Ethena

Ethena Staked USDe

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 and staking rewards on the delta-neutral backing collateral. The protocol is managed by Ethena Labs with oversight from an elected Risk Committee.

AUM

$1.98b-43.87%

APY

4.00%+14.61%

CCC+Rated Protocol

Updated Mar 30, 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

Extensive independent security audit coverage including top-tier firms, with no unresolved critical or high findings across any engagement -- Ethena Audits
Real-time monitoring with Hypernative since mid-2024, including pre-transaction security integrated in late 2025
Active bug bounty program on Immunefi with broad asset scope and high maximum payout
Battle-tested through the February 2025 Bybit hack, reducing exposure to zero within hours and honoring large-scale redemptions with no permanent user loss
Admin multisig verified on-chain as a high-threshold Gnosis Safe with cold-storage keys and geographic distribution of signers across internal and external parties
Independent on-chain proof of reserves oracle providing automated verification of USDe reserve coverage and delta-neutral status

Key Risks

Virtually all backing assets held via OES custodial providers deployed to centralized exchanges, not verifiable purely on-chain -- Ethena Custody Docs
Documented timelock on critical administrative changes could not be verified as an on-chain deployed contract; multisig can technically execute changes without enforced delay
Majority of yield depends on perpetual futures funding rates that can and do invert, with historical periods of consecutive negative funding
FULL_RESTRICTED_STAKER_ROLE enables address-level blocking of withdrawals and redistribution of locked funds at admin discretion -- sUSDe contract
Multisig signer identities not publicly disclosed, preventing independent confirmation of signer independence despite high threshold and distinct on-chain addresses
No publicly documented incident response playbook for key compromise or signer loss scenarios