s.curvePool) == address(0) || address(s.stakedUSDEV2) == address(0)
+        ) {
+            revert EthenaUSDENotConfigured();
+        }
+        if (amount == 0) return;
+
+        address underlying = IERC4626(address(this)).asset(); // USDC (6dec)
+
+        // Par-anchored floor: USDC(6dec) -> USDe(18dec), discounted by slippage.
+        uint256 minUsde = amount * 1e12 * (10_000 - s.maxSlippageBps) / 10_000;
+
+        // 1. USDC -> USDe on Curve (slippage enforced inside _swap).
+        uint256 usde = _swap(underlying, address(s.usde), amount, minUsde);
+
+        // 2. Stake USDe -> sUSDe.
+        s.usde.forceApprove(address(s.stakedUSDEV2), usde);
+        s.stakedUSDEV2.deposit(usde, address(this));
+    }
+
+    /// @notice Position value in underlying (USDC) terms. The facet holds sUSDe,
+    ///         not USDe — value the shares at par and scale 18dec -> 6dec.
+    function ethenaTotalAssets() external view returns (uint256) {
+        EthenaStorage storage s = _es();
+        if (address(s.stakedUSDEV2) == address(0)) revert EthenaZeroAddress();
+        uint256 shares = s.stakedUSDEV2.balanceOf(address(this));
+        if (shares == 0) revert EthenaZeroAddress();
+        return s.stakedUSDEV2.convertToAssets(shares) / 1e12; // USDe(18) -> USDC(6)
+    }
+
+    function ethenaWithdraw() external {
+
+        //withdraw is gated on the core protocol side
+        //going asynchronous has lots of variables included and is practically complex
+
+        }
+
+    /*=== cooldown ===*/
+
+    /*==== internal swap helper — Curve only, par-floor enforced by caller ====*/
+
+    /// @dev Executes tokenIn -> tokenOut on the configured Curve StableSwap pool.
+    ///      `minOut` is the caller-supplied par-anchored floor; this function is
+    ///      pure execution and holds no slippage policy of its own. Returns the
+    ///      amount of tokenOut actually received, measured by balance delta so we
+    ///      never trust the pool's return value. Internal: the only callers are
+    ///      ethenaDeposit / ethenaWithdraw, both reached via the gated rebalance.
+    function _swap(
+        address tokenIn,
+        address tokenOut,
+        uint256 amountIn,
+        uint256 minOut
+    )
+        internal
+        returns (uint256 received)
+    {
+        if (amountIn == 0) return 0;
+        ICurvePool pool = _es().curvePool;
+        if (address(pool) == address(0)) revert EthenaUSDENotConfigured();
+
+        (int128 i, int128 j) = _coinIndices(pool, tokenIn, tokenOut);
+
+        uint256 balBefore = IERC20(tokenOut).balanceOf(address(this));
+
+        IERC20(tokenIn).forceApprove(address(pool), amountIn);
+        pool.exchange(i, j, amountIn, minOut, address(this));
+
+        received = IERC20(tokenOut).balanceOf(address(this)) - balBefore;
+        if (received < minOut) revert EthenaSlippageExceeded(minOut, received);
+    }
+
+    /// @dev Resolve Curve coin indices for a token pair by scanning `coins()`.
+    ///      Curve's DynArray getter reverts past the last index, so we try/catch
+    ///      and stop at the first out-of-range read. Pools here hold ≤ 8 coins.
+    function _coinIndices(
+        ICurvePool pool,
+        address tokenIn,
+        address tokenOut
+    )
+        internal
+        view
+        returns (int128 inIdx, int128 outIdx)
+    {
+        bool foundIn;
+        bool foundOut;
+        for (uint256 k; k < 8; k++) {
+            try pool.coins(k) returns (address c) {
+                if (c == tokenIn) {
+                    inIdx = int128(uint128(k));
+                    foundIn = true;
+                }
+                if (c == tokenOut) {
+                    outIdx = int128(uint128(k));
+                    foundOut = true;
+                }
+            } catch {
+                break;
+            }
+        }
+        if (!foundIn || !foundOut) revert EthenaCoinNotInPool(tokenIn, tokenOut);
+    }
+}
diff --git a/src/interfaces/external/ICurvePool.sol b/src/interfaces/external/ICurvePool.sol
new file mode 100644
index 0000000..9c247b2
--- /dev/null
+++ b/src/interfaces/external/ICurvePool.sol
@@ -0,0 +1,25 @@
+//SPDX-License-Identifier: MIT
+
+pragma solidity ^0.8.24;
+
+interface ICurvePool {
+    function exchange(int128 i, int128 j, uint256 dx, uint256 min_dy, address receiver) external returns (uint256);
+    function exchange_received(
+        int128 i,
+        int128 j,
+        uint256 _dx,
+        uint256 _min_dy,
+        address _receiver
+    )
+        external
+        returns (uint256);
+
+    function get_dy(int128 i, int128 j, uint256 dx) external view returns (uint256);
+    function get_dx(int128 i, int128 j, uint256 dy) external view returns (uint256);
+
+    // metadata
+    function coins(uint256 i) external view returns (address);
+    function balances(uint256 i) external view returns (uint256);
+    function A() external view returns (uint256);
+    function fee() external view returns (uint256);
+}
diff --git a/src/interfaces/external/IStakedUSDEV2.sol b/src/interfaces/external/IStakedUSDEV2.sol
new file mode 100644
index 0000000..1096208
--- /dev/null
+++ b/src/interfaces/external/IStakedUSDEV2.sol
@@ -0,0 +1,21 @@
+// SPDX-License-Identifier: MIT
+
+pragma solidity ^0.8.24;
+
+interface IStakedUSDEV2 {
+    function asset() external view returns (address); // == USDe
+    function deposit(uint256 assets, address receiver) external returns (uint256 shares);
+    function convertToAssets(uint256 shares) external view returns (uint256 assets);
+    function balanceOf(address account) external view returns (uint256);
+
+    // ERC-4626 instant exit — valid ONLY when cooldownDuration == 0
+    function redeem(uint256 shares, address receiver, address owner) external returns (uint256 assets);
+    function maxRedeem(address owner) external view returns (uint256);
+
+    // Cooldown exit — valid ONLY when cooldownDuration > 0
+    function cooldownDuration() external view returns (uint24);
+    function cooldownShares(uint256 shares) external returns (uint256 assets);
+    function cooldownAssets(uint256 assets) external returns (uint256 shares);
+    function unstake(address receiver) external;
+    function cooldowns(address account) external view returns (uint104 cooldownEnd, uint152 underlyingAmount);
+}