Scores/Ethena

Ethena

TEMPERED

Synthetic Stablecoin · Ethereum · $3B+ TVL · 10 contracts

Official site: ethena.fi ↗

730

3004756508251000

Confidence63%

Z-Factor0.58

Updated 2026-05-27Public score

Security Profile

Access Control
70

Economic Soundness
55

Oracle Integrity
65

Compositional Risk
60

Governance
45

Maturity
62

Resilience
88

Supply Chain
78

Op Security
42

Cascade Exposure
72

Access Ctrl
70

Economic
55

Oracle
65

Compos.
60

Govern.
45

Maturity
62

Resilience
88

Supply Ch.
78

OpSec
42

Cascade
72

Min

Avg

Max

Audit History

Quantstamp

2024-01

Peckshield

2024-02

Code4rena

2024-10

Bug Bounty Program

$3,000,000

Max payout on Immunefi

View Program

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

Methodology

Access Control

Weight 18% · 75% confidence

+23Mint/redeem gated to whitelisted minters only

+23Admin can pause all operations

-30Centralized role-based access control

+23No permissionless entry points for core USDe minting

Provenance

Economic Soundness

Weight 13% · 68% confidence

+18Delta-neutral basis trade: novel, untested in prolonged negative funding

+18Insurance fund (sUSDe reserve) provides buffer but size relative to TVL is thin

-45Funding rate risk: negative rates erode backing, no on-chain hedge mechanism

+18CEX counterparty risk: exchange failure could break the peg

Provenance

Oracle Integrity

Weight 13% · 70% confidence

+32Internal oracle for mint/redeem pricing

-18Hedging relies on CEX price feeds (opaque)

-18No on-chain oracle validation for basis trade positions

+32Staleness risk on internal price updates

Provenance

Battle-Tested Maturity

Weight 12% · 70% confidence

+16Live since Jan 2024 (~1.5 years)

+16Rapid TVL growth to $6B+ but never stress-tested in prolonged bear

+16Z-factor: 0.731

+16Audited by Quantstamp, Pashov, Code4rena

Provenance

Governance & Upgradeability

Weight 10% · 80% confidence

-28Highly centralized: team multisig controls all parameters

-28No timelock on critical operations

+22Minter whitelist controlled by admin

+22ENA token governance largely ceremonial

Provenance

Adversarial Resilienceredacted

Weight 10% · 95% confidence

Score derived from continuous adversarial security research

Provenance

Operational Security

Weight 10% · 25% confidence

-58No branch protection detected

+10No CI/CD pipeline detected

+10Minimal development activity (0 commits/month)

+10No CI pipeline for deployment verification

Provenance

Compositional Risk

Weight 5% · 72% confidence

+20CEX counterparty dependency (Binance, Bybit, OKX, Deribit)

+20Custodian trust assumptions (Copper, Ceffu, Cobo)

+20USDe widely integrated in DeFi (Pendle, Morpho, Aave)

-40Failure cascade: USDe depeg would propagate to all integrators

Provenance

Cascade Exposure

Weight 5% · 65% confidence

+24Appears in 3 cross-protocol cascade chain(s)

-28Failure cascades to 4 downstream protocol(s)

+24Member of 1 dependency cluster(s)

+24Source: cross_protocol_composition.json dependency analysis

Provenance

Supply Chain

Weight 4% · 72% confidence

+26Standard on-chain contracts (ERC-4626 vault pattern)

-22Off-chain custodian infrastructure is opaque

+26Dependency on CEX APIs for hedging execution

+26Modern Solidity, reasonable code quality

Provenance

Top Score Drivers

Dimensions with the greatest marginal impact on BRI.

Operational Security

42+39 potential

No branch protection detected

Governance & Upgradeability

45+35.8 potential

Highly centralized: team multisig controls all parameters

Economic Soundness

55+34.8 potential

Funding rate risk: negative rates erode backing, no on-chain hedge mechanism

Access Control

70+28.5 potential

Centralized role-based access control

Battle-Tested Maturity

62+25.4 potential

Live since Jan 2024 (~1.5 years)

Adversarial Risk Signals

Publicly verifiable security posture indicators.

Disclosure HistoryNot Assessed

Remediation VelocityNot Assessed

Bug Bounty ProgramNot Assessed

Audit CoverageNot Assessed

Incident HistoryNot Assessed

Deployed 2024-02-1910 dimensionsProvenance Ledger

methodology v2.1formula v1.1weights v1.1evidence sha256:sha256:5...

Score History & Verification

Score provenance tracking begins with the next reassessment.

Full provenance ledger

On-Chain Data

Protocol Slug: "ethena"
Oracle: BRORegistry (Base)
Evidence: IPFS (pinned)
Staleness Threshold: 24 hours

Read Score

registry.getScore("ethena")

Reduce exploitable risk

Continuous adversarial analysis, vulnerability detection, and verified reassessment.

View Plans Methodology

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