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Ethena USDe

confidence low· verified weight 80% · updated 2026-07-26 · methodology 0.7.0

ChainsEthereumEthena USDeofficial site →

Confidence capped at low:

  • this methodology version hasn't been backtested against any historical incidents in this protocol's bucket yet
  • not because this protocol's data is thin (80% of category weight is verified data)
Why this rating
The highest-signal researched categories behind this assessment.

Audit profile

verified

1 audit on record, most recent audit is over 2 years old; the most recent audit found 0 High and 4 Medium severity issues. This reflects code quality at the time of that audit only, not a claim that these specific issues are still unresolved today.

Code characteristics

verified

admin key: multisig, 5/10 multisig (requires 5 of 10 keys to act), open source.

TVL profile

verified

TVL change (-11%) is within a stable range.

Dependency risk

verified

no bridge or oracle dependencies on record (no on-chain price oracle; mint/redeem authorized by delegated-signer orders, collateral settled to custodian counterparties).

Historical incidents

verified

no known own or inherited incidents.

Risk-reducing factors
Researched findings that lower this protocol's assessed risk.

Historical incidents

no known own or inherited incidents.

Dependency risk

no bridge or oracle dependencies on record (no on-chain price oracle; mint/redeem authorized by delegated-signer orders, collateral settled to custodian counterparties).

Protocol age

892 days live, past the ~1yr floor; treated the same as any older protocol, not scored progressively safer with more age.

TVL profile

TVL change (-11%) is within a stable range.

Dependencies
  • no bridge or oracle dependencies on record (no on-chain price oracle; mint/redeem authorized by delegated-signer orders, collateral settled to custodian counterparties)
Incident history

No material incidents on record.

Audit history
  • Code4rena 2023-12-21

    Unresolved issues:

    98 low, 4 medium, 0 high, 0 critical

This assessment follows Foreshock's published methodology. Exact category weights, scoring rules, thresholds, and aggregation logic are proprietary and not shown here. How to interpret this assessment

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