Ethena

Ethena Staked USDe

Ethena sUSDe is an ERC-4626 staking vault on Ethereum where users deposit USDe to earn yield from perpetual futures funding rates and staked ETH collateral rewards. The delta-neutral strategy pairs spot crypto collateral with short perpetual futures positions on centralized exchanges.

AUM

$3.59b+0.94%

APY

3.51%-10.23%

CCC+Rated Protocol

Updated Mar 16, 2026

Risk Rating

CCC+

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This rating is based solely on publicly available information. The range from CCC+ to BBB- reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.

SCS: Smart Contract Security

KMP: Key Management Permissions

M: Market

L: Liquidity

C: Collateral

PM: Protocol Mechanics

ICE: Infra Counterparty Exposures

PCE: Protocol Counterparty Exposures

G: Governance

FR: Financial Resilience

TLC: Team Legal Compliance

DT: Documentation Transparency

Potential Score

Provider risk assessed across Business, Operations, Reliability, and Security.

View the detailed scoring breakdown

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Contract Addresses

VaultContract

0x9D39...3497

ENA Token

0x57e1...6061

USDe Token

0x4c9E...68B3

EthenaMinting

0xe349...62D3

TreasuryMultisig

0x2B5A...d4D5

GovernanceMultisig

0x3B0A...1862

StakingRewardsDistributor

0xf2fa...b439

Key Strengths

Multiple independent security audits including Zellic (Tier-0), Spearbit/Cantina, Quantstamp, Pashov, and Code4rena with no unresolved critical findings
Hypernative real-time monitoring since May 2024 with Guardian pre-transaction security since October 2025
$3M maximum bug bounty on Immunefi with broad scope active since April 2024
Survived February 2025 Bybit hack stress test: honored $123M in redemptions within 24 hours with no permanent user loss
5-of-11 Gnosis Safe multisig with cold-storage keys and geographic distribution of signers
Chaos Labs Edge Proof of Reserves oracle provides independent on-chain verification of USDe reserves and delta-neutral status

Key Risks

Backing assets held via OES custodial providers (Copper, Ceffu, Cobo) deployed to centralized exchanges, not verifiable purely on-chain
Documented 7-day timelock could not be verified as an on-chain deployed contract; multisig can technically execute changes without enforced delay
Core yield depends on perpetual futures funding rates remaining positive, a carry trade that can invert during bear markets
FULL_RESTRICTED_STAKER_ROLE enables address-level blocking of withdrawals and redistribution of locked funds at admin discretion
Multisig signer identities not publicly disclosed despite 5-of-11 threshold and 11 distinct on-chain addresses