Governance Attack Surface Review: Ethena USDe
Governance Attack Surface Review: Ethena USDe Target Protocol: Ethena USDe (TVL: $4435.3M) Governance Attack Surface Review: Ethena USDe Target: Ethena Protocol (USDe) Scope: Governance Architecture, Admin
Governance Attack Surface Review: Ethena USDe
Target Protocol: Ethena USDe (TVL: $4435.3M)
Governance Attack Surface Review: Ethena USDe
Target: Ethena Protocol (USDe)
Scope: Governance Architecture, Admin Privileges, Role Authorization, and Systemic Control Vectors
Document Type: Technical Security & Risk Assessment
1. Executive Summary
Ethena (USDe) operates as a synthetic dollar protocol backed by delta-hedged crypto collateral (e.g., ETH, BTC, liquid staking tokens) and short derivatives positions. Given its hybrid natureβcombining on-chain smart contracts with off-chain settlement systems (OES - Off-Exchange Settlement) and centralized exchange (CEX
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Originally published by Dev.to Security. Aggregated on AIWithGhost for educational purposes β full credit and traffic to the original publisher.