Circuit breaker on price deviation
Ethena's assessment for RD-F-057 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
Partial circuit breaker. The off-chain 5% Pyth/Redstone price check acts as a soft circuit breaker on minting. The on-chain EthenaMinting contract has a configurable StablesDeltaLimit (USDe/USDT divergence circuit) settable by Dev Multisig, documented as defaulting to 0 (disabled). GATEKEEPER_ROLE provides manual halt capability. Chainlink PoR feeds have no on-chain circuit breaker. The on-chain circuit breaker (StablesDeltaLimit) appears to be inactive by default, reducing automated protection.
Sources #
- Docshttps://docs.ethena.fi/solution-design/minting-usde/mint-and-redeem-contract-v2retrieved 2026-04-28
- https://docs.ethena.fi/solution-design/minting-usde/user-security-measuresretrieved 2026-04-28
Methodology #
Determine whether the protocol halts or reverts if the oracle-reported price deviates by more than X% from a reference within Y blocks.
See the full factor methodology and distribution across all protocols →