Dependency graph (protocols depended upon)

Evidence summary #

Critical external dependencies identified: Lido (stETH markets, largest Ethereum TVL segment), Ethena (sUSDe markets), EtherFi (weETH markets), MakerDAO/Spark (sDAI markets), Aave (aToken SY wrappers), LayerZero (governance + OFT bridge), Chainlink (L2 SY rate feeds on Arbitrum/Optimism), RedStone (weETH Arbitrum). Yellow because dependency graph is broad — failure of any major LST provider would impair the corresponding Pendle markets. PT holders are bounded by maturity (1:1 for the underlying), partially containing blast radius.

Sources #

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 →