defirisk.co
rubric v1.7.0

Dependency graph (protocols depended upon)

Ethena's assessment for RD-F-050 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.

Evidence summary #

Ethena depends on: (1) Pyth + Redstone for off-chain minting price validation; (2) Binance, Bybit, OKX, Deribit, Bitget for delta-hedge perp positions (CEX counterparty risk); (3) Copper, Ceffu, Anchorage Digital for OES spot collateral custody; (4) Lido stETH for LST collateral basket; (5) LayerZero for OFT cross-chain functionality across 18 chains; (6) BlackRock BUIDL indirectly via USDtb in Reserve Fund (~$42M). Multi-provider design for each dependency layer mitigates concentration, but the CEX and OES layers represent significant off-chain trust assumptions not fully mitigated by on-chain controls.

Sources #

  • Docs
    https://docs.ethena.fi/solution-design/key-trust-assumptionsretrieved 2026-04-28
  • Docs
    https://docs.ethena.fi/solution-overview/risks/custodial-riskretrieved 2026-04-28
  • URL
    https://docs.ethena.fi/solution-overview/risks/funding-riskretrieved 2026-04-28

Methodology #

List all external protocols whose failure would directly impair this protocol (LST providers, bridges, stablecoin issuers, keepers).

See the full factor methodology and distribution across all protocols →

rubric_version v1.7.0 protocol ethena factor RD-F-050 score yellow collected_at 2026-04-28 13:58:51