Collateralization under stress
Ethena's assessment for RD-F-068 — scored not_applicable on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
Not applicable as a traditional collateralization ratio factor. Ethena maintains delta-neutral collateralization via basis trade; USDe has no traditional LTV/liquidation ratio. Post-Bybit confirmation: 101% overcollateralized. The analogous risk (correlated spot + perp market crash simultaneous with OES settlement delay) is captured in F069. Factor is lending-specific per taxonomy PD-024.
Sources #
- DocsEthena Docs — USDe Overview (delta-neutral collateralization)https://docs.ethena.fi/solution-overview/usde-overviewretrieved 2026-04-28
Methodology #
Determine whether under curator-defined stress scenario (top-3 collateral assets drop 50%), protocol net collateralization falls below 110%.
See the full factor methodology and distribution across all protocols →