Proposal: Reduction of Risk Committee members from 5 to 3

Risk Committee
9

Summary

Credio (by Untangled) is a risk adviser and oracle. We have been a member of the Risk Committee, bringing our risk modelling, protocol engineering, and asset evaluation expertise to most of the community proposals over the last 12 months. We are standing for re-election to the Ethena Risk Committee.

Contributions

Over the last two terms Credio (by Untangled) was the Lead/Core Contributor to 10 out of 11 proposals (the total number of proposals on the forum). The single proposal we did not contribute was Reserve Fund and related work, given Credio is not a member of the subcommittee.

There were works completed but not yet published in the forum. The section below contains links to our contributions.

ALL proposals in the Forum:

  1. Ethena Backing Asset Framework: Lead/Core Contributor (link)
  2. Apply Ethena Backing Asset Framework to onboard XRP, BNB, HYPE: Lead/Core Contributor (link to X tweet by Ethena Foundation)
  3. Adding Kraken, Anchorage Digital and Zodia as Eligible Custodians for the Backing Assets of USDe: Lead/Core Contributor (link)
  4. USDe Redeem for Dislocations on Secondary Markets: Lead/Core Contributor
  5. Monthly governance update Sept and April 2025: Lead/Core Contributor (link)
  6. Ethena Allocation Assessment: Backing assets into Morpho (Steakhouse Vaults): Lead/Core Contributor (link)
  7. Ethena Allocation Assessment: Backing assets into Morpho / Spark USDC Vault on Base: Lead/Core Contributor (Link)
  8. Ethena supplying USDtb to Aave, and subsequent requests to increase the supply cap: Lead/Core Contributor
  9. Assessment of Coinbase INTX as an eligible hedging venue: Lead/Core Contributor
  10. Ethena supplying USDC/T to Aave, in response to Aave’s proposal, and subsequent requests to increase the supply cap: Lead/Core Contributor
  11. Add PYUSD and USDG as a USDe Backing Asset and Eligible Asset for the Reserve Fund/ Allocating a portion of excess Reserve Fund assets to USDe backing/ Reserve Fund Subcommittee Monthly Update: No (Credio is not part of Reserve Fund Sub-committee)

Work completed but not yet published:

  • Ethena Allocation: Assessment of additional curator on Morpho

  • Ethena Allocation: Assessment of another lending market which includes an institutional lending business

  • Assessment of another CEX as an eligible hedging venue (work completed, pending publication)

Why Credio?

We differentiate and complement other Risk Committee members in the following three areas:

  • Ownership, accountability and responsiveness: As demonstrated above, Credio was the Lead/Core contributor to almost all proposals. There were instances where we were the only contributor, partly due to our ability to provide swift responses when urgently needed by Ethena.

  • Builder to builder: We are builders ourselves, with our vault and lending infrastructure protocols. These enables capital allocators/curators to efficiently allocate to existing yield sources as well as creating new ones.

  • Quantitative and qualitative: As demonstrated in our contributions above, our work is heavily quantitative and data-intensive, powered by in-house risk models. We are also deeply experienced in qualitative, off-chain counterparty risk assessments due to our TradFi background.

  • RWAs: Another core expertise lies in real-world assets such as tokenized money market funds, private credit, and structured finance. This aligns well with Ethena’s growing allocation to RWAs and real world lending.

We also do not have any potential conflicts of interest.

Conclusion

We value the importance of this committee’s role in decentralizing Ethena’s stablecoins, the nature of the work itself, and—last but not least—the collaboration with fellow committee members. Accordingly, we are seeking re-election and look forward to your continued support.