Ethena documentation, passages used. Read in a browser on 2026-10-12. The passages are summaries in this
review's words with the pages' figures and addresses, not quotations.

1. Reserve Fund page
Requested https://docs.ethena.fi/solution-design/reserve-fund.md at 2026-10-12T21:12:04Z. It redirected to
https://docs.ethena.fi/protocol-overview/reserve-fund.md, Markdown, 3148 characters as page text, SHA-256 of the
page text 91e947411a79b903851b3b9462cf4983d10dc09c3c1107f85dbaf400f15dadfe.
Summary. The Reserve Fund is a pool of assets that the protocol holds as an extra margin of safety for USDe. It
was funded with part of the protocol's revenue in periods of high revenue and keeps a balance that supports
USDe's backing. Governance sets the share of revenue it receives, and the page put that share at 0% at present,
with all revenue going to incentive rewards, promotional distributions and distribution incentives. The fund is
meant to bear the cost when the cost of keeping the backing's positions exceeds what the backing earns from
funding, lending, real-world assets and stablecoin rewards, so that periods of negative revenue fall on the fund
rather than on the core reserves. It can also be used to cover shortfalls in backing from the risks the
documentation lists. The page pointed to the Transparency dashboard, https://app.ethena.fi/dashboards/transparency,
for the fund's current size.

2. Key Addresses page
https://docs.ethena.fi/technical-design/key-addresses.md read at 2026-10-12T21:12:17Z, Markdown, 12587 characters
as page text, SHA-256 of the page text c56a7822a09ae28367a92169bfb093e3c64031c452214d4aa7da3089a3c6dc33, the same
text as read at 19:15 UTC for the USDe chain review. Its time element gave 2026-09-17T18:50:03.509Z as the last
update.
Summary. Under Liquidity Pool Contracts, after seven Curve pools, the page listed a USDT and USDe Uniswap v3 pool
linked to Uniswap's page for 0x435664008f38b0650fbc1c9fc971d0a3bc2f1e47. Under Multisig Wallets it listed, each
linked to Etherscan, the Dev multisig 0x3b0aaf6e6fcd4a7ceef8c92c32dfea9e64dc1862, with 5/11 signers, which owns
Ethena's mainnet contracts and can change their parameters; the sUSDe Payout Fund
0x71e4f98e8f20c88112489de3dded4489802a3a87, with 3/11 signers, which distributes USDe to the staking rewards
distributor; the Reserve Fund 0x2b5ab59163a6e93b4486f6055d33ca4a115dd4d5, with 4/10 signers, described as the
protocol's funds to be paid out when net negative funding or another impairment of USDe's backing occurs; and a
USDe PSM custodian held in Coinbase's MPC custody.

3. Transparency dashboard
https://app.ethena.fi/dashboards/transparency was opened in the same browser twice, the second time at
2026-10-12T21:13:03Z. Both times it redirected to https://ethena.fi/restricted, a page saying that access was
restricted. Its figure for the Reserve Fund was not read, and the restriction was not worked around.

4. Counterparties named on the Key Addresses page
At 2026-10-12T22:02:39Z the Key Addresses page was read again in the browser. Its page text had 12587
characters and a SHA-256 beginning c56a7822a09ae283, the same text as above, and contained 44 distinct
Ethereum addresses. Blockscout's list of the Reserve Fund's token transfers, fetched again from that page at
about 22:03 UTC, still had 182 transfers in 4 pages, with 40 counterparties other than the fund, 15 of them,
the zero address among them, marked by Blockscout as not contracts. Of the 40, the page named only the Uniswap V3 USDe/USDT pool
0x435664008f38b0650fbc1c9fc971d0a3bc2f1e47 and the sUSDe Payout Fund
0x71e4f98e8f20c88112489de3dded4489802a3a87. It did not name the Safes 0xa2af0b03aaf167cfc9624c6ef587581b6fcced92
or 0x4423198f26764a8ce9ac8f1683c476854c885d9d, the Curve USDtb/USDC pool
0xc2921134073151490193ac7369313c8e0b08e1e7, or any of the 15 that Blockscout marked as not contracts. The check
ran in the browser and kept no address of a counterparty that is not a contract.

5. Risk Committee page
https://docs.ethena.fi/solution-overview/governance/risk-committee.md redirected to
https://docs.ethena.fi/protocol-overview/governance/risk-committee.md. Read in the browser before the forum
topics and again at 2026-10-12T22:11:15Z, Markdown, 4798 characters as page text, SHA-256 of the page text beginning
155f957636049840. Summary. The Committee's mandate is to identify, evaluate and manage risk in the ecosystem. Its
members for the current six-month term were Blockworks Advisory, LlamaRisk and Kairos Research. A member proposes
a change in the governance forum, the members deliberate for seven days and then vote. Ethena Labs Research sits
on the Committee as a nonvoting member that may make proposals.
