Ethena USDe (USDe)

Summary

Some warning signs. Read them before you buy.

• Top 10 wallets hold 83% of the supply
• Has an owner
• Can mint new tokens (long-running token with deep liquidity)
• One wallet holds 42%
• Hard to exit: a few sells would crash the price

• Code cannot change
• Sell test passed
• Source code verified
• Deep liquidity ($84.33M)

Not checked: Whether the liquidity is locked · No trades seen in the last 24 hours · Our data is 74 hours old

Every check

• Code cannot change. Not an upgradeable proxy: the token code is fixed.
• Has an owner. 0xe8dc…7c94 controls the owner-only functions below.
• Can mint new tokens. The contract has a mint function: the owner can print more supply.
• Liquidity in v3/v4 positions. This pool uses Uniswap position NFTs; lock status cannot be read like a v2 pool.
• Sell test passed. Simulated 5 real holders sending tokens into the pool: all went through.
• Source code verified. The contract code is published and matches what is deployed (Sourcify).
• No description or project links. We found no description, website or social links for this token. Not a risk on its own, but it gives buyers less to check.

How it can improve

• Can mint new tokens: Revoke the mint authority so nobody can print more tokens. On Solana: spl-token authorize <MINT> mint --disable. On EVM chains, renounce the role that can mint.
• Top 10 wallets hold 83% of the supply: Spread the supply: avoid big single wallets, and lock team tokens in vesting.
• Has an owner: Renounce ownership, or move it to a multisig with a public timelock if the team still needs it.
• Hard to exit: a few sells would crash the price: Add liquidity and spread the supply, so a few sells can not crash the price.