Blockworks Advisory has reviewed both MLAs and supports approval of Maple Finance and Anchorage Digital as direct lending partners for USDe backing assets.
The two agreements operate differently. Anchorage as a bilateral framework with A1, Ltd. (a Cayman Islands entity, distinct from the OCC chartered Anchorage Digital Bank) and Maple as a pool based framework through PPO Alpha (Delaware LLC) redeploying capital into Maple’s institutional lending pools. Both structures were assessed independently given this deployment difference.
We concur with LlamaRisk’s finding that no material contractual deficiencies are present under either agreement. The collaborative engagement between LlamaRisk and Ethena Labs on legal design choices reflects due diligence appropriate for backing asset deployment.
On concentration: as offchain lending scales alongside existing Aave and Morpho exposure, aggregate deployment across all venues should be subject to explicit published caps relative to outstanding USDe supply. Caps should be calibrated to ensure aggregate offchain lending does not reduce the immediately liquid portion of backing below a defined floor, sized against historical and stressed redemption scenarios.
The commitment to include offchain lending positions in proof of reserves and the Ethena transparency page is a necessary condition for ongoing monitoring.
Blockworks Advisory supports approval.