Ethena
TEMPEREDSynthetic Stablecoin · Ethereum · $3B+ TVL · 10 contracts
Confidence 63%Z-Factor 0.58Updated 2026-05-17Public Score
Public risk assessment — scores are produced with the same methodology as monitored protocols
730
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
42
42
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
42
42
Cascade
72
72
Min
42
Avg
64
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
arrow_forwardGood
+23Mint/redeem gated to whitelisted minters only
+23Admin can pause all operations
+23Centralized role-based access control
-30No permissionless entry points for core USDe minting
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Economic Soundness
Weight 13%68% conf
55
arrow_forwardModerate
+28Delta-neutral basis trade: novel, untested in prolonged negative funding
+28Insurance fund (sUSDe reserve) provides buffer but size relative to TVL is thin
-22Funding rate risk: negative rates erode backing, no on-chain hedge mechanism
-22CEX counterparty risk: exchange failure could break the peg
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Oracle Integrity
Weight 13%70% conf
65
arrow_forwardModerate
+32Internal oracle for mint/redeem pricing
+32Hedging relies on CEX price feeds (opaque)
-18No on-chain oracle validation for basis trade positions
-18Staleness risk on internal price updates
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Battle-Tested Maturity
Weight 12%70% conf
62
arrow_forwardModerate
+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
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Governance & Upgradeability
Weight 10%80% conf
45
arrow_forwardConcerning
+15Highly centralized: team multisig controls all parameters
-55No timelock on critical operations
+15Minter whitelist controlled by admin
+15ENA token governance largely ceremonial
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Adversarial Resiliencelock
Weight 10%95% conf
88
Strong
- Score derived from continuous adversarial security research
Operational Security
Weight 10%25% conf
42
arrow_forwardConcerning
-7No branch protection detected
-7No CI/CD pipeline detected
-7Minimal development activity (0 commits/month)
-7Incident response time not available (using commit frequency proxy)
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Compositional Risk
Weight 5%72% conf
60
arrow_forwardModerate
+15CEX counterparty dependency (Binance, Bybit, OKX, Deribit)
+15Custodian trust assumptions (Copper, Ceffu, Cobo)
+15USDe widely integrated in DeFi (Pendle, Morpho, Aave)
+15Failure cascade: USDe depeg would propagate to all integrators
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Cascade Exposure
Weight 5%65% conf
72
arrow_forwardGood
+18Appears in 3 cross-protocol cascade chain(s)
+18Failure cascades to 4 downstream protocol(s)
+18Member of 1 dependency cluster(s)
-28Score: 72/100 (higher = more isolated from systemic risk)
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Supply Chain
Weight 4%72% conf
78
arrow_forwardGood
+20Standard on-chain contracts (ERC-4626 vault pattern)
+20Off-chain custodian infrastructure is opaque
+20Dependency on CEX APIs for hedging execution
+20Modern Solidity, reasonable code quality
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Risk Drivers
Primary risk factors driving this score, ordered by severity.
Operational Security42
Governance & Upgradeability45
Economic Soundness55
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
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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