Insurance coverage active
Ethena's assessment for RD-F-089 — scored red on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
No active third-party insurance coverage proportionate to $3.79B TVL found. Nexus Mutual and Sherlock do not offer coverage at this scale for Ethena's novel delta-neutral architecture. The internal Reserve Fund (~$42M USDtb per profile §6) is a self-insurance mechanism covering negative funding carry, not a third-party smart contract exploit cover. $42M Reserve Fund vs $3.79B TVL = 1.1% internal coverage ratio. Structural finding consistent with all large-TVL DeFi protocols in this tier.
Sources #
- DocsEthena Profile — Reserve Fund 4-of-10 Safe, ~$42M USDtbrisk-dashboard/.research/protocols/ethena/00-profile.md §6retrieved 2026-04-28
- Reserve Fund Safe — 4-of-10 at 0x2B5AB59163a6e93b4486f6055D33CA4a115Dd4D5https://etherscan.io/address/0x2B5AB59163a6e93b4486f6055D33CA4a115Dd4D5retrieved 2026-04-28
Methodology #
Determine whether active coverage on Nexus Mutual, Unslashed, Sherlock, or equivalent is in force; record cover size in USD.
See the full factor methodology and distribution across all protocols →