SUB012
Ethena USDe Solvency Delta
Funding rate inversion turns hedge income negative — solvency depends on reserve coverage.
HIGH CUT-OFF LOW Ethena · $1M ← SSAF
N6 Kill Chain
✓ Q1 Direct
PASS
✓ Q2 Contract
PASS
✓ Q3 Prod
PASS
✓ Q4 Material
PASS
✓ Q5 Novel
PASS
✓ Q6 Welical
PASS
BOWER
BOWERBOUNTY · 6 STAGES
✓discovery (vuln surface)
✓placement (attack vector)
✓materials (PoC code)
✓lighting (CLO brief)
✓validation (programme match)
○packaging (filed)
BOWER SCORE
67/100 · 5/6 stages complete
🍀 HIGH · N6 ALL PASS · PENDING CLO
γ₁ = 14.134725141734693