Steakhouse Financial Risk Committee Re-Election
Introduction
We respectfully submit our intent to continue serving on the Ethena Risk Committee for a third term. Our team brings deep, practical expertise in risk management, capital deployment, and structured product design. Over the course of the last two terms, we have not only participated in governance, but delivered high impact contributions grounded in firsthand operating and underwriting experience.
Steakhouse currently curates over $800 million in DeFi TVL, with a focus on sustainable, liquid, and conservative yield strategies. We take a fundamentally different approach from peers: we underwrite and manage risk as capital allocators, not spectators. That mindset has informed our work on the Ethena Risk Committee, where we’ve contributed to collateral onboarding reviews, venue risk analysis, execution stress modeling, and reserve sizing decisions.
Our broader experience managing real-world credit further distinguishes us. As the core operator behind Grove, and long time contributors within Sky (formerly MakerDAO), we’ve supported more than $5.1 billion in deployed offchain capital. This includes end-to-end execution: commercial negotiations, legal structuring, credit underwriting, operational oversight, and post-deployment monitoring. Our track record also includes treasury and risk advisory for some of the most prominent institutions in both DeFi and Tradfi, including Lido DAO, the Arbitrum Foundation, and Societe Generale, to name a few.
Contributions and Ongoing Work
During our time on the Ethena Risk Committee, we conducted venue level due diligence on platforms like Coinbase INTX and Deribit, provided input on BTC and SOL onboarding discussions, and challenged assumptions around peg stability and redemption risk under market stress. We’ve remained an active presence on calls, helped drive alignment across committee members, and worked to elevate the conversation from reactive oversight to forward looking strategy.
In the term ahead, we’re excited to build on this foundation. We plan to deepen our monitoring and modeling of execution risk across USDe and sUSDe markets, extend our support for collateral and venue expansion and bring in best practices from our RWA infrastructure to support Ethena’s growth into offchain collateral. Our goal remains to ensure that Ethena scales responsibly with defenses that are not only theoretically sound, but practically robust under real conditions.
We appreciate the opportunity to continue contributing to this important mandate and remain fully committed to the transparency, rigor, and collaborative spirit that define this Committee.
Conflict of Interest:
None material. We contribute to multiple DAOs including Lido and Sky but hold no conflicting interests in venues or assets currently under review by the Committee. We will disclose and recuse ourselves from any Risk Committee discussion that may be involve these projects.