Support Ethena Assets on Ethereum Mainnet

Summary:

This proposal seeks to list various Ethena’s sUSDe on to Ethereum mainnet, along with Ethena Mar25 Pendle contracts:

sUSDe PT-USDe Mar25 PT-sUSDe Mar25

Motivation:

To grow Venus Protocol on Ethereum mainnet, we need to be constantly offering collateral assets that provide strong Defi use cases and are backed by strong communities & TVL. Adding the above assets to Venus will unlock new ways for users to loop and leverage for higher APYs. It will also align us with the Ethena community and we should see more users come to Venus as they look to utilize their Ethena Assets.

Risks

sUSDe could de-peg which depending on the severity could cause some bad debt within the system. Smart contract risks or liquidity risks for the various Pendle strategies.

Benefits

Ethena has become a very strong and well integrated asset within the DeFi ecosystem. By supporting Ethena assets we create a strong set of additional DeFiuse cases for Venus Protocol. By enabling the looping of high yielding assets such as sUSDe & the associated Pendle strategies we unlock new avenues for growth.

Listing Ethena assets also enables Venus Protocol to become relevant for Ethena users and holders, enabling the protocol to market a large new demographic.

Background

Ethena is a decentralized finance (DeFi) platform focused on offering yield-bearing, USD-pegged stablecoins. Unlike traditional stablecoins that are often backed by fiat or crypto assets, Ethena leverages a synthetic model to maintain its peg, employing hedging strategies to manage exposure to Ethereum (ETH) and other assets. This approach aims to offer both stability and yield potential for users, appealing to those seeking a stablecoin with earning potential within the DeFi ecosystem. Ethena aims to provide a reliable, decentralized alternative to fiat-backed stablecoins by maintaining transparency and on-chain mechanisms.

Specifications

Contract address:

sUSDe: 0x9D39A5DE30e57443BfF2A8307A4256c8797A3497 PT-USDe MAR 2025: https://app.pendle.finance/trade/points/0xb451a36c8b6b2eac77ad0737ba732818143a0e25?chain=ethereum PT-sUSDe March 2025 market: https://app.morpho.org/market?id=0x5e3e6b1e01c5708055548d82d01db741e37d03b948a7ef9f3d4b962648bcbfa7&network=mainnet&morphoPrice=0.1

Oracle & Price Feeds: Implementation expected with Redstone

Community Involvement

We recommend that the Venus community support this proposal and, if agreed, request Chaos Labs to analyze and provide risk parameters for the safe integration of the various Ethena assets into Venus Protocol.

We look forward to the community’s feedback and the successful adoption of this proposal.