# Ethena (ENA) Quantum Readiness Report

> Ethena has a QRI score of 6.83/100 and is assessed at Stage 1 (Quantum Risk Assessed) with medium evidence confidence.

Evaluation date: 2026-06-02. Review status: draft. Evaluated scope: ENA governance token (ERC-20) on Ethereum mainnet and bridged/wrapped representations on 23+ chains. Evaluation covers token-specific quantum readiness; base-layer risk inherits from Ethereum L1 per QRI token inheritance rules (Section 7.2). Token-specific admin/governance keys evaluated independently..

Ethena (ENA) is a standard ERC-20 governance token on Ethereum with no post-quantum cryptographic protection. All transaction signing, admin multisigs, OES custody, and governance paths rely exclusively on ECDSA secp256k1. Multiple 2026 third-party research assessments (Google Quantum AI, EternaX, BMIC) have identified Ethena's admin keys as quantum-vulnerable, with ~$3B+ in USDe stablecoin value governed by exposed ECDSA keypairs. Ethena Labs has published no cryptographic inventory, no quantum threat model, no PQC migration roadmap, and no evidence of any quantum-readiness work. The ENA token inherits Ethereum L1 quantum vulnerabilities and adds independent token-specific risk through quantum-vulnerable governance multisigs. Classical smart-contract audits exist but are stale (2023-2024) and quantum-scope-mismatched. QRI Score of 7 reflects that quantum risk has been assessed by credible third parties but no mitigation design, prototype, or production protection exists. The project is classified at Stage 1: Quantum Risk Assessed.

## Core resources

- [Ethena QRI report](https://qrindex.org/projects/ethena/): Human-readable assessment with score, stage, evidence, blockers, risks, and assurance notes.
- [Ethena structured report data](https://qrindex.org/projects/ethena/report.json): Complete report as JSON for deterministic machine processing.
- [QRI methodology](https://qrindex.org/methodology/): Scoring model, evidence handling, readiness stages, confidence, assurance, and report status.
- [All QRI project reports](https://qrindex.org/llms.txt): Score-ranked index of every published project assessment.
- [Ethena official website](https://www.coingecko.com/en/coins/ethena): Project-maintained website.



## Evidence sources

- [Evidence source 1](<https://eternax.ai>): Public source cited by the Ethena QRI assessment.
- [Evidence source 2](<https://arxiv.org>): Public source cited by the Ethena QRI assessment.
- [Evidence source 3](<https://bmic.ai>): Public source cited by the Ethena QRI assessment.
- [Evidence source 4](<https://etherscan.io/token/0x57e114b691db790c35207b2e685d4a43181e6061>): Public source cited by the Ethena QRI assessment.
- [Evidence source 5](<https://docs.ethena.fi/solution-design/key-addresses>): Public source cited by the Ethena QRI assessment.
- [Evidence source 6](<https://docs.ethena.fi/solution-design/overview/github-overview>): Public source cited by the Ethena QRI assessment.
- [Evidence source 7](<https://github.com/ethena-labs>): Public source cited by the Ethena QRI assessment.
- [Evidence source 8](<https://docs.ethena.fi/resources/audits>): Public source cited by the Ethena QRI assessment.
- [Evidence source 9](<https://code4rena.com/audits/2024-11-ethena-labs-invitational>): Public source cited by the Ethena QRI assessment.
- [Evidence source 10](<https://docs.ethena.fi/solution-design/key-trust-assumptions>): Public source cited by the Ethena QRI assessment.
- [Evidence source 11](<https://etherscan.io/address/0x3b0aaf6e6fcd4a7ceef8c92c32dfea9e64dc1862>): Public source cited by the Ethena QRI assessment.
- [Evidence source 12](<https://bcas.io>): Public source cited by the Ethena QRI assessment.
- [Evidence source 13](<https://docs.ethena.fi/>): Public source cited by the Ethena QRI assessment.
- [Evidence source 14](<https://gov.ethenafoundation.com/>): Public source cited by the Ethena QRI assessment.
- [Evidence source 15](<https://immunefi.com/bug-bounty/ethena/information/>): Public source cited by the Ethena QRI assessment.
- [Evidence source 16](<https://github.com/code-423n4/2023-10-ethena>): Public source cited by the Ethena QRI assessment.