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Organisation

Ethena

3 placements on ChainChoice under Ethena, each scored against its own category's pool and criteria — none currently #1. The placements are not averaged and not ranked against each other: a #1 exchange and a #6 crypto card are two different products in two different markets.

CDP Stablecoins
Ethena USDe
Rank#6 OverallScore51

#1 in this category: Liquity V2 (BOLD)

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Stablecoin Yield
Ethena (sUSDe)
Rank#7 OverallScore43

#1 in this category: Spiko (USTBL / EUTBL)

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Stablecoins
USDe
Rank#9 OverallScore55

#1 in this category: PayPal USD (PYUSD)

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CDP Stablecoins
How you can lose money here, and what the ranking scores
  • Control failure (Ethena USDe 2/10): a key or vote changes the rules, freezes or mints.
    Scored by Cost of the loan and who controls it · 20%
  • Oracle failure (Ethena USDe 3/10): a wrong price or outcome liquidates or settles a position.
    Scored by Liquidation mechanics you actually bear · 35%
  • Insolvency failure (Ethena USDe 2/10): the firm or issuer that owes you cannot pay.
    Scored by What actually backs the coin · 25%
  • Exit failure (Ethena USDe 4/10): you cannot get out at par, on time, or with what is yours.
    Scored by Observed peg behaviour under stress · 20%
Not assessed by this ranking: Contract failure, Regulatory failure, Execution failure. A high place says nothing about these; the Methodology tab says what each means.
Stablecoin Yield
How you can lose money here, and what the ranking scores
  • Insolvency failure (Ethena (sUSDe) 3/10): the firm or issuer that owes you cannot pay.
    Scored by What actually pays the yield · 30%
  • Regulatory failure (Ethena (sUSDe) 2/10): no licence where you are, or a forced market exit.
    Scored by Access reality · 24%
  • Exit failure (Ethena (sUSDe) 2/10): you cannot get out at par, on time, or with what is yours.
    Scored by Redemption & claim quality · 26%
Not assessed by this ranking: Contract failure, Control failure, Liveness failure, Custody failure, Execution failure, Information failure. A high place says nothing about these; the Methodology tab says what each means. Also scored, as cost, quality or a summary of several families: Conditions on the headline rate (20%).
Stablecoins
How you can lose money here, and what the ranking scores
  • Control failure (USDe 7/10): a key or vote changes the rules, freezes or mints.
    Scored by Who can freeze, burn or replace your balance — and have they? · 18%
  • Insolvency failure: the firm or issuer that owes you cannot pay.
    Scored by Who exactly owes you the dollar, and where do you rank when they fail? · 30% (USDe 1/10)
    Scored by What is really behind it, and what did the third party actually opine on? · 24% (USDe 3/10)
  • Exit failure (USDe 1/10): you cannot get out at par, on time, or with what is yours.
    Scored by Can the person actually holding it get a dollar back at par — and has anyone, at size? · 28%
Not assessed by this ranking: Contract failure, Custody failure, Regulatory failure, Information failure. A high place says nothing about these; the Methodology tab says what each means.