USDe's April 2026 redemptions, passages used. Read in a browser on 2026-10-13 UTC. The passages are summaries in
this review's words with the sources' figures, not quotations, except the figures of the attestation table in
section 1, which are copied as published.

1. Ethena Foundation governance forum, topic 791, Ethena's March and April 2026 Governance Update
The raw text of post 1, https://gov.ethenafoundation.com/raw/791/1 , was read at 2026-10-13T01:39:48Z and again at
2026-10-13T02:29:24Z. Both times the page had 33280 characters of text with the SHA-256
525176f34b90f1d16ce05e8dcc5976c566ee6c8238914899879322e408a64b01. The page
https://gov.ethenafoundation.com/raw/791 had 33352 characters of text with the SHA-256
96ed9cb3e2765690c8a42dfe7409851bf1ad648230aaa58fd0de6acae0836a14. The post says Kairos Research prepared it. The
topic's JSON, https://gov.ethenafoundation.com/t/791.json , read at 2026-10-13T03:11:43Z, 80260 characters with
the SHA-256 7d4260fd28db800e7da3760677fbf368dd7176d1c9f5f2526620bbf2e0d9abd2, gave the topic's creation as
2026-05-28T14:12:11Z and one post.

U1. Ethena operated through the April rsETH incident without disruption. Billions of dollars of USDe mint and
redeem flows went through cleanly, with no peg break and no draw on the Reserve Fund. As a precaution the protocol
paused its LayerZero OFT bridge, and it hardened the bridge's DVN configuration when it restored it.

U2. USDe supply moved sideways between $5.83B and $5.97B from late February to mid-April, then fell by about
$1.93B between the attestations of April 16 and April 30 as the redemption window after the rsETH incident
cleared. Most of the fall, about $1.68B, came between April 19 and April 23, and supply effectively stabilized
in the last week, falling $62M between April 23 and April 30. The mint and redemption contract handled the whole window without disruption, and the
approvedAssetsOnly and deltaNeutral flags of the attestations stayed true in every weekly snapshot. Over March
and April supply fell from $5.92B to $3.90B.

U3. The table of weekly attestations, as published.
Attestation Date | USDe Supply | Total Backing (incl. Reserve Fund) | Reserve Fund | Solvency
27 Feb 2026 | $6.07B | $6.07B | $62.03M | 101.10%
6 Mar 2026 | $5.97B | $5.97B | $62.01M | 101.09%
13 Mar 2026 | $5.92B | $5.93B | $62.01M | 101.12%
20 Mar 2026 | $5.92B | $5.93B | $62.00M | 101.07%
27 Mar 2026 | $5.92B | $5.93B | $62.01M | 101.13%
2 Apr 2026 | $5.89B | $5.89B | $62.01M | 101.10%
9 Apr 2026 | $5.84B | $5.84B | $62.02M | 101.09%
16 Apr 2026 | $5.83B | $5.83B | $62.03M | 101.09%
19 Apr 2026 (post-rsETH) | $5.64B | $5.64B | $62.07M | 101.15%
23 Apr 2026 | $3.96B | $3.96B | $62.04M | 101.61%
30 Apr 2026 (end-of-month) | $3.90B | $3.90B | $62.06M | 101.63%
The table gives dates and no times of day.

U4. Under the heading sUSDe Supply and Staking Ratio, and citing Dune and the sUSDe contract, the update put sUSDe
supply at $1.71B at the end of April, which it said implied a staking ratio of about 44.0% of USDe supply, down
from 57.96% at the end of February. It gave two reasons. The redemptions after the rsETH incident fell
disproportionately on sUSDe positions, and the move to a dynamic cooldown of one day lowered the cost of moving
into and out of sUSDe while funding was soft.

U5. sUSDe's APY was 3.50% at the end of April, from 3.75% a week earlier. The update said USDe borrow and supply
rates on Aave likely spiked during the unwinding of leveraged positions in mid-April and then fell as use of
the markets fell.

U6. The static 7 day sUSDe unstaking cooldown was replaced with a dynamic model that moves between 1, 3, 5 and 7
days according to the composition of USDe's backing. The cooldown was cut to 1 day when the model was activated,
because liquid stablecoins made up most of the backing. The update's list of governance items calls it the
dynamic sUSDe cooldown period, activated in March.

U7. The Risk Committee's dynamic cooldown, as the update summarized it, rests on tiers of liquidity. Tier 1 is
USDC, USDT, PYUSD and the balances of the mint and redeem contracts, which settle in a day. Tier 2, settling in
two days, is sDAI, sUSDS, lending positions and most USDtb, and Tier 3, Morpho vaults, settles in five. The
framework applies 99th percentile benchmarks of historical redemptions of 4.1% of supply over one day, 9.2% over
three days and 12.0% over seven days, with a safety multiplier of 1.5. At activation Tier 1 covered 7.72 times
the one-day benchmark and the recommended cooldown was 1 day. The update links the proposal, forum topic 759.

U8. The update said that the dynamic cooldown's Tier 1 daily redemption capacity was $1.88B at activation, 7.72
times the 99th percentile historical benchmark, and that together with other redemption channels it absorbed
the redemptions after the rsETH incident. It put the onchain stablecoin buffer for immediate redemptions at
$92.8M at the end of March and $93.1M at the end of April.

2. Aave governance forum, topic 24580, rsETH Incident Report (April 20, 2026)
The raw text of post 1, https://governance.aave.com/raw/24580/1 , was read at 2026-10-13T01:39:29Z. It had 22877
characters and the SHA-256 c153724ff8be3e3515507e08784058b558194e523ea024dc4b477e120c911bdf. LlamaRisk posted it
at 2026-04-20 20:12:55 UTC, and it says Aave service providers wrote it together.

A1. On 2026-04-18 at 17:35 UTC, at Ethereum block 24,908,285, an attacker exploited the route of Kelp's rsETH
from Unichain to Ethereum on LayerZero V2, which one DVN alone verified. A forged message from Unichain, with no
matching burn there, released 116,500 rsETH from the rsETH adapter on Ethereum to the attacker. The adapter's
balance fell from 116,723 rsETH to 223 rsETH. A second message, for 40,000 rsETH, failed because Kelp had
frozen the recipient.

A2. Within minutes the attacker spread the rsETH across seven addresses. Some supplied rsETH as collateral on
Aave V3 on Ethereum, some bridged to Arbitrum and opened Aave positions there, and some went elsewhere. Seven of
the attacker's addresses held loans backed by rsETH, with health factors around 1.01 to 1.03.

3. Ethena documentation, Key Addresses page
https://docs.ethena.fi/technical-design/key-addresses.md was read at 2026-10-13T01:40:47Z, 12587 characters of
page text with the SHA-256 c56a7822a09ae28367a92169bfb093e3c64031c452214d4aa7da3089a3c6dc33. It lists the Mint
and Redeem Contract V1, 0x2cc440b721d2cafd6d64908d6d8c4acc57f8afc3, the Mint and Redeem Contract V2,
0xe3490297a08d6fc8da46edb7b6142e4f461b62d3, the USDe token, 0x4c9edd5852cd905f086c759e8383e09bff1e68b3, and
sUSDe, the staking contract, 0x9d39a5de30e57443bff2a8307a4256c8797a3497.

4. The cooldown silo
sUSDe's silo() function returned 0x7fc7c91d556b400afa565013e3f32055a0713425 on two RPCs at the latest block on
2026-10-13, as inputs/chain/run.json records. sUSDe holds unstaked USDe there until its cooldown ends, as
Ethena's Staking USDe page says (section 7, K1).

5. Ethena Foundation governance forum, topic 759, Proposal: Adopt a Dynamic Cooldown Period for sUSDe Unstaking
The page https://gov.ethenafoundation.com/raw/759/1 was read at 2026-10-13T02:30:23Z, 2142 characters of page
text with the SHA-256 0ba55cb40c9a44be5cba7416adfc03b472d61537642b5fbb3ddbea55fe3e3053. The topic's JSON,
https://gov.ethenafoundation.com/t/759.json , fetched at about 02:31 UTC and again at 2026-10-13T03:11:43Z, when
it had 96105 characters with the SHA-256 99d31f1372e7adb4b0bc6cf5c30eb8ec793440693710d9ee9609e2c71e8e2b3d, gave
the topic's creation as 2026-03-12T15:33:16Z and four posts, the third posted at 2026-03-16T09:44:16Z. The raw text of post 3, https://gov.ethenafoundation.com/raw/759/3 ,
was fetched at 2026-10-13T02:31:28Z, 14452 characters with the SHA-256
ee1243478b23706e2a97f66882e09079f432e1275757b2ae5adff6f77df92882.

D1. The proposal, posted on March 12, 2026, would replace the static 7 day sUSDe cooldown used since launch with
cooldowns of 1, 3, 5 or 7 days set by the allocation of USDe's backing. It said perpetual futures were 11% of the
backing and liquid stablecoins 89%, and that a 7 day cooldown was too restrictive for that backing.

D2. The proposal said the Risk Committee would post its analysis in the replies, and that if the proposal was
approved, Ethena would set the sUSDe cooldown to the Risk Committee's current recommendation.

D3. Post 3 is LlamaRisk's analysis, as a member of the Risk Committee, in support of the proposal. It says
Blockworks derived the 99th percentile benchmarks from cumulative net USDe redemptions over rolling one, three
and seven day windows across the protocol's history, giving 4.1% of supply for one day, 9.2% for three days and
12.0% for seven days, so that only 1% of past periods saw more. One-day coverage is the Tier 1 balance divided by
supply times 4.1%, and LlamaRisk recommended keeping at least 1.5 times coverage.

6. Ethena documentation, Mint and Redeem Key Functions page
https://docs.ethena.fi/technical-design/minting-usde/mint-and-redeem-key-functions.md was read at
2026-10-13T02:31:49Z, 5346 characters of page text with the SHA-256
8c4719d9465edb01b57db49d891a2dbed208f3382ee5f72b30ef1e92beb844db.

R1. A redemption takes USDe in and returns backing assets, and the redeemed USDe is burned from the redeemer's
balance. The contract caps the USDe that can be minted or redeemed in each block. The page does not give the cap.

7. Ethena documentation, Staking USDe and Staking Key Functions pages
https://docs.ethena.fi/technical-design/staking-usde.md was read at 2026-10-13T02:49:32Z, 5860 characters of page
text with the SHA-256 ec51aa3eba662ac59491db55d1057df58bdaaffa1107c53dcc321bf8aac9742a.
https://docs.ethena.fi/technical-design/staking-usde/staking-key-functions.md was read at 2026-10-13T02:49:21Z,
4594 characters of page text with the SHA-256 0a8eca41b0c88687ef33cf29d661fed3b88f61e1d9f8f9b34c0b2de63ee81faf.

K1. To unstake sUSDe, a holder first requests it, and their USDe is placed in the USDeSilo contract,
0x7fc7c91d556b400afa565013e3f32055a0713425. Once the cooldown has passed, the USDe can be withdrawn from the
silo.

K2. Reward payments into the contract come every 8 hours and vest linearly over 8 hours.

K3. The cooldown is the time from the request to unstake until the USDe can be withdrawn. The contract's admin
role can set it with setCooldownDuration, up to 90 days.

K4. The Staking USDe page calls USDe a synthetic dollar that does not earn rewards unless it is staked.

8. Ethena documentation, Reserve Fund page
https://docs.ethena.fi/protocol-overview/reserve-fund.md was read at 2026-10-13T03:27:13Z, 3148 characters of page
text with the SHA-256 91e947411a79b903851b3b9462cf4983d10dc09c3c1107f85dbaf400f15dadfe.

RF1. The Reserve Fund is a pool of assets the protocol holds as an additional margin of safety for USDe.
