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 #
- Docshttps://docs.ethena.fi/solution-design/key-trust-assumptionsretrieved 2026-04-28
- https://docs.ethena.fi/solution-overview/risks/custodial-riskretrieved 2026-04-28
- 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 →