Ethena Staked USDe
SUSDE
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
SUSDE (Ethena Staked USDe) is the yield-accruing ERC-4626 vault token issued against Ethena's synthetic dollar USDe. The protocol demonstrates robust fundamentals across multiple dimensions: Active Development (8.0/10) reflects active multichain deployments across roughly 27 environments, ongoing GitHub client/SDK activity, and monthly updates. Market and Use Case (8.0/10) alongside Tokenomics (7.5/10) highlight deep DeFi integration (Aave, Morpho, Pendle), a total underlying USDe market capitalization exceeding $4.4B, and an elastic supply backed by delta-neutral hedging strategies. Security and Audit History (8.0/10) is supported by comprehensive audits from Zellic, Spearbit, Pashov, and Chaos Labs, an active $3M Immunefi bug bounty, and no recorded hacks or depegs on core contracts. Offsetting factors include structural risks from centralized exchange counterparty exposure, reliance on positive crypto funding rates, admin upgradability roles in Team and Governance (7.0/10), and moderate Community Support visibility (5.5/10) typical of a receipt asset. No qualifying red-flag events or data gaps were identified.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Ethena Staked USDe (SUSDE)
Ethena Staked USDe (sUSDe / SUSDE) is the yield-bearing staked receipt token issued by Ethena Labs for its synthetic dollar, USDe. Operating natively on Ethereum and deployed across multiple layer-2 and alternative blockchain networks, sUSDe functions as an ERC-4626 vault receipt token. Users stake USDe into the protocol to receive sUSDe, which accrues value over time through an appreciating exchange rate rather than balance rebasing. The underlying yield is primarily generated through delta-neutral basis trading strategies on centralized exchanges, supplemented by staking rewards and real-world asset holdings.
The token serves as collateral and a yield component across decentralized finance platforms, including lending and yield markets such as Aave, Morpho, and Pendle. The protocol's smart contract infrastructure has undergone reviews by security firms including Zellic, Spearbit, Pashov, and Chaos Labs, and is supported by a live bug bounty program on Immunefi as well as regular reserve attestations. Protocol governance includes community forum participation and Snapshot votes on operational parameters such as fee switches.
Despite having no documented protocol-level hacks or depegs on core contracts, sUSDe is subject to specific structural and counterparty risks. Its yield mechanism depends heavily on positive cryptocurrency derivative funding rates, creating exposure to prolonged negative funding environments. The system relies extensively on centralized exchange counterparties for maintaining short hedging positions. Governance retains centralized administrative functions, including upgradability permissions, privileged risk committee controls, geographic restrictions for certain jurisdictions, and mutable unstaking cooldown periods. In addition, the protocol's cross-chain bridge previously experienced an unverified pause before being restored with an upgraded verification network configuration in April 2026.