🤝 Blockworks Advisory: Ethena's Dynamic Cooldown Survived Its First Real Stress Test

🤝 Blockworks Advisory: Ethena's Dynamic Cooldown Survived Its First Real Stress Test
Blockworks Advisory reviewed 89 days of post-launch data for Ethena's dynamic sUSDe cooldown framework, including a six-day, $1.97B redemption run tied to the April rsETH exploit; Tier 1 backing absorbed a 51.9% drawdown while coverage stayed above the required buffer floor throughout.

Why it matters: The episode gives stablecoin risk teams a rare empirical case study on calibrating liquidity-tiered redemption controls against a genuine correlated stress event rather than theoretical modeling alone.
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