DeFi protocol

Ethena

1 product · 1 coin · Ethereum · TVL $4.9B · data via DefiLlama

Platform risk tier

B· Medium risk · meets 4/5 criteriaSee why

USDe is a synthetic dollar (not a cash-backed stablecoin); sUSDe yield comes from perpetual futures funding. No contract incidents; live since 2/2024.

!Operating since 2024-02, under 3 years
✓Audited by 6 firms: Zellic, Spearbit/Cantina, Quantstamp, Pashov, Code4rena, Cyfrin
✓Bug bounty programme (Immunefi, up to $3M)
✓Large TVL: $4.9B
✓Users were fully compensated for every known incident
iRisk of the asset itself: USDe is backed by crypto plus short derivatives positions: counterparty risk from exchanges/custodians, prolonged negative funding, and depegs on secondary markets; sUSDe yield varies with funding.

Last reviewed 24/09/2026. Not investment advice.Facts and sources →

You keep your own wallet and deposit straight into the smart contract. Click a product name for details.

1/1 products · How risk tiers work

									Conditions & limits
USDE	Ethena · Ethereum · 7 days unstaking (SUSDE) One rate for any amount. Withdrawal time: ~7 days TVL: $1.3B · Ethereum Rate basis: APR (the source publishes APY, converted to the APR equivalent with daily compounding)	Staking DeFi · smart contract	B· Medium risk CoinB· Medium riskPlatformB· Medium risk	4.80%	4.80%	4.80%	4.80%	4.80%	Withdrawal takes about 7 days (T+7) Not confirmed whether the rate is before or after the platform’s fee