Ethena Foundation governance forum, passages used. Read in a browser on 2026-10-12.

The forum is at https://gov.ethenafoundation.com. Each topic's raw Markdown was read from
https://gov.ethenafoundation.com/raw/<topic id>, which returns every post of the topic, at
2026-10-12T21:44:48Z, and topics 808 and 830 again at 21:46:20Z and 21:46:21Z. The digest is the SHA-256
of that raw text, computed in the browser. The passages below are summaries in this review's words with
the figures as the posts gave them. They are not quotations unless set in quotation marks.

id  | first post (UTC)     | raw characters | SHA-256 of the raw topic
13  | 2024-06-19 14:54:15  | 918    | e9228f86d708c932d5e7615a0536806f7d769d9483661805b3b3b71a17171481
235 | 2024-10-10 11:49:19  | 3860   | 06c158e1be7b77944e291ee9fb3a37d7523803c1526600ccb62d17ae09fcb909
385 | 2024-11-27 17:27:23  | 21926  | 0d247094088a2e60cdbb4098be78a30573e224ebf571542799edcef643bf60f4
555 | 2025-04-25 13:21:28  | 16684  | 5b38a963db700533b608a53c21b80cfcca5b463bf31740b10df897437faf9303
596 | 2025-06-13 08:31:51  | 8299   | ac8bb65806a732f5ed177ac8f37d6091ec36c171407669aac34ccb2fefdedf07
613 | 2025-07-03 08:58:17  | 6283   | e22b6caf433e2e4be72313c4d3059ec853c10958d80fb8aa78f55847d64389de
623 | 2025-07-17 15:37:37  | 8382   | b8971d16b8b16fa0aac751551dd445956f249bbaae485622f6661488028086cb
670 | 2025-08-12 10:55:11  | 9035   | a7a52c66a778a472d1f20ba32922d15e7404e828c8a70997fd946aa5df05c5c1
685 | 2025-08-26 08:29:59  | 9362   | c2f6ddb63094e37473e6304e496c3a638aa8f9a79ee3c0f0794c7e0b3ba63821
689 | 2025-09-04 07:59:31  | 10022  | 787830c4f57d4c70b13c0f766a203e1a3721db871061ac375fba0e5dec52c492
703 | 2025-10-09 20:42:49  | 8700   | 67ffb979e6f3100da0cf0490e4952d8123abc21d3c4d2a7daf579ae50a8bcbbc
704 | 2025-10-09 20:45:46  | 9483   | df3d10827cc71d55ed4fb4fa01b0816d027a95371be3078cc66e0bbec101ed15
709 | 2025-11-03 15:46:57  | 8001   | 144c348ede242e268c2bc516ed991a05db08de4beec2056167baae17899f540e
727 | 2025-12-09 14:50:03  | 8038   | 0c436c18d5df4344e8e8e4e284c2f990bbc4fe4755f9dba85513d74d4533f20b
734 | 2026-01-15 17:25:31  | 8832   | 505146ab93a0c862999dead0398d548d1a99f7d69346a782e4ea8fa2d426d0aa
748 | 2026-02-10 09:20:35  | 8526   | 0e16ce2273b1f074b444c3b36bcd28527961c3d73e40d5b17fb0e5dae55a8015
753 | 2026-03-06 17:13:50  | 11206  | b7837662a0697ba077d29d86601ddc49911731caa611409127ca288786c01749
775 | 2026-04-08 12:51:31  | 9201   | 9012bbb4c648af90d8b632dc298f54f38f939c8910a7b2d11fe68bd3e3b6efd2
791 | 2026-05-28 14:12:11  | 33352  | 96ed9cb3e2765690c8a42dfe7409851bf1ad648230aaa58fd0de6acae0836a14
796 | 2026-06-05 10:45:06  | 17495  | 1f3857d0ebbce01e16873dcbf086d675436ed6103e60a6efe38604833674e535
808 | 2026-07-17 15:31:54  | 12351  | 89c4e495f2ba8966fcbdf88622ee3d63e1f457a453b3f2fce777f0f8258441fe
830 | 2026-08-27 13:59:31  | 33371  | 45ccdceeb6410b652550cc79d20641f56433a1f8b9ec28ba34e58fb7d606dab5
830 post 2 (/raw/830/2)   | 20362  | 5d9b2b41ad70210fa8fc29c6f579cb9a309337dfaabecf498c0a7b2c8d0c9506

T13. About the Reserve Fund category (forum account, June 19, 2024, edited June 24, 2024).
The reserve fund is a margin of safety behind USDe, a source of capital to pay for periods of negative
funding and a bidder of last resort for USDe. Its composition is stablecoins including USDC and USDT, and
other assets as governance decides.

T235. RWA Reserve Fund Allocation: Winners (Ethena Labs Research, October 10, 2024).
The Risk Committee received 25 submissions for an allocation of the Reserve Fund and linked the fund's
holdings to a DeBank profile of 0x2b5ab59163a6e93b4486f6055d33ca4a115dd4d5. Result of the vote, with the
allocation weights: BUIDL (Securitize/BlackRock) 40%, USDS (Sky) 29%, USDM (Mountain) 16.5%, USTB
(Superstate) 14.5%. The Ethena Foundation approved the result. An sDAI allocation had been approved
before Maker's move to Sky, and the sDAI in the fund was to be migrated to USDS. The members' notes on USTB
said that it had lower fees than BUIDL and the same underlying assets, with mints and burns once a day.

T385. Proposal: USDtb as a USDe Backing Asset and Eligible Asset for the Reserve Fund (Ethena Labs
Research, November 27, 2024, with replies from BA Labs, Blockworks Advisory and LlamaRisk on December 6,
Gauntlet on December 10 and Steakhouse on December 11, 2024).
The proposal asked the Risk Committee to approve USDtb, a stablecoin created by Ethena Labs and backed
mainly by BlackRock's BUIDL, as an eligible asset for the Reserve Fund. Every reply supported it. Blockworks
Advisory recommended that the fund avoid an overly concentrated position in BUIDL or BUIDL-backed assets.
LlamaRisk wrote that the reserve fund multisig, linked to Etherscan's page for 0x2b5ab5...d4d5, had been
approved as a whitelisted minter of BUIDL, that BUIDL was about 40% of the fund, and that the combined
allocation of USDtb and BUIDL was expected not to exceed 50% of the fund's capital. LlamaRisk also described
BUIDL as BlackRock's fund that invests all of its assets in cash, US Treasury bills and repurchase agreements,
offers a stable redemption value of $1 a token and pays the dividends that accrue daily to holders' wallets
as new tokens each month.

T555. Proposal: Allocating a portion of excess Reserve Fund assets to USDe backing (Ethena Labs Research,
April 25, 2025, and a reply from LlamaRisk on April 29, 2025).
The proposal put the fund at $60.9m and asked to move $5m of it to USDe's backing. LlamaRisk, writing for
itself and Blockworks Advisory, supported it and listed the composition from LlamaRisk's dashboard of
April 25, 2025: USTB $5.2m, USDtb $19.2m, Curve USDtb-USDC LP $20m, sUSDS $14.1m, sDAI $2.3m.

T596. Reserve Fund Subcommittee June 2025 Update (LlamaRisk, June 13, 2025).
The proposal of topic 555 was approved but later abandoned as market conditions shifted.

T613. Ethena's June 2025 Governance Update (July 3, 2025). Reserve Fund $61.1M.

T623. Reserve Fund Subcommittee July 2025 Update (LlamaRisk, July 17, 2025). No composition figures used.

T670. Ethena's July 2025 Governance Update (August 12, 2025). Reserve Fund $61.2 million.

T685. Reserve Fund Subcommittee August 2025 Update (LlamaRisk, August 26, 2025).
The composition, linked to the DeBank profile of 0x2b5ab5...d4d5: in the wallet $19,710,412 USDtb and
$5,319,310 USTB; Curve USDtb-USDC pool $19,995,255, being 9,433,492.9619 USDC and 10,563,258.3796
USDtb; sUSDS $14,328,881. The list named no sDAI. The Reserve Fund Subcommittee had reviewed and accepted a
proposal to consolidate all Reserve Fund assets into USDtb, on condition that the USDC and USDT in USDtb's
backing consistently exceeded the fund's size. About $340M of USDC and USDT backed USDtb.

T689. Ethena's August 2025 Governance Update (September 4, 2025). Reserve Fund $62M in one passage and
$61.7M in another. The consolidation into USDtb was approved.

T703. Reserve Fund Subcommittee September 2025 Update (LlamaRisk, October 9, 2025).
Linked to the DeBank profile of 0x2b5ab5...d4d5, about $61.84M, being $41.8M of USDtb and a Curve USDtb-USDC pool position of $19.9M (10M USDC and 9.9M
USDtb). The composition had changed because of the accepted proposal to consolidate into USDtb.

T704. Ethena's September 2025 Governance Update (October 9, 2025). Reserve Fund $62m.

T709. Reserve Fund Subcommittee October 2025 Update (LlamaRisk, November 3, 2025). About $61.88M, of
USDtb and the USDtb/USDC pool position, linked to the DeBank profile of 0x2b5ab5...d4d5.

T727. Reserve Fund Subcommittee November 2025 Update (LlamaRisk, December 9, 2025). About $62.08M, of
USDtb and the USDtb/USDC pool position, linked to the DeBank profile of 0x2b5ab5...d4d5.

T734. Ethena's December 2025 Governance Update (January 15, 2026). Reserve Fund $62.09 million.

T748. Reserve Fund: January & Early February 2026 Update (LlamaRisk, February 10, 2026).
About $62M, linked to the DeBank profile of 0x2b5ab5...d4d5: USDtb $41.93M and USDtb-USDC $19.99M, from
LlamaRisk's dashboard of February 7, 2026.

T753. Ethena's January and February 2026 Governance Update (March 6, 2026). Reserve Fund $62.51 million in
the summary and $62.54 million in the body.

T775. Reserve Fund: March 2026 Update (LlamaRisk, April 8, 2026, presented with Blockworks Advisory).
About $62M: USDtb $41.98M and USDtb-USDC $20.02M, from LlamaRisk's dashboard of April 2, 2026. Interest on
the fund's USDtb is transferred to the multisig by hand and does not accrue in the token. None had been
paid in over four months. The last transfer was about 169k USDtb about four months earlier, and the ones
before it about 103k and 500 USDtb about six months earlier. Blockworks Advisory's reserve ratio, the fund
as a share of USDe supply, was 1.16% in July 2025, 0.35% at its low in late September or early October
2025 and 1.061% at the end of March 2026. The recommendation: direct the USDtb interest of the past four
months, and future USDtb interest, to sUSDe holders for as long as the fund exceeds twice the higher of
the two members' estimates, then a floor of about $14M.

T791. Ethena's March and April 2026 Governance Update (May 28, 2026).
Its table of weekly attestations, which its list of sources attributes to Chaos Labs' proof-of-reserves
API of signed weekly attestations, put the Reserve Fund at $62.00M to $62.07M on the 11 dates from February
27 to April 30, 2026, at $62.04M on April 23, 2026, being $41.98M in USDtb and $20.02M in the USDtb/USDC
pool position, and at $62.06M on April 30, 2026. The fund was not drawn during the April 2026 redemptions. The
fee allocation tables showed $0 for the Reserve Fund in March and April 2026.

T796. Ethena's May 2026 Governance Update (June 5, 2026).
The Reserve Fund balance was $62.5M, 1.387% of USDe supply, against a recommended minimum of $2.84M. No
Reserve Fund accruals were occurring, and future USDtb interest was going to sUSDe stakers under the
April recommendation.

T808. Ethena's June 2026 Governance Update (July 17, 2026). The Reserve Fund was about $62.0M.

T830. ENA Fee Switch Activation (topic of August 27, 2026). Post 2, by Blockworks Advisory on August 27,
2026: the Reserve Fund had received no allocation since 12 December 2024, having taken $35.7M in all
before that.
