Chaos Labs Releases Deep Dive on Ethena: Stress Tests Show $2.5B+ in USDe-Backed Collateral on Aave Holds Strong Against Exchange Failures and Market Volatility. In its latest research paper, Stress Testing Ethena: A Quantitative Look at Protocol Stability, Chaos Labs examines how USDe and sUSDe perform under extreme scenarios like centralized exchange (CEX) outages and collateral stress. With USDe-backed collateral on Aave surpassing $2.5B—driven by PTs and USDe loops—the study highlights that while theoretical risks exist from simultaneous CEX failures and ETH/BTC price drops, Aave’s robust risk controls and oracle systems mitigate impacts in nearly all modeled cases.