Ethena
Risk research and analysis for Ethena protocol
Bybit Incident Post-Mortem: Ethena's Risk Mitigation and Resilience
Feb 25, 2025
Following a wallet hack at Bybit that raised collateral concerns, Ethena’s risk management kept the protocol secure. Custodial oversight, off-exchange settlements, and reserve funds ensured resilience during market stress.
Ethena Reserve Fund Drawdown Methodology V2
Dec 17, 2024
The V2 methodology used to recommend a safe value for the Ethena Reserve Fund
Ethena Reserve Fund Drawdown Methodology
Oct 24, 2024
The methodology used to recommend a safe value for the Ethena Reserve Fund
Addendum to Asset Risk Assessment: Ethena USDe
Jul 17, 2024
Additional risk analysis including a model of possible reserve fund decay
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