Ethena Staked USDe DeFi Yield & Risk Rating
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
$1b
Net APY
4.64%
Active Users
7k
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▼ 1.11%
$1b
Over the last 30 days, the total value of Ethena Staked USDe has dropped 1.11% with $14.97M in outflows.
Net APY · 30D▲ 12.35%
4.64%
Over the last 30 days, the APY has increased from 4.13% to 4.64%.
Active Users · 30D▼ 0.22%
7k
Over the last 30 days, active users have decreased by 0.22%, reaching 7.3K wallets.
Market Details
ChainEthereum
Treasury$62.00M
Stated Withdrawal Time24 hours
Component Ratings
Contract Addresses (8)
Key Strengths
S1Core contracts sit behind an on-chain verified 24-hour timelock, so every administrative action requires both multisig approval and an enforced delay.
S2Multiple independent security audits from top firms, with no unresolved critical or high findings across any engagement.
S3Real-time monitoring and pre-transaction security screening covers exploits, governance actions, depegs, and oracle integrity.
S4A substantial bug bounty program has been active since 2024 with broad asset coverage and independent triage.
Key Risks
R1Substantially all backing assets are held by off-exchange custodians and deployed to centralized exchanges, so backing is not verifiable purely on-chain.
R2Most of the yield depends on perpetual futures funding rates that can and do invert, with multi-day negative stretches seen historically.
R3An admin role permits address-level blocking of withdrawals and redistribution of locked funds at the team's discretion.
R4Multisig signer identities are not publicly disclosed, so signer independence cannot be confirmed.
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