Announcement: Ethena Foundation Risk Committee Third Term Elections

Risk Committee
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Risk Committee Election Application: Kairos Research

Introduction

We launched Kairos Research in January 2024 as an independent crypto-research firm after working together on the Growth & Listings team at Binance US. Conducting protocol-research and facilitating listings at one of the world’s largest CEXs made us deeply familiar with a plethora of protocols and how various exchanges operate, many of which Ethena now uses for its derivative positions.

From day one our research has centered on the interplay between protocol mechanics and market dynamics. We believe this focus uniquely positions us to help protocols such as Ethena maintain robustness and fortitude through the right mechanisms. Our public work features long-form, data-driven reports on ether.fi, Jito, Aave, Babylon, Dinero, Swell, Renzo and many other market-leading protocols. Through that research we continue to learn how the best projects balance liquidity, market-leading yield and risk mitigation. (Feel free to browse our reports on Substack and X.)

Beyond research, we have been actively involved in protocol governance, serving as the 4ᵗʰ-largest delegate at ether.fi and an active Jito delegate on sub-committees for grants and token-economic value accrual. We now aim to bring the same above-and-beyond engagement to Ethena, helping the protocol cement its place as a DeFi juggernaut.

To deepen our understanding of the chains we study, we also operate validators on Solana and Babylon in partnership with FirstSet (Swiss entity). Running those nodes has sharpened our grasp of low-level protocol mechanics. Between the two validators we have $50m in delegated assets, achieved in just six months, and we will serve as genesis validators on two high-performance networks currently in testnet.

We are keen to join the Ethena Risk Committee. Individually, our backgrounds include:

  • Ian: Foundation-selected Jito governance delegate; heavily involved in the crypto-economic subDAO to build out multiple research-driven mechanisms for value capture to the token; Former Protocol Specialist at BinanceUS, third largest global CEX by volume at its peak, largest US staking product by asset selection at its peak.

  • Teddy: Investment associate at a Chicago family office; BBA Finance, Ross School of Business; CAIA Level I; Research Analyst at Binance US.

Potential Contributions

We are excited to work closely with the Risk Committee to balance growth objectives and long-term sustainability. We can add value through:

  1. Collateral & Venue Analysis

  • We will identify and evaluate potential new collaterals and trading venues.

  • We will continuously synthesize market demand and assess whether sustainable volume and meaningful open interest exist for both current and candidate assets.

  1. Market & Network Monitoring
  • We will track network developments and community conversations that could introduce market or technical changes to collaterals BTC, ETH, SOL and beyond.
  1. sUSDe / USDe Flow & Liquidity Reports
  • We will publish regular reports on sUSDe and USDe flows, market size and Ethena’s DeFi footprint, producing digestible insights for both the committee and the wider community.
  1. Transparency & Communications
  • We will amplify attestation and transparency updates via Twitter/X and other channels so users can accurately evaluate risk.
  1. Regulatory & Venue Surveillance
  • We will monitor key U.S. and global regulatory developments affecting crypto-derivatives markets and report on new trading venues of sufficient depth that open in major jurisdictions.
  1. Growth & Integration Strategy

  • Working with Ethena Labs/Foundation, we will explore vertical and horizontal integrations to deepen USDe liquidity and broaden its use as collateral in lending and derivatives protocols.

  • We will analyze value-accrual splits among ENA holders, the development team and USDe stakers, contribute to the fee-switch discussion, and present data on buybacks or revenue-auction alternatives.

We believe crypto has crossed the cultural chasm and will continue evolving rapidly. While growth brings volatility, we intend to help Ethena remain nimble and resilient, delivering best-in-class yield in a way that survives all market conditions.

Potential Conflicts of Interest

  • We are advisors to Swell and Ebisu.
  • We are early-stage investors in Plasma, FastLane, and Pye Finance.

We will disclose and recuse ourselves from any Risk Committee discussion that materially affects these projects.

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