BlackHartBlackHart
Scores/Ethena/Provenance/Economic Soundness
D2

Economic Soundness

Robustness of economic model against flash loans, MEV, liquidation cascades, and incentive misalignment under stress.

Weight 13%68% confidence
55
Moderate
info

How This Score Is Built

Robustness of economic model against flash loans, MEV, liquidation cascades, and incentive misalignment under stress.

+23Strong positive
+12Positive
+5Slight positive
−15Strong negative
−8Negative
−3Slight negative

Scoring Tree

BRI Formula
300 + 700 × ∏(Dᵢ/100)^wᵢ
730
Current BRI
D2Economic Soundness
Weight 13%
55
(55/100)^0.13 = 0.9252
Contributing Factors
+18Delta-neutral basis trade: novel, untested in prolonged negative funding
+18Insurance fund (sUSDe reserve) provides buffer but size relative to TVL is thin
+18CEX counterparty risk: exchange failure could break the peg
-45Funding rate risk: negative rates erode backing, no on-chain hedge mechanism
Evidence Sources
blackhart_analysisMay 4sha256:0c69f6838217....View
blackhart_analysisMay 17sha256:f2fbd390b4aa....View

Score Composition

-45

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

Strong negativeopen_in_newDeFi Llama TVLMay 4, 2026
+18

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

Strong positiveopen_in_newDeFi Llama TVLMay 4, 2026
+18

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

Strong positiveopen_in_newDeFi Llama TVLMay 4, 2026
+18

CEX counterparty risk: exchange failure could break the peg

Strong positiveopen_in_newDeFi Llama TVLMay 4, 2026

Evidence Chain (2 files)

GitHub APIMay 17, 2026, 06:58 PM
open_in_newGitHub (/)
sha256:f2fbd390b4aa...
BlackHart AnalysisMay 4, 2026, 08:00 PM
open_in_newEconomic Soundness — DeFi Llama TVL
sha256:0c69f6838217...

Score History

No dimension-level score changes recorded yet.

Methodology: 2.1Formula: 1.1Weights: 1.1