Ethena offers users the ability to mint/redeem a delta-neutral stablecoin, eUSD, that returns a sustainable yield to the holder. The yield is generated through staking Ethereum and the funding rate earned from the perpetual position hedging the delta. Users are able to mint eUSD, redeem eUSD, and stake/unstake their eUSD to receive their proportion of the generated yield.

Zellic conducted a security assessment for Ethena Labs from June 26th to July 3th, 2023. During this engagement, Zellic reviewed Ethena's code for security vulnerabilities, design issues, and general weaknesses in security posture.