USDe Proof of Reserves are typically provided on a weekly basis by 3rd party independent attestors including leading firms such Chainlink and Llama Risk. Following the events that have unfolded in the last few hours, we have provided a Proof of Reserves which has been linked below this message. Each of these independent 3rd parties mentioned above have confirmed USDe remains overcollateralised by more than $60m at >101.0%. No USDe backing resides directly on Binance or any centralized exchange. All funds are safe. Maximum transparency.

. @longdotxyz is now live in Robinhood Wallet, and it arrives with an outsized footprint among Robinhood Chain’s stock traders Long’s total share of stock-trading wallets on Robinhood Chain has risen every single week, from ~19.6% to ~24.6%, and ~19,100 stock traders have now used Long Among traders active in the last 7 days it's one in three, and for 17 of the 20 stocks we charted, most onchain traders are also Long users, led by AMC at ~72% Long is also responsible for ~38% of all @dopplerprotocol token launches on Robinhood Chain since July, and its pools now hold at least ~26% of the total onchain supply of AMC and ~22% of HIMS

Did quantum and AI cryptography fears wake up dormant Bitcoin? Coins dormant for 7+ years have been waking up faster every year, rising from 10 wallets per day in 2023 to 23 in 2024, 40 in 2025, and 45 so far in 2026, with about 300,000 dormant BTC ($31B) moving in 2025 alone, partly because each year another cohort of coins ages past the 7-year mark. Against that backdrop, we tested six quantum headlines since 2024, including Google’s Willow chip, Google’s ECDSA paper, OpenAI’s math release, and Justin Drake’s “bunker mode” tweet, and found that dormant coins showed no consistent response across them (p = 0.23). October was the one exception, as wallets with exposed public keys, which are the coins most at risk if ECDSA breaks, made up 43% of the wallets waking up compared with 19% normally, but most of that came from a single source, with 76 of the 87 exposed wallets that moved on 10/06 sweeping about 181 BTC ($15M) over the week into wallets created on 09/21 that Arkham’s model tentatively attributes to the Japanese exchange GMO Coin, which looks like an exchange consolidating thousands of old legacy deposit addresses rather than reacting to the headlines. Excluding the GMO Coin sweep, October still ranks in the 96th percentile, although only 41% of the remaining exposed movers sent coins to fresh addresses as “bunker mode” advises, compared with 55% normally, while total dormant BTC moved from 10/06 to 10/13 was just 3,499 BTC ($291M), below a typical week of about 4,100 BTC, as the price slipped from $85.5K on 10/06 to $81.7K today. So far, quantum fear has changed which dormant wallets move, mostly through one exchange sweep (which may have already been planned), while the amount of dormant BTC moving has stayed normal, and the signal to watch is large exposed-key balances moving to fresh addresses, which would show holders actually following Justin Drake’s “bunker mode” advice.

It's been 10 days since the plasma:native unlock and 70% of the 1.67B unlocked tokens have not moved. Of the remaining 491M, 297M has gone to exchanges (team mostly to Kraken, investors to Binance, Bybit and Coinbase) and 184M to other wallets. Disclosure: Kairos Research holds XPL

the ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 fee switch vote has officially passed on snapshot buybacks will begin when the first milestone of a 7.5bn USDe supply is reached, with buybacks scaling up alongside successive supply milestones see full details in their article

Hyperliquid Strategies appears to have had its second largest week in its history in terms of USD deployed to purchase hyperliquid:native onchain, with over $93m deployed to acquire 1.14m HYPE at an average price of $81.83 offchain purchases have been omitted from this analysis

Tokenization coupled with the proliferation of perpetual futures markets are a powerful trend that presents a massive opportunity for Ethena to capitalize on via the basis trade for equities We are excited to lead the effort in developing the framework to put this into motion alongside the Ethena team & our colleagues in the risk committee full preliminary framework is now live on the forum

We would like to share our support for the activation of the ENA fee switch under these new parameters, amongst other exciting changes for ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 - buyout of select early investors - alignment of token + equity - buybacks from revenue once thresholds are met

We are grateful to be elected for our third consecutive term on @ethena's risk committee massive thank you to everyone who supported us in the vote! We look forward to an exciting next 6 months of helping grow the protocol and ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 alongside our colleagues

With just over an hour remaining, if you're an ENA holder, we suggest including @Kairos_Res in your votes. They have been good, thoughtful and responsive risk stewards for the @ethena protocol. Snapshot:

The vote ends in roughly 2 hours one entity has just massively swung the vote out of our favor if you are an ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 holder we would greatly appreciate your last minute support here!

The Ethena Risk Committee’s mandate is to identify, evaluate, and manage risk across the Ethena ecosystem, and Kairos as an existing member has honored this commitment. To name a few ways they have been committed as a risk committee participant: - Kairos authored and advanced the proposal to allow USDtb-backed Ethena whitelabel stablecoins to be held directly in USDe’s backing. - They led a detailed analysis proposing the addition of PAXG and XAUT as eligible USDe backing assets under an expanded commodity/equity framework, enabling gold and commodity perpetual basis trades. - They prepared a comprehensive risk assessment supporting with conditions the deployment of isolated lending markets for Ethena assets on Kamino and Jupiter Lend on Solana. - Beyond proposals, Kairos has contributed ongoing monitoring and reporting during stress periods, including the spring 2026 supply contraction of $2b, with rapid absorption and no peg break or reserve draw, off-chain review of RWA drawdown frameworks, and technical due diligence such as the July 2026 L2 USDe PSM review on Base. They have also collaborated on broader items such as the dynamic sUSDe unstaking cooldown framework that was co-developed with fellow committee members. If you are considering voting on this proposal, I would highly encourage you to consider electing Kairos for another term as they have proven to be a highly capable member of the risk committee.

Ethena's Risk Committee elections are live and we're standing for a third consecutive term What we shipped over the last term for ENA holders: • Whitelabel stablecoin backing framework that helped supply peak above $620m • Solana lending assessment that unlocked markets on Kamino & Jupiter which grew past $ 1bn within days of launch • Tokenized gold and commodity backing framework, opening USDe to basis on gold and commodity perps If you hold ENA or sENA, be sure to vote for Kairos Research! Closes 9 Aug, 23:59 UTC

There have been some material ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 flows over the last few weeks An unknown entity sourced from CB Prime has staked ~95m ENA between these two wallets, 0.63% of the entire supply. This makes them the largest EOA staker of ENA - 0x2a6545f104a27C566fAb0F60b1308C6A29a1CAA5 - 0x4069F6467FEb3EE5b04a6d9194a6cdffCFD5cB8B Pantera Capital also appears to have accumulated 56.4m ENA via Nonco's OTC desk on 24 July: 0x7acf331c86ebb173f6280bae03aedeca77ad852c21c0b346a0e9420d5290abdd 0x3da081a22d0620602c67136b74e9a90ff7d2348dd3b0e6f01ccac92deb5e73f3 Maelstrom / Arthur Hayes have purchased 6m ENA today in two transactions: 0x1ca7a8d2f111e95cb352d1d9c83ec6b7748f4fb47c4aa6f3a9a74a6619529b21 0x595d8e489434a503a6ce29ece5443dc4e51c2ad4c15dc94852a4e062a0cdbcf4 A Wintermute controlled multi-sig has staked 3m ENA today: 0x6e938f77f56c3d2cf391ace04fbb0047b0b9e5533f00971b39208053e31c0e9a And lastly Multicoin appears to have exited 54.7m ENA via Galaxy's OTC desk on June 4th, within a day of the local high 0x86f0097d29ff655dba688f5a9cc8bfcefe6b3af73dbd6dd439355d861557078c