pycheng9

Layer	What It Controls	USDe Outcome	Who Owns Risk
Protocol	Smart contract logic, collateral	✅ Passed	Ethena
Execution	Exchange oracles, API stability	❌ Failed	Binance
Liquidity	Market depth under stress	❌ Failed	Market makers
Perception	Reflexive panic dynamics	❌ Failed	Market psychology

pycheng9

Protocol	TVL	Key Differentiator	Risk Profile
Ondo (USDY/OUSG)	~$600M	Institutional infra, U.S. compliance	Low-Medium
Franklin Templeton (BENJI)	~$500M	TradFi giant, brand trust	Low
Matrixdock (STBT)	~$400M	Asia-focused, faster redemptions	Medium
Mountain Protocol (USDM)	~$150M	Permissionless, Bermuda-regulated	Medium
OpenEden (TBILL)	~$80M	Singapore-based, EM access	Medium-High

pycheng9

Category	% Allocation	Unlock
Team & Early Contributors	30%	4-year linear
Private Sale Investors	24%	2-year vest, 6-month cliff
Ecosystem & Community	20%	DAO-controlled
Liquidity Mining	18%	5-year emissions
Public Sale	8%	Fully unlocked

pycheng9

Source	Mechanism	Contribution
Management Fees	0.15–0.50% annual on AUM	~60%
Yield Spread	Delta between Treasury yield & distributed yield	~25%
Partnership Deals	Integration incentives(e.g., Mantle liquidity mining)	~10%
Token Emissions	ONDO used to bootstrap liquidity	Cost, not revenue

pycheng9

Layer	Implementation
Legal Structure	SEC-registered funds (Rule 506(c) offerings)
Custody	Morgan Stanley, Coinbase Custody
Asset Backing	Direct holdings in BlackRock SHV ETF, U.S. Treasuries
On-Chain Layer	ERC-20 (Ethereum), SPL (Solana), Mantle, Aptos