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Scores/Ethena/Provenance/Governance & Upgradeability
D5

Governance & Upgradeability

Admin key concentration, timelock coverage, upgrade mechanisms, and Maximum Extractable Value by Admin (MEVA).

Weight 10%80% confidence
45
Concerning
info

How This Score Is Built

Admin key concentration, timelock coverage, upgrade mechanisms, and Maximum Extractable Value by Admin (MEVA).

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

Score Composition

-55

No timelock on critical operations

Negativeopen_in_newSource CodeMay 4, 2026
+15

Highly centralized: team multisig controls all parameters

Positiveopen_in_newSource CodeMay 4, 2026
+15

Minter whitelist controlled by admin

Positiveopen_in_newSource CodeMay 4, 2026
+15

ENA token governance largely ceremonial

Positiveopen_in_newSource CodeMay 4, 2026

Evidence Chain (2 files)

GitHub APIMay 17, 2026, 06:58 PM
open_in_newGitHub (/)
sha256:9af3d1b7797d...
BlackHart AnalysisMay 4, 2026, 08:00 PM
open_in_newGovernance & Upgradeability — Source Code
sha256:62f1d5b43bb7...

Score History

Automated pipeline dimension update