Ethena
DAMASCUSSynthetic Stablecoin · Ethereum · $3B+ TVL · 10 contracts
Confidence 63%Z-Factor 0.58Updated 2026-05-06Public Score
Public risk assessment — scores are produced with the same methodology as monitored protocols
752
BRI Score
3004756508251000
Security Profile
Access Control
70
70
Economic Soundness
55
55
Oracle Integrity
65
65
Compositional Risk
60
60
Governance
45
45
Maturity
62
62
Resilience
88
88
Supply Chain
78
78
Op Security
68
68
Cascade Exposure
72
72
Access Ctrl
70
70
Economic
55
55
Oracle
65
65
Compos.
60
60
Govern.
45
45
Maturity
62
62
Resilience
88
88
Supply Ch.
78
78
OpSec
68
68
Cascade
72
72
Min
45
Avg
66
Max
88
Audit History
Quantstamp
2024-01
Peckshield
2024-02
Code4rena
2024-10
Bug Bounty Program
$750,000
Max payout on Immunefi
Assessment
Novel synthetic dollar with extreme centralization (D5=45) and untested economic model (D2=55). CEX counterparty and custodian dependencies drag D3 and D4. High TVL does not compensate for fundamental design risks.
Dimension Breakdown
How scores work →Access Control
Weight 18%75% conf
70
Good
- Mint/redeem gated to whitelisted minters only
- Admin can pause all operations
- Centralized role-based access control
- No permissionless entry points for core USDe minting
Economic Soundness
Weight 13%68% conf
55
Moderate
- Delta-neutral basis trade: novel, untested in prolonged negative funding
- Insurance fund (sUSDe reserve) provides buffer but size relative to TVL is thin
- Funding rate risk: negative rates erode backing, no on-chain hedge mechanism
- CEX counterparty risk: exchange failure could break the peg
Oracle Integrity
Weight 13%70% conf
65
Moderate
- Internal oracle for mint/redeem pricing
- Hedging relies on CEX price feeds (opaque)
- No on-chain oracle validation for basis trade positions
- Staleness risk on internal price updates
Battle-Tested Maturity
Weight 12%70% conf
62
Moderate
- Live since Jan 2024 (~1.5 years)
- Rapid TVL growth to $6B+ but never stress-tested in prolonged bear
- Z-factor: 0.731
- Audited by Quantstamp, Pashov, Code4rena
Governance & Upgradeability
Weight 10%80% conf
45
Concerning
- Highly centralized: team multisig controls all parameters
- No timelock on critical operations
- Minter whitelist controlled by admin
- ENA token governance largely ceremonial
Adversarial Resilience
Weight 10%95% conf
88
Strong
- Score derived from continuous adversarial security research
Operational Security
Weight 10%70% conf
68
Moderate
- Reserves attestation via dashboard (not on-chain proof)
- Custodian operational security is opaque
- Active monitoring claimed but not independently verified
- Incident response plan not publicly documented
Compositional Risk
Weight 5%72% conf
60
Moderate
- CEX counterparty dependency (Binance, Bybit, OKX, Deribit)
- Custodian trust assumptions (Copper, Ceffu, Cobo)
- USDe widely integrated in DeFi (Pendle, Morpho, Aave)
- Failure cascade: USDe depeg would propagate to all integrators
Cascade Exposure
Weight 5%65% conf
72
Good
- Appears in 3 cross-protocol cascade chain(s)
- Failure cascades to 4 downstream protocol(s)
- Member of 1 dependency cluster(s)
- Score: 72/100 (higher = more isolated from systemic risk)
- Source: cross_protocol_composition.json dependency analysis
Supply Chain
Weight 4%72% conf
78
Good
- Standard on-chain contracts (ERC-4626 vault pattern)
- Off-chain custodian infrastructure is opaque
- Dependency on CEX APIs for hedging execution
- Modern Solidity, reasonable code quality
Risk Drivers
Primary risk factors driving this score, ordered by severity.
Governance & Upgradeability45
Economic Soundness55
Compositional Risk60
Adversarial Risk Signals
Observable security posture indicators. These signals reflect publicly verifiable information and responsible disclosure outcomes. No specific vulnerability details are exposed.
Disclosure HistoryNot Assessed
Remediation VelocityNot Assessed
Bug Bounty ProgramNot Assessed
Audit CoverageNot Assessed
Incident HistoryNot Assessed
Deployed 2024-02-19Z-Factor 0.58010 active dimensions
Score History & Verification
Score provenance tracking begins with the next reassessment.
On-Chain Data
- Protocol Slug
- "ethena"
- Oracle
- BRORegistry (Base)
- Evidence
- IPFS (pinned)
- Staleness Threshold
- 24 hours
Read Score
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