TVL stability (CoV over 90d)
Ethena's assessment for RD-F-084 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
TVL declined approximately 35% in trailing 30 days (data cache tvl_30d_change_pct: -35.58). Profile §4 confirms TVL fell from ~$5.85B (late Jan 2026) to $3.79B (Apr 28, 2026) — ~35% decline over ~90 days. CoV likely exceeds the stable-protocol range. Context: decline is macro-driven (broader DeFi deleveraging + USDe supply contraction post-Oct 2025 crash, peak TVL ~$14B in Sep 2025), not a protocol operational failure. Yellow: elevated volatility attributable to macro conditions rather than protocol dysfunction.
Sources #
- DocsEthena Profile — TVL trend: down from $5.85B to $3.79Brisk-dashboard/.research/protocols/ethena/00-profile.md §4retrieved 2026-04-28
Methodology #
Compute the coefficient of variation (σ/μ) of daily TVL over the trailing 90 days as a proxy for operational stability.
See the full factor methodology and distribution across all protocols →