Ethena sUSDe is an ERC-4626 staking vault on Ethereum where users deposit USDe to earn yield. Yield is generated from perpetual futures funding rates on delta-neutral hedged positions and from staking rewards on the backing collateral. Backing assets are held by off-exchange settlement custodians and deployed to centralized exchanges.
AUM
$2b
Net APY
3.98%
Active Users
12k
Type
Vault
Network
Ethereum
CCC+
High RiskCeiling A-
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CurrentPotential
This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. The range from CCC+ to A- reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.
SCSSmart Contract Security94
KMPKey Management Permissions44
MMarket87
LLiquidity68
CCollateral83
PMProtocol Mechanics72
ICEInfra Counterparty Exposures56
PCEProtocol Counterparty Exposures73
GGovernance67
FRFinancial Resilience60
TLCTeam Legal Compliance83
DTDocumentation Transparency78
Performance
Assets Under Management · 30D▼ 4.99%
$2b
Over the last 30 days, the total value of Ethena Staked USDe has dropped 4.99% with $81.97M in outflows.
Net APY · 30D▲ 4.19%
3.98%
Over the last 30 days, the APY has increased from 3.82% to 3.98%.
Active Users · 30D▲ 0.39%
12k
Over the last 30 days, active users have increased by 0.39%, reaching 11.7K wallets.
Market Details
ChainEthereum
Treasury$62.00M
Stated Withdrawal Time24 hours
Component Ratings
Contract Addresses (8)
Key Strengths
S1Core contract ownership sits behind a verified on-chain timelock, so every administrative action requires multisig approval plus an enforced delay window that is publicly visible before execution.
S2Multiple independent security audits, including top-tier firms and a public competitive contest, with no unresolved critical or high-severity findings across any engagement.
S3Real-time security monitoring with pre-transaction screening covering exploit detection, governance changes, depeg events, and oracle integrity.
S4Large active bug bounty on a leading platform covering the full contract suite, triaged by the platform with primacy of impact enabled.
Key Risks
R1Nearly all backing assets are held by off-exchange custodians and deployed to centralized exchanges, so reserves cannot be independently verified purely on-chain.
R2The majority of yield depends on perpetual futures funding rates that can and do invert during bear markets, with extended negative streaks observed historically.
R3An admin role can selectively block specific addresses from transferring, staking, or unstaking, and can redistribute their locked funds.
R4Multisig signer identities are not publicly disclosed, so signer independence cannot be externally confirmed despite a strong on-chain threshold and signer count.
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