Flash Loan Attack Vector Analysis: Ethena USDe

Target Protocol: Ethena USDe (TVL: $4661.4M)

Security Analysis Report: Flash Loan Threat Vectors in Delta-Neutral Synthetic Dollar Systems (Ethena USDe Context)

Target System: Ethena USDe Architecture

Scope: Conceptual Flash Loan Attack Vectors, Oracle Dependencies, and Liquidity Pool Dynamics

Document Type: Technical Risk Assessment

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1. Executive Summary

Ethena USDe operates as a synthetic dollar protocol maintaining stability through delta-neutral positioning across centralized exchanges (CEXs) and decentralized finance (DeFi

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