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
$2b
Net APY
3.88%
Active Users
12k
Type
Vault
Network
Ethereum
CCC+
High RiskCeiling BBB
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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 BBB reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.
SCSSmart Contract Security88
KMPKey Management Permissions36
MMarket87
LLiquidity68
CCollateral83
PMProtocol Mechanics72
ICEInfra Counterparty Exposures56
PCEProtocol Counterparty Exposures73
GGovernance44
FRFinancial Resilience60
TLCTeam Legal Compliance83
DTDocumentation Transparency78
Performance
Assets Under Management · 30D▼ 4.19%
$2b
Over the last 30 days, the total value of Ethena Staked USDe has dropped 4.19% with $74.82M in outflows.
Net APY · 30D▼ 8.49%
3.88%
Over the last 30 days, the APY has decreased from 4.24% to 3.88%.
Active Users · 30D▼ 0.02%
12k
Over the last 30 days, active users have decreased by 0.02%, reaching 11.9K wallets.
Market Details
ChainEthereum
Treasury$62.00M
Stated Withdrawal Time24 hours
Component Ratings
Contract Addresses
Smart Contract0x9D39...7A3497
ENA Token0x57e1...1e6061
USDe Token0x4c9E...1E68B3
EthenaMinting0xe349...1b62D3
TreasuryMultisig0x2B5A...5Dd4D5
GovernanceMultisig0x3B0A...dC1862
StakingRewardsDistributor0xf2fa...c6b439
Key Strengths
S1Extensive independent security audit coverage including top-tier firms, with no unresolved critical or high findings across any engagement -- Ethena Audits
S2Real-time monitoring with Hypernative since mid-2024, including pre-transaction security integrated in late 2025
S3Active bug bounty program on Immunefi with broad asset scope and high maximum payout
S4Battle-tested through the February 2025 Bybit hack, reducing exposure to zero within hours and honoring large-scale redemptions with no permanent user loss
Key Risks
R1Virtually all backing assets held via OES custodial providers deployed to centralized exchanges, not verifiable purely on-chain -- Ethena Custody Docs
R2Documented timelock on critical administrative changes could not be verified as an on-chain deployed contract; multisig can technically execute changes without enforced delay
R3Majority of yield depends on perpetual futures funding rates that can and do invert, with historical periods of consecutive negative funding
R4FULL_RESTRICTED_STAKER_ROLE enables address-level blocking of withdrawals and redistribution of locked funds at admin discretion -- sUSDe contract
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