Ethena5.01%
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$6.0M
$2K
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Strategy overview
Hold sUSDe, a yield-bearing stablecoin issued by Ethena. Its value or balance grows as the issuer's underlying assets generate returns.
- How it works:
- We swap your USDC into the issuer's yield-bearing dollar (e.g. sUSDe, USDY). The token's value or balance grows over time as the issuer's underlying strategy — staking, T-bills, or a delta-neutral hedge — earns yield. You exit by swapping back.
- What you hold:
- sUSDe in your wallet; its balance or redemption value grows as yield accrues.
- Who runs it:
- Ethena — live since 2024 · audited by 7 firms · no known incidents
Position details
- APY Now
- 5.01%
- Issued (TVL)
- $6.0M
- DEX Liquidity
- $2K
- Max @ 0.3% Slip
- —
- Token
- sUSDe
- Mint
- Eh6XEPhSwoLv5wFApukmnaVSHQ6sAnoD9BmgmwQoN2sN
- Current Price
- $1.2492
- Slippage @ $100k
- —
- Drift from $1
- +24.92%
Moderate risk · Grade C
38/100
- sUSDe's backing carries more risk than plain cash reserves — synthetic-backed.
- Selling in a hurry could move the price — sUSDe: ~$2k DEX depth.
- sUSDe's price history isn't tracked yet, so we can't verify how well it holds its value.
Strategy
- Strategy type15
More complex strategy type.
- Leverage0
No leverage.
- Yield source50
Yield comes from a market-neutral trading strategy.
- Pool usage0
Not a utilization-driven product.
- Pool size0
Token hold — no pool.
- Lock-up & yield stability0
30d APR volatility 0.2pp.
What can go wrong
- Depeg risk: the token can trade below $1 if the issuer's backing or strategy comes under stress.
- Exit depends on DEX liquidity — thin liquidity means more slippage when swapping back to USDC.
- Yield and peg both depend on the issuer; many of these are off-chain RWA or synthetic-dollar issuers (see the protocol notes below).
The assets
What your deposit is held in, and how steady its value is.
- Backing model60
sUSDe: synthetic-backed.
- Peg history · no data30
No peg history accrued yet (sUSDe).
- Issuer size0
sUSDe: ~$4.9B market cap.
- Exit liquidity90
sUSDe: ~$2k DEX depth.
- Token age31
sUSDe: live since 2024.
- Freeze authority35
sUSDe: issuer can freeze token accounts.
About sUSDe
Each asset in this position — what it is, how reliable it is, and any past depegs.
By Ethena. Staked Ethena USDe; backed by the same delta-neutral hedged crypto collateral, and accrues the basis-trade plus staking yield. · Live since 2024
- ·Yield-bearing — price is designed to drift upward, so it has no fixed $1 peg.
- ·Price volatility: 0.21% (30d).
- ·Small market cap — thinner liquidity amplifies price moves.
Past depeg events
- ▼ $0.65 · 2025-10-11 — The staked-USDe wrapper tracked USDe's 2025-10-11 dislocation — a Binance-localized print during the ~$19B liquidation cascade. USDe's backing and redeemability were unaffected and the peg recovered. source
Token notes & warnings
- Freezable — The authority's owner has the ability to freeze your token account, preventing you from further trading
- Low activity — This token has low organic activity
- Mintable — The authority's owner has the ability to mint more tokens
The team and protocol behind this, and their track record.
Issues sUSDe, a synthetic dollar earning yield from staked-ETH rewards and the funding rate on hedged short positions. You hold it via a Jupiter swap.
- Admin controls40
Documented EVM multisig/timelock governance (off-Solana).
- Exploit history0
No known exploits.
- Track record30
Live for ~33 months.
- Price feeds35
Single robust price feed (Pyth, RedStone).
- Scale0
$5.0B TVL — battle-tested at scale.
- Safety reserves37
~$62.0M disclosed treasury/insurance backstop.
- Bug bounty0
Live bug bounty up to $3.0M.
- Audits0
Audited (Zellic, Quantstamp, Spearbit, Pashov, Cantina, Cyfrin, Code4rena).
How we rate risk
Stablecoin strategies get a 0–100 risk score (lower is safer) built from three areas — Protocol (audits, incident history, track record and admin controls), Strategy (leverage, lock-ups, pool size and yield source) and Asset (the token's peg record, backing, and exit liquidity) — weighted by strategy type — and the weakest area can push the overall number higher (riskier) on its own. The score maps to a grade: A ≤ 22, B ≤ 35, C ≤ 50, D ≤ 70, E above. Grades compare opportunities within our stablecoin catalog — an A is the strongest thing we list (blue-chip stablecoin lending), not a promise of safety. Live events (an active depeg, a reported exploit, a sharp deposit outflow) override the score immediately. Where we lack data, the factor says so and scores cautiously. Non-stablecoin opportunities are not rated. A comparison aid, not advice.
Risk levels are Akashi's own assessment to help you compare opportunities — not financial advice or a safety guarantee. Every DeFi position carries smart-contract and market risk.
Non-custodial · Akashi never holds your funds