Steakhouse Financial is pleased to confirm its intent for re-election to the Ethena Risk Committee. Throughout our term, we have prioritized providing thoughtful, data-driven insights and fostering a disciplined approach to risk management. To date, Steakhouse has contributed to several key initiatives that highlight our commitment to prudent and impactful risk management:
- Evaluation of New Collateral Assets
- SOL as a Backing Asset: We evaluated the integration of SOL, contributing feedback on its hedging mechanics, liquidity, and volatility.
- Reserve Fund Diversification
- Selection Committee for RWA Reward-Accruing Assets: Steakhouse played an active role in evaluating proposals for Ethena’s allocation template for yield bearing RWAs. This included defining key selection criteria and ensuring the Reserve Fund supports long-term stability and yield generation.
- USDtb as a Backing Asset: We participated in discussions regarding the inclusion of USDtb as a backing asset for USDe and as collateral in the Reserve Fund. Our analysis focused on high-quality backing, strong legal structure, transparency protocols, audit results, and liquidity management.
- ENA Fee Switch Parameters
- Steakhouse provided input on the design and implementation of ENA’s fee switch. Our work included evaluating Reserve Fund sizing thresholds and modeling scenarios to ensure that the protocol achieves sustainable revenue generation while maintaining sufficient risk safeguards.
As the protocol grows, it is more important than ever to ensure that risk management evolves in step with innovation. Steakhouse is eager to continue supporting Ethena’s mission and expanding on the foundational work already accomplished. We look forward to continuing this partnership and contributing to the protocol’s success.