First-depositor / share-inflation guard
Ethena's assessment for RD-F-075 — scored green on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
sUSDe (StakedUSDeV2) includes MinSharesViolation error in previewDeposit and previewMint, gating deposits that would yield zero or below-minimum shares. Additionally, Ethena controlled the initial seed deposit to the vault at deployment, preventing any empty-vault state for external depositors. Code4rena Nov 2024 invitational found 2 medium issues; neither involved share-inflation or first-depositor exploitation. Guard is present and operational.
Sources #
- AuditCode4rena Nov 2024 invitational — 0 high, 2 medium; no constructor arg discrepancyhttps://code4rena.com/reports/2024-11-ethena-labsretrieved 2026-04-28
- Etherscan — StakedUSDeV2 MinSharesViolation guard in sourcehttps://etherscan.io/address/0x9D39A5DE30e57443BfF2A8307A4256c8797A3497#coderetrieved 2026-04-28
Methodology #
Determine whether the vault has a first-depositor guard (seed deposit on deploy, virtual-share offset, or floor-check).
See the full factor methodology and distribution across all protocols →