Ethena USDe

ethena-usde

stablecoin

Synthetic USD stablecoin backed by ETH delta-neutral basis trade. DefiLlama-registered chains: Ethereum; used on Mantle as a stable asset.

aggregate

6.42 / 10

contract risk4.13

liquidity risk10.00

centralization risk5.00

oracle risk5.00

on-chain attestation

signer0x742812a2Ff08b76f968dffA7ca6892A428cAeBb1

trace hash0x8a73e75b5f4fbcf8374f16cd16ab70a2ffab67fe71b29a8f13117a118962bb47

timestamp2026-06-15T04:01:42.000Z

protocol0x944ec56d291c53f1005ae76cbaac7cc2792d64ad

oracle0x998ceb700e57f535873d189a6b1b7e2aa8c594eb

In production, the signer is derived from an Intel TDX enclave on Phala Cloud. In local-dev mode (current), the signer is a fixed attested-EOA fallback. The on-chain attestation flow is identical either way.

mantle-native exposure

stable

USDeUSDtb

Ethena USDe is the stable; risk is in the delta-neutral basis trade collateral chain (ETH staked + perp shorts on CEX) and Ethena custody.

This is the Mantle-native composition component — multi-chain risk scorers don't model these dependencies. It's already factored into the aggregate score above (15% weight); breakdown above shows the 4 on-chain components, this section shows the 5th.

audits

Quantstamp + others2024-02-01

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